Sabana Shari'ah REIT

(26-04-2017, 09:19 AM)ACTIVIST SPEAKS Wrote: Of course, everybody knows dumping the shares is easier.  But this time, we decided to stay and fight.  

"It is better to light a candle than curse the darkness"

Well said ! Set precedence and history for other management,  think twice before treating minority investors as fools .

(25-04-2017, 10:30 PM)investor101 Wrote: Dump Sabana shares and look for better REITs and trusts that provide reliable dividend streams and better shareholder value. It is more productive than fighting an incompetent management. Let Sabana wind up like Rickmers, or scoop up their shares at a larger discount when they finally cannot tolerate themselves and have to clean up their act.

 Sometimes, the journey itself is the means to the end. Eventually, their wallets or assets may not be protected or in efficiency terms, time is not well spent (oh well, the beast of efficiency in Efficient Singapore!). But personally, i think that is simplistic level 1 thinking. We are still in the middle of their journey and so still not exactly sure how things will finally turn out. But i highly suspect that the activists will eventually end up with much more experience, wisdom, contacts and changes that they could have imagined, when they first decided to go down this path of fighting.

"If there is a will, there is a way," said Mr Gerald, in his message to unitholders in reference to there being other ways to resolve disputes. In truth, it would have served his activist mandate greatly if the remark was aimed at the Reit manager which had, up until this point when its feet were held to the fire, had settled into mediocrity. Business Times 27 Apr 17

SIAS .... Buck up, otherwise close down.

(26-04-2017, 09:03 PM)weijian Wrote:

(25-04-2017, 10:30 PM)investor101 Wrote: Dump Sabana shares and look for better REITs and trusts that provide reliable dividend streams and better shareholder value. It is more productive than fighting an incompetent management. Let Sabana wind up like Rickmers, or scoop up their shares at a larger discount when they finally cannot tolerate themselves and have to clean up their act.

 Sometimes, the journey itself is the means to the end. Eventually, their wallets or assets may not be protected or in efficiency terms, time is not well spent (oh well, the beast of efficiency in Efficient Singapore!). But personally, i think that is simplistic level 1 thinking. We are still in the middle of their journey and so still not exactly sure how things will finally turn out. But i highly suspect that the activists will eventually end up with much more experience, wisdom, contacts and changes that they could have imagined, when they first decided to go down this path of fighting.

Simplistic level 1 thinking is thinking that management makes bad decision solely because of incompetence and ignorance. Sometimes, bad decisions are made deliberately because of their aligned interests.

For stock market, capital is more efficiently deployed by voting with our feet or wallets, instead of holding onto shares that lost so much value. I sold out Sabana and put my money into Croesus REIT. At least I made a decent paper gain from share price increase and the dividend payout is reliable. It beats losing money with Sabana.

 I wish you all the best in turning Sabana around while having so much capital suck in this poorly run company. When that happens, I may invest again in Sabana. 

Cheers!

(26-04-2017, 09:19 AM)ACTIVIST SPEAKS Wrote: Of course, everybody knows dumping the shares is easier.  But this time, we decided to stay and fight.  

"It is better to light a candle than curse the darkness"

Hi Activist, 

Never met you, don't know who you are but you have stood up, against all odds, to be the mouthpiece for many long suffering unitholders in trying to hold the one who created the mess (manager) accountable. 

For that, you have my utmost respect and gratitude. Was not a unitholder until the rights. Will be exercising all my unitholder rights tomorrow.

Whatever the outcome, it has been a good fight, nevermind the sceptics, nevermind the naysayers, nevermind the doubters. 

Good luck everybody.

Although not a unitholder since years ago  , hope Jerry Low set precedence . Whatever the outcome maybe , you have won respects of many retail investors . All the best, Cheers. .

(27-04-2017, 04:41 PM)investor101 Wrote:

(26-04-2017, 09:03 PM)weijian Wrote:

(25-04-2017, 10:30 PM)investor101 Wrote: Dump Sabana shares and look for better REITs and trusts that provide reliable dividend streams and better shareholder value. It is more productive than fighting an incompetent management. Let Sabana wind up like Rickmers, or scoop up their shares at a larger discount when they finally cannot tolerate themselves and have to clean up their act.

 Sometimes, the journey itself is the means to the end. Eventually, their wallets or assets may not be protected or in efficiency terms, time is not well spent (oh well, the beast of efficiency in Efficient Singapore!). But personally, i think that is simplistic level 1 thinking. We are still in the middle of their journey and so still not exactly sure how things will finally turn out. But i highly suspect that the activists will eventually end up with much more experience, wisdom, contacts and changes that they could have imagined, when they first decided to go down this path of fighting.

Simplistic level 1 thinking is thinking that management makes bad decision solely because of incompetence and ignorance. Sometimes, bad decisions are made deliberately because of their aligned interests.

For stock market, capital is more efficiently deployed by voting with our feet or wallets, instead of holding onto shares that lost so much value. I sold out Sabana and put my money into Croesus REIT. At least I made a decent paper gain from share price increase and the dividend payout is reliable. It beats losing money with Sabana.

 I wish you all the best in turning Sabana around while having so much capital suck in this poorly run company. When that happens, I may invest again in Sabana. 

Cheers!

hi investor101,
I think it is (almost) everyone's knowledge that decision making has been skewed, as per how the REIT-Manager-Sponsor game is played. The battle call has to be painted from the POV of incompetency to call for heads to roll, not to complain against the rules, because rules are rules.

I re-in-iterate again - voting with feet/wallet is normal of the OPMI's behavior. Finally, a group of OPMIs are doing something abnormal, different from what the usual OPMI does. I don't adore this behavior as much as i do adore the limitless possibilities that The Journey itself will present to them. I just get excited thinking of their Unexpected Journey!

P.S. I am not vested in Sabana. In fact, I am not vested in any REIT/Trusts for the last 4 years.

http://sabana.listedcompany.com/newsroom...OMKA.3.pdf

Results of EGM is out. The REIT manager was not voted out and neither was the motion to wind up the trust passed.
TIme to move on and its another lesson learnt

Consolidation...
During the AGM, unit holders manage to stop the Manager to issue Unit

R3: To authorise the Manager to issue Units and to make or grant convertible instruments.

http://sabana.listedcompany.com/newsroom...KALZ.2.pdf

(28-04-2017, 09:29 PM)Ray168 Wrote: Consolidation...
During the AGM, unit holders manage to stop the Manager to issue Unit

R3: To authorise the Manager to issue Units and to make or grant convertible instruments.

http://sabana.listedcompany.com/newsroom...KALZ.2.pdf

you mean consolation?

That's not too much of a consolation for them I guess.
It's disappointing that ESR and Tong didn't support them