Eagle Hospitality Trust drops independent director Carl Stubbe

Published Sun, Aug 30, 2020 · 12:10 PM

EAGLE Hospitality Trust (EHT) on Sunday said one of its independent directors, Carl Gabriel Florian Stubbe, was not re-elected by the Reit managers' shareholder, Mandarin West Holdings.

Mr Stubbe, who had offered himself for re-election and was "willing and desired" to continue his role as independent director, "laments the decision" by Mandarin West. He "feels strongly" that this decision is "to the detriment" of stapled security holders, said the managers in a bourse filing.

Further, the boards of the managers and DBS Trustee had approved Mr Stubbe's nomination as chairman of EHT's upcoming annual general meeting on Aug 31. But on Aug 28, Mr Stubbe was notified that he was not re-elected as director of the managers via Mandarin West.

Mandarin West is indirectly owned by Howard Wu and Taylor Woods. Both Mr Wu and Mr Woods resigned from their board positions at EHT's Reit manager as at May 26, but both continue to wield substantial influence over EHT as joint owners of both Urban Commons - EHT's sponsor - as well as of the Reit manager, as reported by The Business Times in May.