Sabana Shari'ah REIT

Shareholders should request to visit 47, Changi South Property. It will be interesting to see who has rented the 24000 sqf and how it is used. Or anyone who is working in the property is also a good proxy.

APPOINTMENT OF FINANCIAL ADVISER 
Appointment of Financial Advisor

Further to the announcements released on 2 February 2017 and 17 February 2017, the Board of Directors of Sabana Real Estate Investment Management Pte. Ltd. (the “Board”), as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT” and the manager of Sabana REIT, the “Manager”), wishes to announce that the Manager has appointed Morgan Stanley Asia (Singapore) Pte. (“Morgan Stanley”) as its financial adviser in relation to the strategic review of Sabana REIT. 

As stated in the announcement on 17 February 2017 (the “Announcement”), the strategic review board committee (the “Strategic Review Committee”) has been formed to undertake a review of options available for Sabana REIT to enhance unitholder value. Morgan Stanley will assist the Strategic Review Committee in the strategic review exercise and report to the Strategic Review Committee directly. 

As stated in the Announcement, the Strategic Review Committee will be reviewing various options to improve the performance of Sabana REIT, including, inter alia, sourcing and considering the proposals from potential strategic partners who can enhance Sabana REIT’s performance. Morgan Stanley will assist the Strategic Review Committee in the evaluation of such proposals, and any person who is interested in becoming a strategic partner should approach Morgan Stanley. 


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This shows that current Manager is not capable in doing their work hence they need an external financial to help them. 
Sigh!

Strategic review maybe options for the manager eg. to remove itself, delist, etc ofcourse the result maybe to do the last skinning ?

Resignation of non-Executive Director Mr Ng Shin Ein

http://infopub.sgx.com/Apps?A=COW_CorpAn...cb8e79023e

Previous resignation notified 16th January, then withdrawn, now resigned again. Wonder what the 'certain internal dynamics within the company' refers to?

Sabana Reit manager responds to SGX queries on resignation of director

Thursday, March 2, 2017 - 08:23
by
ANITA GABRIEL anitag@sph.com.sg@AnitaGabrielBT

THE Singapore Exchange has pressed on with its queries to the embattled manager of Sabana Shariah-Compliant Real Estate Investment Trust (Sabana Reit), this time in relation to the resignation of a non-executive director who cited "certain internal dynamics" that has led to her decision.

In its response announced late Wednesday night to SGX queries, Sabana Reit's manager Sabana Real Estate Investment Management said that Ng Shin Ein felt that the Reit's fundamental issue related to its inability to access a good pipeline of properties but it was difficult to achieve this given the Reit Manager's shareholding structure.
The regulator also pushed for more clarity on Ms Ng's remarks in her resignation letter, specifically on her lack of confidence over the framework and process in place to address the internal dynamics, which she said coud hamper her ability to contribute meaningfully.

To this, the Reit manager replied: "The board understands from Ms Ng that while strategic shareholders with substantial quality assets would usually want to take over majority interest in the Reit Manager, it is beyond the board's control to compel any shareholder of the Reit Manager to divest its stake."

The manager, which is facing an intensifying unitholder backlash for its underperformance, also pointed out to an earlier announcement made by itself and Vibrant Group, the Reit's sponsor, that a strategic review of the Reit will be conducted to consider all options to further the sustainable growth of Sabana Reit and the interests of its unitholders.

The SGX also queried the manager on whether the audit committee was aware of the internal dynamics within the company that led to her resignation and to disclose the committee's views on the issues raised by Ms Ng.

"This matter does not relate to the Audit Committee. As set out in the resignation announcement, Ms Ng has stated that there are no unresolved differences with the board," replied the manager.

The story is getting more interesting

New substantial unitholder appears at Sabana REIT

SINGAPORE (March 3): A new substantial unitholder has emerged at Sabana Shari’ah Compliant Real Estate Investment Trust, which could shift the dynamics of a revolt that a group of small investors have waged against the manager of the REIT over the past month.

According to filings posted on SGXNet on March 3, e-Shang Redwood (ESR) now holds a 5.01% stake in Sabana REIT.

http://www.theedgemarkets.com.sg/article...abana-reit

e-Shang Redwood owns 80% of Cambridge Industrial Trust manager and they do have experience in running REITs. Are they interested to take over the management of Sabana REIT?

(04-03-2017, 09:35 PM)ghchua Wrote: e-Shang Redwood owns 80% of Cambridge Industrial Trust manager and they do have experience in running REITs. Are they interested to take over the management of Sabana REIT?

At this sensitive period, I think ESR do have the intention to cross the 5% shareholding mark.

First time in history SGX insists the valuation houses to be present in an EGM to answer questions.

http://infopub.sgx.com/FileOpen/Sabana_S...eID=442383

Anyone has any questions you want to ask Knight Frank and Savills?

(07-03-2017, 08:26 AM)ACTIVIST SPEAKS Wrote: First time in history SGX insists the valuation houses to be present in an EGM to answer questions.

http://infopub.sgx.com/FileOpen/Sabana_S...eID=442383

Anyone has any questions you want to ask Knight Frank and Savills?

since the focus here is on how they arrive at exactly the same no., you should prob ask specifics on their valuation methodology, procedures, and communication with mgmt team, etc.

but i suppose u would get the boilerplate answers already present in the report. i honestly doubt you would get much words out from them that's different from what's written in the report. the valuers would prob be very careful of saying sth that's not fully supported in the report.

good luck