On March 19, EHT’s manager announced it was undertaking a strategic review. Yet, in a statement to the Singapore Exchange (SGX) on Nov 6, 2019, EHT’s manager said: “The REIT manager also wishes to dispel a rumour reported in The Edge article: There is no strategic review underway nor has any consideration of a strategic review been discussed with the board.”
SINGAPORE (March 30): In our manifold coverage of Eagle Hospitality Trust (EHT) in print and online — see cover story “Saving Queen Mary” (Issue 906, Nov 4, 2019) — we had flagged issues with the REIT, including its inauspicious debut, portend by its under-subscribed retail tranche of its IPO.
On its first day of trading on May 24, 2019, Bank of America, which was one of the underwriting banks, sold more than four million units of EHT at 71 cents. Since then, EHT units have not seen light of day and things reached a nadir with its March 23 trading suspension. This is probably a necessary step as the REIT restructures its loans, says a boutique fund manager who has no holdings in EHT.
