For resolution 2, Glass Lewis says “Given that the Trustee has no objections to complying with this directive, and coupled with the fact that the Trust is already substantially complying with the matter being requested here, we believe unitholders can reasonably support this proposal, as it would simply affirm a stance that appears to us to be mutually shared by both the Trustee and the Proponents. Accordingly, we recommend that unitholders vote FOR this proposal.”
In a proxy paper dated Feb 28, proxy advisor Glass Lewis has recommended voting against 8 of the 10 ordinary resolutions in Sabana Industrial REIT’s EGM on March 8. The resolutions were proposed mainly by Quarz Capital Asia, and nine additional unitholders. The nine unitholders own 0.04% of Sabana REIT.
The two resolutions are resolution 2, which is proposing regular written updates on the internalisation process, and resolution 10, directing the Trustee to seek written confirmation, guidance and/or directions from the relevant regulatory bodies in the Trustee's ongoing Application in HC/OA 19/2024.
