Sabana Shari'ah REIT

[cfa]

I am no longer a unitholder of SABANA , hope the activists successful in kicking out the manager .

[ACTIVIST SPEAKS]

Cheers, hope you join the facebook and share or like some of the comments to bring more awareness. We need to overcome the Singapore investor's apathy to bring more than 30.000 unitholders to the meeting to have a chance to nudge them just a little bit.

VOTE OUT SABANA MANAGER


https://www.facebook.com/groups/15863995...0/?fref=nf

[tanjm]

I think you got the wrong idea about us.  We are just 50 retail investors who are not happy with the Manager's performance.  The code provides that we can convene a meeting to remove the manager.  We are who we are and we never try to be what we are not.  We have no expertise and I cannot answer any of your question.  
Right from the start, we are of the view that HSBC Trustee and MAS will be in charge of the follow-up action.  We are here to decide only one thing - REMOVE THE MANAGER OR KEEP THE MANAGER.  If we cannot remove the manager, we rather liquidate and take back our money.....just like a investment trust/unit trust.  Logic will tell you that there is no way MAS will allow a group of unlicensed motley crew (I am talking about us) decides the fate of a $800m REIT owned by more than 30,000 unitholders.  MAS just allow us to decide 2 things....remove or keep the Manager  +  wind up or not.  Surely, you do not think MAS expects the 50 of us to do the execution.  We provide our choice and our vote. MAS is not asking us for the solution and neither will they let us do what we desire.

I don't think I got the wrong idea. I wish you well.

[tanjm]

In Oct 2014, MAS had a consultation proposing exactly what you said about the frequency of a manager appointment.  The respondent (mainly REIT manager) argued that there will be transitional problem (also like what you just said) and MAS watered down  this proposal to leave it exactly what it is now.

You do realize that condo property manager runs according to these lines and the MCs have little problem switching manager. There's only a fairly small qualitative leap from this to a REIT manager, assuming we have a competitive REIT manager market.

[ACTIVIST SPEAKS]

Unfortunately, we don't as the CEO of the Manager must have 10 years experience and he must be approved by MAS. As I said, 10 years ago, there were only 4 REITS. There are not many of those guys running around without a job. But I see your point. Unfortunately, we are operating under the maxim of anybody except you and if it is still you, I want my money back. Cheers.

[specuvestor]

^^ I've given you the link of the REIT managers you can contact below:

^^ renewal of CMS license is not performance based, it is compliance based

I've seen articles talking about declining yields and hence DPU as the problem. That's not the problem; that's the symptom. The problem is the master lease yield or rental guarantee are not market rates, which they use to price the asset.

See this directory for the 38 minus 1 REIT managers currently licensed that can take over
https://masnetsvc.mas.gov.sg/FID.html

My 2cts

Coupled with what I wrote above, what newyorkcityboy wrote is the main problem as the sponsor has little vested interest in the REIT with only 12% stake, including the manager's stake, which is obvious from the statement below:

"With the Manager managing Sabana REIT, the Sponsor remains supportive and intends to renew the three master leases at the Sabana REIT properties it currently occupies"

Will the sponsor Vibrant renew the master leases if their manager is removed?

Without a tenant, the value of those properties is likely to fall rather sharply.

[Temperament]

I think you got the wrong idea about us.  We are just 50 retail investors who are not happy with the Manager's performance.  The code provides that we can convene a meeting to remove the manager.  We are who we are and we never try to be what we are not.  We have no expertise and I cannot answer any of your question.  
Right from the start, we are of the view that HSBC Trustee and MAS will be in charge of the follow-up action.  We are here to decide only one thing - REMOVE THE MANAGER OR KEEP THE MANAGER.  If we cannot remove the manager, we rather liquidate and take back our money.....just like a investment trust/unit trust.  Logic will tell you that there is no way MAS will allow a group of unlicensed motley crew (I am talking about us) decides the fate of a $800m REIT owned by more than 30,000 unitholders.  MAS just allow us to decide 2 things....remove or keep the Manager  +  wind up or not.  Surely, you do not think MAS expects the 50 of us to do the execution.  We provide our choice and our vote. MAS is not asking us for the solution and neither will they let us do what we desire.

I don't think I got the wrong idea. I wish you well.

Is there a precedent of MAS's Code of remove or keep the Manager + wind up or not for a REIT?

May you succeed in persuading more unitholders to at least agree to convene a meeting?

Singapore suppose to be a first world country but the people's aspiration behaviour seems to belong to the third world?

It heartens me some Singaporeans dare to stand out for their rights.

We all know the World has never been F. & SQ.

If you don't stand out for your vested interest, nobody will.

Not vested from the beginning.

Wish you success.

[ACTIVIST SPEAKS]

Specuvestor...I appreciate your direction. When MAS allow 50 unitholders to convene a meeting to remove the manager, I never believe that MAS had intended for us to look for a alternative manager. This is the fundamental difference between myself and the other guy who went on to start his own activist movement against Sabana. He is taking your route, trying to talk to other REIT manager. The code is silent about what happen next if the manager is removed.... and I am just as curious. The logical step is for HSBC Trustee to look for one with MAS endorsement. Again, surely you do not think MAS will allow a group of unlicensed motley crew (the activist) decides the fate of a $800m REIT with more than 30,000 unitholders.

[ACTIVIST SPEAKS]

Temperament...no precedent, this is the first. but nothing noble about what we are doing. Just plain pissed at being taken for a ride too many a times. Cheers.

[ACTIVIST SPEAKS]

the Manager may be removed by notice given in writing by the Trustee.........excerpts from the trust deed. If the trustee can remove, isn't it logical to believe he can also hire? And I don't think that is the normal "jurisdiction and responsibility" of the Trustee.....Maybe, just maybe....you do not know as much as you think you know. And I am a remisier not a REIT expert.