SABANA Industrial Real Estate Investment Trust’s (Sabana Reit) sponsor ESR Group has filed an application to the High Court of Singapore to stop the Reit’s May 24 extraordinary general meeting (EGM).
This is to allow for the final disposal of HC/OA 19/2024, said the Reit manager on Tuesday (May 14).
Sabana Reit’s trustee HSBC Institutional Trust Services in January 2024 filed a court application – by way of HC/OA 19/2024 – to seek a declaration that amendments to the trust deed are required to implement the resolutions approved at last year’s EGM.
At the Aug 7 EGM, unitholders of Sabana Reit had voted in favour of its internalisation.
Two resolutions were passed at the meeting – one to remove Sabana Real Estate Investment Management as the Reit’s manager, and the other to effect the internalisation of the Reit management function.
The May 24 EGM is to be held by Sabana’s external manager to consider resolutions set out by a Mar 25, 2024 requisition letter issued by activist investor Quarz Capital and four other unitholders of the Reit.
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These resolutions were subsequently revised in an April 18 letter.
As ESR seeks to hold the EGM in abeyance ahead of its scheduled date on May 24, the manager of Sabana Reit said it will provide further updates on ESR’s application should material developments arise.
ESR has further requested liberty to apply for further directions in respect of the EGM, and for the costs of the court application to be provided.
It also asked for further, or other relief, as the court sees fit.
Units of Sabana Reit were unmoved at S$0.36 as at the midday trading break on Tuesday.
