Sabana Reit won’t convene requisitioned EGM as notice does not comply with requirements: manager

SABANA Industrial Real Estate Investment Trust (Sabana Reit) will not be convening an extraordinary general meeting (EGM), pursuant to a requisition notice from the Sabana Growth Internalization Committee, its manager announced on Monday (Jan 8).

The committee, led by activist investor Quarz Capital, had requisitioned the EGM in a letter dated Dec 21, 2023, with 12 resolutions tabled to direct the trustee on the internalisation of the Reit manager.

The manager noted that it has not been able to verify “Sabana Growth Internalization Committee” as a unitholder, adding that it does not have records of the notice being deposited at its registered office.

Thus, the requisition notice does not comply with the requirements of the trust deed constituting Sabana Reit and the Companies Act 1967, the manager said.

However, it said that it would consider any requisition notice that is properly submitted – which, among others, is duly signed by the relevant unitholder and deposited at the manager’s registered office – in accordance with the applicable laws, listing rules, regulations and/or guidelines.

“The manager has also informed the Sabana Growth Internalization Committee of the above,” it added.

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Units of Sabana Reit closed flat at S$0.40 on Monday, before the announcement.