Sabana Reit tussle shifts to the pros and cons of its distribution reinvestment plan
Units issued at a discount under the DRP are having a dilutive impact on investors who own most of the Reit
THE manager of Sabana Industrial Reit (Sabana Reit) and activist investor Quarz Capital Management have been working hard to win over investors ahead of what is likely to be a contentious annual general meeting (AGM) on Apr 26.
Quarz is rallying unitholders of Sabana Reit to withhold their endorsement of former Credit Suisse trader Chan Wai Kheong as an independent director; refuse its manager the mandate to issue new units; and put a stop to its distribution reinvestment plan (DRP).
The manager of Sabana Reit is urging unitholders to support all the resolutions that will be tabled at the AGM, arguing that they are crucial to its plans to enhance and grow the real estate investment trust (Reit).
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