THE trustee-manager of Dasin Retail Trust on Wednesday (Jul 31) said it will be holding an extraordinary general meeting (EGM) to vote on resolutions requisitioned by unitholders representing around 12.57 per cent of the total voting rights of unitholders in the trust.
The requisitioning unitholders consist of DBS Nominees – which refers to units held for and on behalf of Aqua Wealth Holdings and Feng Guomin – Michael Chui and Zhang Shenming. They hold just under 101.2 million units in Dasin.
The group had sent a letter dated Jun 13 to the trustee-manager to requisition an EGM to vote on two resolutions.
The first resolution concerns amending the trust deed constituting Dasin, in a manner set out in the appendix of the requisitioning notice.
The amendments include inserting new clauses that prohibit the trustee-manager from appointing or removing any director or special purpose vehicle without prior approval of the unitholders by an ordinary resolution. Other clauses also note that appointing a debt restructuring adviser will require the approval of unitholders by an ordinary resolution.
The requisitioning unitholders also aim to add a clause that allows the unitholders to remove the trustee-manager through an ordinary resolution.
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The second resolution in the Jun 13 requisitioning notice aims to remove FTI Consulting from its role as an adviser with immediate effect, as well as appoint a new adviser based on a decision by a committee of unitholders to assist with the restructuring of Dasin’s financial obligations.
The committee should comprise representatives of unitholders who, in aggregate, control more than 50 per cent of the total units in Dasin, and shall include the requisitioning unitholders.
The notice notes that FTI Consulting was appointed by Dasin’s trustee-manager on Jan 9, 2023, but to date, it has not finalised a consensual restructuring agreement with the banks.
“A new adviser appointed based on the decision of a committee of unitholders… allows a fresh approach to achieving the trust’s objectives in reaching a consensual restructuring agreement with the banks, driven by unitholders and aligned with unitholders’ interests,” the notice indicated.
Dasin’s trustee-manager said it has instructed its legal adviser to prepare the circular for the EGM and that it intends to issue the EGM notice and circular with the views of the board regarding the resolutions by early September.
It then aims to convene the EGM by end-September.
The circular and notice will be made available to unitholders in due course.
Units of Dasin closed flat at S$0.021 on Tuesday.
