Shareholders should request to visit 47, Changi South Property. It will be interesting to see who has rented the 24000 sqf and how it is used. Or anyone who is working in the property is also a good proxy.
APPOINTMENT OF FINANCIAL ADVISER
Appointment of Financial Advisor
Further to the announcements released on 2 February 2017 and 17 February 2017, the Board of Directors of Sabana Real Estate Investment Management Pte. Ltd. (the “Board”), as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT” and the manager of Sabana REIT, the “Manager”), wishes to announce that the Manager has appointed Morgan Stanley Asia (Singapore) Pte. (“Morgan Stanley”) as its financial adviser in relation to the strategic review of Sabana REIT.
As stated in the announcement on 17 February 2017 (the “Announcement”), the strategic review board committee (the “Strategic Review Committee”) has been formed to undertake a review of options available for Sabana REIT to enhance unitholder value. Morgan Stanley will assist the Strategic Review Committee in the strategic review exercise and report to the Strategic Review Committee directly.
As stated in the Announcement, the Strategic Review Committee will be reviewing various options to improve the performance of Sabana REIT, including, inter alia, sourcing and considering the proposals from potential strategic partners who can enhance Sabana REIT’s performance. Morgan Stanley will assist the Strategic Review Committee in the evaluation of such proposals, and any person who is interested in becoming a strategic partner should approach Morgan Stanley.
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This shows that current Manager is not capable in doing their work hence they need an external financial to help them.
Sigh!
Strategic review maybe options for the manager eg. to remove itself, delist, etc ofcourse the result maybe to do the last skinning ?
The story is getting more interesting
New substantial unitholder appears at Sabana REIT
SINGAPORE (March 3): A new substantial unitholder has emerged at Sabana Shari’ah Compliant Real Estate Investment Trust, which could shift the dynamics of a revolt that a group of small investors have waged against the manager of the REIT over the past month.
According to filings posted on SGXNet on March 3, e-Shang Redwood (ESR) now holds a 5.01% stake in Sabana REIT.
http://www.theedgemarkets.com.sg/article...abana-reit
e-Shang Redwood owns 80% of Cambridge Industrial Trust manager and they do have experience in running REITs. Are they interested to take over the management of Sabana REIT?
(04-03-2017, 09:35 PM)ghchua Wrote: [ -> ]e-Shang Redwood owns 80% of Cambridge Industrial Trust manager and they do have experience in running REITs. Are they interested to take over the management of Sabana REIT?
At this sensitive period, I think ESR do have the intention to cross the 5% shareholding mark.
(07-03-2017, 08:26 AM)ACTIVIST SPEAKS Wrote: [ -> ]First time in history SGX insists the valuation houses to be present in an EGM to answer questions.
http://infopub.sgx.com/FileOpen/Sabana_S...eID=442383
Anyone has any questions you want to ask Knight Frank and Savills?
since the focus here is on how they arrive at exactly the same no., you should prob ask specifics on their valuation methodology, procedures, and communication with mgmt team, etc.
but i suppose u would get the boilerplate answers already present in the report. i honestly doubt you would get much words out from them that's different from what's written in the report. the valuers would prob be very careful of saying sth that's not fully supported in the report.
good luck