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Sabana Reit unitholders vote against giving manager authority to issue new units

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Benjamin Cher

Benjamin Cher

Published Tue, Apr 25, 2023 · 09:57 PM
    • The Reit manager is now unable to fundraise by issuing new units to support asset enhancement initiatives or have flexibility in capital management.
    • The Reit manager is now unable to fundraise by issuing new units to support asset enhancement initiatives or have flexibility in capital management. PHOTO: SABANA INDUSTRIAL REIT

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    SABANA Industrial real estate investment trust (Reit) unitholders voted against the fourth resolution authorising the Reit manager from issuing units to make or grant convertible instruments at the company’s annual general meeting held on Tuesday (Apr 25).

    This was one of two resolutions unitholders voted against, the other being the third resolution to endorse Elaine Lim as an independent non-executive director.

    Activist investor Quarz Capital had issued an open letter on Apr 14 calling on unitholders to vote against the third and fourth resolutions at the Sabana Reit annual general meeting. Independent proxy advisory firm Glass Lewis also issued a proxy paper on Mar 29 supporting all the resolutions tabled for the meeting.

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