Sabana saga: One key protagonist or another will soon end up embarrassed for being wrong
Many unitholders – even those inclined to get rid of the existing manager – may baulk at the risks of relying on the trustee to set up a new internal manager
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THE extraordinary general meeting (EGM) today (Aug 7) to internalise the management function of Sabana Industrial Real Estate Investment Trust (Sabana Reit) may not immediately mark the conclusion of a story that has gripped investors in Singapore over the past two months.
If the resolutions pass, Sabana Reit would be cast into uncharted territory as its trustee takes on the task of setting up an internal manager from scratch. The trustee has said this could take 12 months or longer, and that it expects to hold two or more additional EGMs to seek unitholder directions on specific matters.
The fees, costs and expenses of engaging professional advisers to implement the internalisation will be reimbursed out of Sabana Reit’s assets.
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