Sabana Shari'ah REIT

[Pablo66]

IMO super illogical and piss off at the directors to hire an IFA. Given the fall in DPU, they should try to save money and not spend even more

Bear in mind that they have already recommended an offer at 31-36 cents from the sponser's REIT as fair and reasonable. 

And now what? recommend this offer as unfair now just because its not from the sponsor? and shareholders bear the cost?  

Don't screw up an offer that let shareholders cash out at a good price just to serve the sponsor interest

Its a simple partial offer, shareholders can choose whether they want to tender or not. That's why the rules doesnt need it. 

The solution is simple. Since directors want to hire IFA, they can just pay the fees themselves. they already collect management fees and cannot evaluate offer? why spend our money?

Just tender la, take some of profit at 45 cents when you can instead of wasting your time with these bunch of amateurs directors and management.

Without Quarz and Black Crane, they would have already sold shareholders for 31 cents by now to ESR REIT

[ghchua]

Hi Pablo66,

And now what? recommend this offer as unfair now just because its not from the sponsor? and shareholders bear the cost?  

I think we should wait for the board's response to Quarz before commenting further.

Its a simple partial offer, shareholders can choose whether they want to tender or not. That's why the rules doesnt need it. 

I think you misunderstood the takeover code. The reason why an IFA is not required in this case is not because it is a partial offer. It is because the partial offer is looking to acquire less than 30% of the shares. If the partial offer is going for more than 30%, an IFA is required.

Just tender la, take some of profit at 45 cents when you can instead of wasting your time with these bunch of amateurs directors and management.

Unfortunately, some unitholders are still sitting at a loss as they might have bought their units at above $1 many years ago.

[steadyvalue]

Hi Pablo66,

And now what? recommend this offer as unfair now just because its not from the sponsor? and shareholders bear the cost? Pui!   

I think we should wait for the board's response to Quarz before commenting further.

Haha..  good one/joke there,    to wait for the board to make a decision in the interest of shareholders. 

That boat sailed long ago. I think people forgot the directors' recommendation of the 31 cents offer from ESR REIT, stuffing unitholders with the full cost of the merger and then giving the directors and CEO big fat pay raise 1 year later 

For people still holding on from higher price, can be much better to tender and then buy later the tendered shares Get active and bring your average price maybe about 8% lower. 

I also have some shares bought higher at 55 cents. If you miss the chance to tender at 45 cents, then all the shares only worth 42 cents now. 

Don't listen to directors la. When have they do things in your interest? especially the bunch at Sabana. 

take the higher price when you see it.

and why sell at 42 cents now when you can tender and hope hope alot alot of 45 cents allocated?    siao ah, take the money and Huat!   
 

[steadyvalue]

Sabana Reit’s independent directors recommend unitholders accept Volare’s partial offer

https://www.businesstimes.com.sg/compani...ers-accept

THE independent directors of the manager of Sabana Industrial Reit : M1GU +1.19% (Sabana Reit) have skipped the appointment of an independent financial adviser (IFA) and recommended unitholders accept the partial offer from substantial shareholder Volare Group.

The Swiss group, which holds a 5.4 per cent stake in Sabana Reit, had made a voluntary conditional partial offer of S$0.465 per unit in cash for 10 per cent of the units that it did not already own.

The partial offer will close at 5.30 pm on Mar 10.

The manager of Sabana Reit had earlier declared distribution per unit (DPU) of S$0.0146 for the second half of FY2022, which will be paid on Mar 27 after the books closure date on Feb 7.

As the closing date of the offer will be after the declared books closure date of H2 DPU, the ex-distribution offer price will be S$0.4504.

“The independent directors have not appointed an IFA to advise on the partial offer, and have instead consulted a duly licensed financial adviser on the financial terms of the partial offer,” the manager of the real estate investment trust (Reit) said in a circular to unitholders on Friday (Feb 24).

Among the key considerations in recommending unitholders accept the partial offer, the independent directors noted that the offer price is at a premium of 9.4 per cent above the volume-weighted average price (VWAP) of Sabana Reit units on the day the partial offer was announced.

The offer price is also at premiums of between 5.7 per cent and 15.4 per cent to the historical VWAP of the units over the last one-month, three-month, six-month, one-year, two-year, three-year and five-year periods up to the partial offer announcement date.
 
The independent directors also noted that the offer price implies a price-to-net asset value (P/NAV) ratio of 0.87 times for Sabana Reit units.

This represents premiums of between 3.6 per cent and 11.5 per cent to Sabana Reit’s historical average trading P/NAV ratios in the last one-year, two-year and five-year periods up to the partial offer announcement date.

[Pablo66]

Independent directors of Sabana REIT's manager say: accept partial offer
 
The Edge Singapore

In a circular to Sabana Industrial REIT’s unitholders dated Feb 24, the independent directors of Sabana REIT’s manager have recommended that unitholders accept Volare Group’s partial offer for 10% of Sabana REIT. The offer price is $0.465 in cash and the ex-distribution offer price will be $0.4504.
 
The offer price is at a premium above the historical volume weighted average price (VWAP) of the units over the last one-month, three-month, six-month, one-year, two-year, three-year and five-year periods prior and up to the partial offer announcement date. The premium ranges from 5.7% to 15.4% above the VWAP of the units.
 
After the partial offer announcement date and after the units had commenced trading on an ex-distribution basis, from Feb 6 onwards, the ex-distribution offer price represented a premum of 6% anpve the VWAP of the units.
 
The P/NAV ratio of implied by the offer price of 0.87x represents a premium of 11.5% above the historical average trading P/NAV ratio of 0.78x in the last five years, 4.8% above the historical average trading P/NAV ratio of 0.83 times in the last two-year period and 3.6% above the historical average trading P/NAV ratio of 0.84 times in the last one-year period prior and up to the partial offer.
 
The P/NAV of 0.87x based on the offer price is close to the average P/NAV ratio of 0.88x of AIMS APAC REIT and Daiwa House Logistics Trust.
 
Any comparison made serves only as an illustrative guide; the independent directors have confined their evaluation and assessment to the financial terms of the partial offer, and have not taken into account the commercial risks or commercial merits of the offer.

[steadyvalue]

Good free lunch from Volare especially when market is so bad.

Looking more and more likely that can buy back at 41-42 cents after tendering at 45 cents. 

[Pablo66]

More time to tender more 

Partial offer turn unconditional and extended for another 2 weeks to 24 March 2023 Friday.

VOLARE Group’s voluntary conditional cash partial offer to acquire an additional 10 per cent of Sabana Industrial Reit at S$0.465 per unit has been declared unconditional in all respects.
 
This comes after the Swiss group, which is a substantial shareholder of Sabana Reit, received valid acceptances amounting to over 177.2 million units or 16.2 per cent of the real estate investment trust as at 6pm on Wednesday (Mar 8).
 
Under the partial offer, the offeror is not permitted to acquire any additional units which may be tendered for acceptance under the offer. Therefore, the number of excess units tendered will be accepted on a pro-rated basis up to the number which will equal to the number of offer units, at the close of the partial offer.
 
As a result of the offer turning unconditional, the offer’s closing date has been extended by two weeks to 5.30pm on Mar 24, 2023, from the same time on Mar 10.
 
Volare, which currently holds 5.4 per cent of issued units in Sabana, is a Switzerland-incorporated entity with various businesses. Its subsidiary, Oel-Pool SG, is one of Switzerland’s leading suppliers of fossil fuels, and operates over 700 petrol stations together with its unit, Moveri.

[Pablo66]

The media campaign of these guys quite good 

Quarz Explains How to VOTE AGAINST Rights Issue and Placements at Sabana REIT AGM
https://www.youtube.com/watch?v=rTlCmpmMALk

Quarz Calls on Sabana REIT Unitholders to VOTE AGAINST Resolution 4 at 25 April 2023 AGM
https://youtu.be/c_3k_gf88ds

ya lar, have to email or send letter to vote against rights and placements la.

all the reit manager think shareholders are money tree, keep doing placements and rights, buy assets, then more fees for them.

Never think how they should improve DPU and price. like ESR Logos and Manulife la.. keep injecting assets from sponsor and share price free fall.

will vote against!

[steadyvalue]

The media campaign of these guys quite good 

Quarz Explains How to VOTE AGAINST Rights Issue and Placements at Sabana REIT AGM
https://www.youtube.com/watch?v=rTlCmpmMALk

Quarz Calls on Sabana REIT Unitholders to VOTE AGAINST Resolution 4 at 25 April 2023 AGM
https://youtu.be/c_3k_gf88ds

ya lar, have to email or send letter to vote against rights and placements la.

all the reit manager think shareholders are money tree, keep doing placements and rights, buy assets, then more fees for them.

Never think how they should improve DPU and price. like ESR Logos and Manulife la.. keep injecting assets from sponsor and share price free fall.

will vote against!

Can still vote? 

I also agree shouldn't let them issue rights/placements.

Manager already collecting fees from us and still want to earn more $$$$

Most of the acquisitions all not working out. Look at Mapletree Industrial acquisition of US data centre (Digi Core having problems now), ESR REIT share price, Elite.. Shareholders take the brunt of the loss

Need acquisitions for what? Just run the thing well for once!!!

[Pablo66]

very very very important to vote!! last few days!!!

Manager has hinted a few times it wants to do placements! Even when DPU going down and occupancy problems.

Wah liao.... have to protect my investments