Quarz Capital Asia’s 2nd Requisitioned Resolutions is its third requisition for an EGM in an attempt to get around the changes required in the Trust Deed. Last year, Quarz had written to the Monetary Authority of Singapore and SGX RegCo to intervene to direct the Trustee to effect the change of Sabana REIT’s Trust Deed without an EGM. And, if an EGM is required, to prevent a major unitholder to vote in the EGM.
HSBC Institutional Trust Services (the Trustee) released an update to Sabana Industrial REIT’s unitholders on April 9. The points raised concern a requisition notice by Quarz Capital Asia dated March 25 for an EGM with seven resolutions (2nd Requisitioned Resolutions) designed to sidestep changing Sabana Industrial REIT’s Trust Deed through the proper channels, which is an EGM with extraordinary resolutions.
The Trustee has put before the HIgh Court Order 32, in which the Court will decide on the EGM to effect the Trust Deed change, and on who is eligible to vote.
