Eagle Hospitality Trust will not hold further EGM to vote on retaining Reit manager

Published Wed, Dec 23, 2020 · 01:28 PM

EAGLE Hospitality Trust (EHT) will not hold a further extraordinary general meeting (EGM) to vote on a rights issue and a proposal to retain or reappoint the current manager of Eagle Hospitality Reit (EH-Reit).

This is because the appeal by the Reit manager's shareholder against the Monetary Authority of Singapore's directive to remove Eagle Hospitality Reit Management and appoint a new manager for the Reit within a month from Nov 30, has not been accepted.

As a result, the Reit manager considers there to be no legitimate basis for the proposed EGM and the resolutions proposed to be voted on, it said in a bourse filing on Wednesday.

The further EGM had been requested by entities controlled by EHT's former non-executive chairman Howard Wu and former non-executive deputy chairman Taylor Woods, who said they wanted to offer EHT security-holders an alternative to DBS Trustee's plan for the trust's revival.

EHT will proceed with its scheduled EGM on Dec 30 as planned, and no additional resolutions will be tabled besides the ones set out in the circular despatched to stapled security-holders.

EH-Reit and Eagle Hospitality Business Trust together constitute EHT. Trading in EHT's stapled securities have been voluntarily suspended since March 24 this year.