Investor Quarz wants Sabana manager to use suggested resolutions

The investor also disagrees with ESR, Sabana Industrial Reit’s unitholder.

Investor Quarz Capital has asked the Sabana Manager to table the former’s resolutions as set out in the requisition notice, not the ones suggested in the ESR Group’s open letter.

“We further call upon the Sabana Manager to respect Singapore's legal framework for minority unitholder protection by permitting a fair vote on the removal of the Sabana Manager, read Quarz’s open letter published on the bourse. 

It also encouraged the unitholders to stand firm whilst also saying it remains committed to ensuring and assisting the Sabana Trustee with an orderly transition once the Sabana External Manager has been removed.

ESG Group letter

The investor also called out the open letter from ESR and the external manager, saying that it “contains unfounded allegations and irrelevant assumptions regarding the internalization of HSBC Institutional Trust Services.”

“They suggest that the Sabana Trustee may lack the capability and resources to undertake the internalization process or handle the onerous duties and difficulties associated with it,” Quartz said.

It also said: the External Manager's presentation uses keywords like "destruction of value for unitholders," "no certainty of REIT's continuity," "unstable transition," "potential triggering of loan clauses," "untested," and "major disruptions" to create fear among unitholders and discourage them from voting for internalization.