Carl Gabriel Florian Stubbe has ceased to be an independent director of Eagle Hospitality REIT Management and Eagle Hospitality Business Trust Management, the managers of Eagle Hospitality Trust (EHT).
The cessation was effective on August 28.
According to a filing on August 30, Stubbe had offered himself for re-election as a director of the managers as well as his role as an independent director of the managers of EHT. Stubbe was also supposed to be re-elected as the chairman of the nominating and remuneration committee and the chairman of the special committee.
The boards of the managers and DBS trustee were said to have approved his nomination as chairman of the upcoming annual general meeting (AGM) of EHT, which is to be held on August 31.
However, on August 28, Stubbe says he was notified that he was not re-elected as a director of the managers by its shareholder, Mandarin West Holdings LLC.
Mandarin West Holdings is indirectly owned by Howard Wu and Taylor Woods.
Wu and Woods were said to have made deals “prejudicial” to minority unitholders without EHT’s knowledge on May 15. The duo are the co-founders and principals of EHT’s sponsor Urban Commons, and another hat as the master lessor to some of the hotels that form part of EHT’s portfolio.
See: EHT says sponsors Wu and Woods made deals "prejudicial" to minority unitholders
Wu and Woods subsequently resigned from EHT’s board of directors on May 26.
On the announcement, Stubbe says he “laments” the decision by Mandarin West Holdings and “feels strongly” that his cessation is to the “detriment” of the stapled securityholders.
Units in EHT last traded at 13.7 US cents prior to a voluntary trading suspension that took effect on Mar 24.
See also: Eagle Hospitality Trust is a lost cause, unitholders’ hopes hinge on full investigation and SGX RegCo pressing Eagle Hospitality Trust for restructuring updates
