Dasin Retail Trust updates the EGM requisition notice is ‘not valid’

THE trustee-manager of Dasin Retail Trust said in a bourse filing on Thursday (Jan 25) that it has been advised by its legal adviser that the request to hold an extraordinary general meeting (EGM), to be held on Feb 19, is not valid.

The request, made by unitholders holding more than 10 per cent of the trust, had sought an EGM for two resolutions: one seeks to remove the manager of Dasin Retail Trust; the other seeks to internalise the trustee-manager function of Dasin Retail Trust and form a committee of the requisitioning shareholders claiming to own more than half the trust to identify and appoint a new board of directors.

The other requestor for the EGM was Glory Class Ventures, which had sought to vote on three resolutions:

• to remove the current trustee-manager from Dasin Retail Trust;
• to internalise the manager function into Dasin Retail Trust; and
• to empower the internal manager to issue units.

The trustee-manager updated that its legal adviser is of the opinion that the unitholders and Glory Class Ventures are not “unitholders” as defined under Section 54 of the Business Trusts Act 2004. Therefore, the requisition notices are invalid, it said.

Units of Dasin Retail Trust closed flat at S$0.05 on Thursday.