Requisitioners’ resolutions passed at Sabana Reit’s Aug 6 EGM
These include an extraordinary resolution to effect proposed amendments to a clause in the trust deed deemed necessary for the Reit’s internalisation
ALL resolutions proposed by requisitioners were passed at Sabana Industrial Real Estate Investment Trust’s (Sabana Reit) extraordinary general meeting (EGM) on proposed trust deed amendments for the Reit’s internalisation.
At the event on Tuesday (Aug 6), 90.53 per cent of total votes were made in favour of Resolution 1, an extraordinary resolution to effect proposed amendments to a clause in the trust deed deemed necessary for Sabana Reit’s internalisation.
This resolution was passed at the EGM as more than 75 per cent of votes were cast for it.
Resolutions 2 and 3 were for the trustee to be directed to submit the necessary licensing application for the internal manager, as well as consult with the internalisation committee for the appointment of directors and senior management.
Resolution 4 was for the trustee to announce the appointment of directors of the new internalised manager, and to put each director up for unitholder endorsement upon their appointments. It also required the trustee to immediately remove any director who is not endorsed by unitholders.
All three ordinary resolutions were also passed at the EGM as more than 50 per cent of votes were cast in favour of each resolution. Each of these resolutions received total votes of slightly over 59 per cent each.
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On the other hand, all trustee resolutions ranging from Resolutions 5(A) to 5(E) were not passed at the EGM as less than 75 per cent of votes were cast in favour of them.
Each sub-resolution received about 59.5 per cent of votes. This included extraordinary resolution 5(A), where Sabana Reit’s trustee sought to amend the trust deed in relation to proposed authorised investments and subsidiaries.
ESR Group and its subsidiary e-Shang Infinity Cayman, which collectively hold 21.472 per cent of units in the Reit, abstained from voting on Resolution 1 during the EGM.
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A spokesperson from HSBC trustee said that the conclusion of the court process has provided the trustee with the necessary clarity to progress the internalisation. “The trustee is now focused on finalising the proposed candidates to act as directors and senior management of the new internal manager. The trustee is also progressing work on the application for a capital markets services license for the new internal manager,” added the spokesperson.
Units of Sabana Reit closed flat at S$0.325 on Wednesday.
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