Sabana REIT trustee asks to delay EGM to vote on internal managers

It urged the requisitionists to hold the EGM once applications are in advanced stages.

Sabana Industrial Real Estate Investment Trust’s (REIT) trustee has asked to delay its extraordinary general meeting (EGM) to vote on the proposed internal managing directors.

HSBC Institutional Trust Services highlighted that the resolution directs the trustee to “procure the necessary certifications and declarations” for submission to the Monetary Authority of Singapore (MAS) by the internal manager “or otherwise” to facilitate the appointment of a director candidate.

The trustee said it is unclear what specific “certifications and declarations” it is supposed to procure and from whom, also questioning whether the directions are actionable. 

Thus, the trustee has asked the requisitionists to withdraw the resolutions and convene the EGM when applications are in advanced stages without a need for any further requisition.

It has also asked the requisitionists to continue working with the trustee in finalising all documents needed from the proposed candidates to submit to MAS.