Is it time for Sabana Reit to be euthanised?
Quarz and Black Crane's latest missive shows a not unwarranted lack of trust that will hamper the Reit's future growth
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THE dissident minority unitholders of Sabana Shari'ah Compliant Industrial Reit (Sabana Reit) that voted down its proposed merger with ESR-Reit more than three months ago are now threatening to withhold their endorsement of two new independent directors at the coming annual general meeting.
Quarz Capital Management and Black Crane Capital said last week in an open letter to the board and management of Sabana Reit's manager that they are not convinced the proposed directors are committed to defend the interests of minority investors.
"We believe that directors who can explore the full range of options for Sabana Reit to close the substantial valuation gap are required and not just directors who are suited to the continuation of 'business as usual'," they added, in the letter.
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