Since Quarz and Volare - although not concert parties - voted together at the AGM in April, they could (or perhaps not?) vote together in the EGM for the ordinary resolutions. Together Quarz and Volare hold a tad above 30% of Sabana REIT.
HSBC Instititional Trust Services (HSBC Trustee) has issued a draft letter - subject to change - and conveyed it to the manager and unitholders highlighting the steps and as yet undetermined costs associated with the resolutions for the EGM requisitioned by Quarz Capital Asia for Sabana Industrial REIT and its manager, Sabana Real Estate Investment Manager (SREIM).
In a nutshell, Quarz has requisitioned an EGM to pass two ordinary resolutions. Resolution 1 is to remove SREIM, the external manager, and resolution 2 for ease of understanding, is to vote for internalisation. Internalisation itself requires a number of steps including an EGM to change the trust deed which will be an extraordinary resolution according to HSBC Trustee.
