UNITHOLDERS of Dasin Retail Trust failed to pass a resolution seeking the removal of the manager of the trust at an extraordinary general meeting (EGM) convened by requisitionists on Monday (Sep 9).
A second resolution seeking to internalise the trustee-manager function of Dasin Retail Trust was also not carried as it was conditional upon the approval of the first resolution. The resolution also sought to form a committee of the requisitioning shareholders claiming to own more than half the trust to identify and appoint a new board of directors.
The first resolution failed to garner at least 75 per cent of the total number of votes cast by unitholders at the EGM, which is the requirement to pass the resolution.
It sought to amend the trust deed such that unitholders can approve either by ordinary or extraordinary resolution several matters, including the removal of the trustee-manager, the appointment or removal of any director of a special-purpose vehicle, as well as the appointment or removal of any external party whose fees are expected to exceed S$50,000.
About 67 per cent of unitholders voted for the first resolution, while 33 per cent voted against, said the manager of Dasin Retail Trust in a bourse update on Monday.
The EGM was convened by a group of unitholders owning more than 10 per cent of the trust. They include Aqua Wealth Holdings, Feng Guomin, Michael Chui and Zhang Shenming.
Units in Dasin Retail Trust ended Monday down 2.6 per cent or S$0.001 at S$0.038 before the update.
