In his letter, which was co-signed and supported by five more unitholders, Chan pointed out that the Trust Deed and its provisions should reign supreme and amended only with a supermajority. He likens the Trust Deed to a country’s constitution. The government can change with 51% but the constitution can only be amended by a two-thirds majority in parliament.
In another shot across the bow of Sabana Industrial REIT’s contentious internalisation journey, unitholder Chan Wai Kheong, better known as Charlie Chan, has written to Sabana REIT’s manager in support of HSBC Institutional Trust’s (the Trustee).
For those that were present at the REIT’s March 8 EGM, the Trustee bore the brunt of unitholders’ somewhat contentious questions and comments. The EGM was requisitioned mainly by Quarz Capital Asia. On March 25, Quarz requisitioned a third EGM.
