EHT’s unitholders will be voting on Dec 30 on as many as four resolutions. In Resolution 1, EHREIT’s trustee (which is DBS Trustee) proposes that SCCPRE Hospitality REIT Management, owned by SC Group and controlled by Chiaranussati, be appointed as the new manager. Resolution 2 is a vote to change the trust deed so that SC Group can get a base fee for FY2021 and FY2022. EHT’s base fee was originally 10% of distributable income, of which there is none. The trust deed changes the base fee to a minimum of US$4.5 million ($6 million) or 10% of distributable income, whichever is higher. Resolution 2 is an extraordinary resolution requiring 75% approval.
Suchad Chiaranussati, the founder and chairman of SC Group, is something of an environmentalist. His office is in a charming blackand-white bungalow reminiscent of colonial times, and boasts a plant biosphere, where plants grow with the help of moisture from the air.
In an interview over Microsoft Teams, Chiaranussati focused on something else besides his beloved plants — Eagle Hospitality Trust (EHT), which is a stapled security and comprises a dormant business trust (BT) and a REIT, EH-REIT.
