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Six questions to ask at Sabana REIT’s EGM today

Goola Warden Published on Fri, Apr 28, 2017 / 7:19 AM GMT+8

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SINGAPORE (April 28): Unitholders of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust will vote today on booting out the REIT’s manager, and perhaps winding up the whole entity. While the likelihood of the resolutions being passed seems low, the courage and determination displayed so far by the unitholders who requisitioned the EGM is quite remarkable. The information they have brought to light, the new path they have tried to forge for the failing REIT, and their scrappy organizational strategies are an inspiration for other small-time activist investors.

At the EGM today, unitholders of Sabana REIT might have one final chance to strike a blow for their cause – by asking some tough questions. Sabana REIT’s manager has confirmed to the Singapore Exchange that its directors and property valuers will be present at the EGM. We understand that the trustee of Sabana REIT will also be present. While it is entirely up to the unitholders present to decide what to ask, our reporters and editors who have followed the Sabana REIT story so far humbly suggest that posing the following questions might be useful for the market.

1) How much did Vibrant Group offer the other shareholders of Sabana REIT’s manager to buy them out? Does Vibrant’s offer to them still stand? What happened?