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Eagle Hospitality Trust's sponsor directors confirm resignations on May 26
HOWARD Wu and Taylor Woods on Tuesday stepped down from the boards of Eagle Hospitality Trust's (EHT) managers.
Mr Wu, 37, was the non-executive chairman while Mr Woods, 48, was the non-executive deputy chairman as well as a member of the nominating and remuneration committee.
They were both appointed to the boards in August 2018, and are the founders of EHT's sponsor and master lessee Urban Commons.
Urban Commons last week said Mr Wu and Mr Woods' resignations were in line with the Los Angeles-based firm's plans to bring on board a "new strategic partner at the manager level" for EHT.
The EHT managers had said the resignations were expected to take effect by May 26, subject to formalities. Their announcement was made after the Singapore Exchange asked the managers' nominating and remuneration committee to justify why it considered both sponsor directors still suitable to serve on their boards after "prejudicial" interested-person transactions were uncovered.
Mr Wu holds about 53.2 million stapled securities in EHT while Mr Woods holds 66.1 million stapled securities, according to the managers' bourse filing on Tuesday.
Trading in EHT stapled securities has been suspended since March 24.