Sabana Shari'ah REIT

Thread Rating:
  • 2 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
(28-04-2017, 09:29 PM)Ray168 Wrote: Consolidation...
During the AGM, unit holders manage to stop the Manager to issue Unit

R3: To authorise the Manager to issue Units and to make or grant convertible instruments.

http://sabana.listedcompany.com/newsroom...KALZ.2.pdf

Without the general mandate, the manager is virtually hamstrung. This also means its plan to acquire a four-storey light industrial building at 47 Changi South Ave 2 from its sponsor will also have to be aborted.

http://www.theedgemarkets.com.sg/sabana-...ager-fails
Reply
(28-04-2017, 09:36 PM)TTTI Wrote:
(28-04-2017, 09:29 PM)Ray168 Wrote: Consolidation...
During the AGM, unit holders manage to stop the Manager to issue Unit

R3: To authorise the Manager to issue Units and to make or grant convertible instruments.

http://sabana.listedcompany.com/newsroom...KALZ.2.pdf

you mean consolation?

That's not too much of a consolation for them I guess.
It's disappointing that ESR and Tong didn't support them

Thanks for pointing out ... should be consolation.

I think Tong and ESR may be in the process to acquire The Manager??? Idea  (one of the Strategic Review recommendation).

Hope that the SRC would consider to replace the lousy CEO and his inner circle.
Reply
Some interesting observations from the numbers.

- ~54.4% opposed the action of the manager (to issue more units) and assume a simple relationship that opposing the action is a disapproval of the manager, and approving this action is an approval of the manager, then 54.4% would have been close to the ceiling of the "kick out the Manager" votes.
- In actual fact, only ~30.5% voted to kick out the manager and that represents ~24% of margin loss from the "population of Manager disapprovers", close to 45% of the disapprovers seem to be swayed by the actions of the Manager (scare and sway) after the 66 first came out.
Reply
simply not enough votes lah... best to sell and move on... :O
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
End day, the manager also learned a lesson
Reply
Lessons from the Sabana Reit saga
The way Reits are structured makes it hard for unit holders to tackle issues with manager

by Goh Eng Yeow
Published May 8, 2017

As an asset class, real estate investment trusts (Reits) have done so well in the past decade that investors could not go wrong by taking wagers on them.

According to some estimates, Reits have enjoyed an average compounded annual return of 10 per cent over the past five years, assuming that the dividends were reinvested.

This makes them far better as investments than keeping money in the bank, which attracts close-to-zero interest rates.

Reits are closed-end funds that operate in a similar manner to unit trusts. But unlike unit trusts that invest in shares, Reits specialise in income-generating real estate assets such as shopping malls, offices and industrial buildings.

Just because they have worked out fine so far does not mean nothing can go wrong with them. As with other asset classes, there will always be one or two bad apples that fail to make the grade. What do investors do then, other than vote with their feet?

First, kudos to them for getting as far as they did in requisitioning the extraordinary general meeting (EGM) to have a vote on the issue. As Mr Jeffrey Low - the stockbroker instrumental in making this happen - noted, nobody had thought that this would even be possible given the disparate way in which the unit holdings had been dispersed.

More details in http://www.straitstimes.com/business/les...-reit-saga
Specuvestor: Asset - Business - Structure.
Reply
(02-05-2017, 11:44 PM)valuebuddies Wrote: End day, the manager also learned a lesson

Not just a lesson learnt. The head has rolled.

RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR 

http://infopub.sgx.com/FileOpen/20170509...eID=452803
Reply
http://infopub.sgx.com/FileOpen/20170509...eID=452803

Hi weijian,

Think you posted another link. Right one is attached above.

Unfortunately, it is not a very useful move as the sponsor is still in place. What is more impt imo is to prevent sponsor using the the option to offload ppty at lofty valuations to REITS and its unit holders. If this culture is not eradicated on the SGX scene, the exploitation will still continue.
Reply
Kudos to the minority!! CEO step down and purchase of changi south building aborted!

it's a short term win for jerry! Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
(06-04-2017, 10:12 PM)Ray168 Wrote: In Dec 2016, the Manager announced the purchase of Eunos Ave 7, Eunos Ave 3 and Changi South properties. All were transacted at significantly higher prices and the vendor agrees to lease back at inflated rent. Armed with the knowledge of the dire state of 508, Chai Chee Lane and 23, Serangoon North properties purchased in similar terms, Mr Steven Lim Kok Hoong and Mr Yong Kok Hoon must know that unitholders will suffer big losses if we proceed with such acquisitions. Unfortunately, they still did not see anything wrong with such purchases and instead endorsed the Manager’s decision to call for a Rights issue to finance all these properties.
Eunos Ave3 is been aborted, after previous abortment on Changi South (announced in May).
http://infopub.sgx.com/FileOpen/Announce...eID=460502
Reply


Forum Jump:


Users browsing this thread: 10 Guest(s)