Reit managers, take note: General mandate to issue new units is least popular resolution at S-Reit AGMs
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Jude Chan
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THE manager of Sabana Industrial Reit will no longer be able to issue new units without the express approval of unitholders. Managers at other Singapore-listed real estate investment trusts (S-Reits) should take note.
On Apr 25, at the Reit’s annual general meeting (AGM), a resolution to allow the manager to issue units and to make or grant convertible instruments failed to get through. Votes against the resolution represented 57.86 per cent of total units voted at the AGM.
Among those who have been following Sabana Reit’s ups and downs, the conclusion of the AGM may have been unsurprising. It had also lost its general mandate in 2017, and it had lately been the target of a campaign by an investor – Quarz Capital – that wants to see some changes at the Reit.
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