Sabana Shari'ah REIT

[weijian]

Amazing. Resorting to these kind of Yuzoo announcements for their rights issue

http://infopub.sgx.com/FileOpen/20161227...eID=434151

Yuuzoo is so "well-known" on VB that it has its own word in VB dictionary now.

YUU-ZOO
Noun
1. A word used to describe excessive advertorial description of events, with the purpose to hip up excitement for the subject of interest.
2. Language used flamboyantly

source: VB dictionary

[Stephen]

Actually what are they hoping to achieve with this annoucement ?

Maybe they are showing that they are doing work?

[cfa]

Just to put up a show that the potential is very great with CHINA OBOR project. 😁

[lanoitar]

Rare shareholder activism. I understand that Mr Low has gotten support from > 50 unitholders to convene the EGM:

REMOVAL OF THE MANAGER OF SABANA REIT
http://sabanareit.blogspot.sg/

[money]

Rare shareholder activism. I understand that Mr Low has gotten support from > 50 unitholders to convene the EGM:

REMOVAL OF THE MANAGER OF SABANA REIT
http://sabanareit.blogspot.sg/

i took this from the blog. 

....

HOW DO WE DO IT?

The external manager may be removed by way of a resolution passed by a simple majority of participants present and voting at a general meeting.  A general meeting may be convened at the request in writing of not less than 50 Unitholders (Appendix 6 of the Code on Collective Investment Schemes). 


Is the above true? If it is, i dont mind buying some shares to show support

[money]

Rare shareholder activism. I understand that Mr Low has gotten support from > 50 unitholders to convene the EGM:

REMOVAL OF THE MANAGER OF SABANA REIT
http://sabanareit.blogspot.sg/

i took this from the blog. 

....

HOW DO WE DO IT?

The external manager may be removed by way of a resolution passed by a simple majority of participants present and voting at a general meeting.  A general meeting may be convened at the request in writing of not less than 50 Unitholders (Appendix 6 of the Code on Collective Investment Schemes). 


Is the above true? If it is, i dont mind buying some shares to show support

For a long while, i think reit managers have been taking advantage of shareholders in many ways. Not just for this reit, but like capitalcommercial trust and keppel reit too

[CY09]

Remuneration packages of REIT manager are similar to fund managers. They get an annual fee for managing the portfolio (i.e if the fund is worth s$ 1 million, they may get 1% of s$1 million as management fee). They do get a performance fee for better DPU but in my view, it is more important to grow the size of the asset under your portfolio to earn more money; what better way than to keep buying more properties to increase this base.

It is a pretty stable business in which good/bad years, you still get quite a handsome sum of revenue. Of course, in good years you get even better revenue. This is why I love the business of REIT managers!

Moving to Sabana's case, it reminds me of Sing Holdings incident in which we here tried to mount a less garang attempt of sending email to their IR
<vested in ARA due to this biasness>

[tonylim]

For this reit , the manager has gone too far , and the unitholders are no longer bearable . So many acquisitions were non accretive.

[ACTIVIST SPEAKS]

We are officially the worst performing REIT in Singapore registering a total return of -25.4% in 2016 (source: dollarandsense.sg).  Compared to our peers, Viva Industrial Trust (+16.0%) and Cambridge Industrial Trust (+3.6%), it is obvious they are doing it right and we are doing it wrong.

We bought the Changi South Property from our sponsor, Vibrant Group Ltd for $23 million.  Independent and separate valuation by Knight Frank and Savills also say it is worth exactly $23 million.  This same property sat in Vibrant Group Ltd's books at $9.94 million.  The work done by the Manager is merely administrative in nature but they want $200,000 for their effort.

Monetary Authority of Singapore has confirmed that internally managed REIT structures are allowed in Singapore (Section 9(A) Response to Feedback Received - Consultation on Enhancements to the Regulatory Regime governing REITS and REIT Manager on 9 Oct 2014).  Croesus Retail Trust is now operating with an Internalised Manager.  We do not need an External Manager who charges multiple fees at a rate they insist is "industry practice".

Go to     SabanaREIT.blogspot.sg    to join us in removing the manager

[TTTI]

We are officially the worst performing REIT in Singapore registering a total return of -25.4% in 2016 (source: dollarandsense.sg).  Compared to our peers, Viva Industrial Trust (+16.0%) and Cambridge Industrial Trust (+3.6%), it is obvious they are doing it right and we are doing it wrong.

We bought the Changi South Property from our sponsor, Vibrant Group Ltd for $23 million.  Independent and separate valuation by Knight Frank and Savills also say it is worth exactly $23 million.  This same property sat in Vibrant Group Ltd's books at $9.94 million.  The work done by the Manager is merely administrative in nature but they want $200,000 for their effort.

Monetary Authority of Singapore has confirmed that internally managed REIT structures are allowed in Singapore (Section 9(A) Response to Feedback Received - Consultation on Enhancements to the Regulatory Regime governing REITS and REIT Manager on 9 Oct 2014).  Croesus Retail Trust is now operating with an Internalised Manager.  We do not need an External Manager who charges multiple fees at a rate they insist is "industry practice".

Go to     SabanaREIT.blogspot.sg    to join us in removing the manager

I'm not a unitholder, afraid cannot help
but I fully agree with what's being said here.
And that's the issue with many REITs.
It's just a vehicle for parent to offload and recycle their capital
Worse still, the managers get rewarded for buying stuff. Even when it's a stupid deal.
I hope this succeeds