REIT AsiaPac

Sign up for our newsletter

Quarz Capital And Black Crane Capital Call On Sabana Management And Directors To Resign

Quarz Capital And Black Crane Capital Call On Sabana Management And Directors To Resign

September 8, 2020 – Quarz Capital And Black Crane Capital, two of the largest institutional investors of Sabana REIT, issued an open letter urging Sabana Management and Directors to resign after accusing them of promoting a “value destructive meger” between ESR- REIT.

The investors questioned Sabana Managers’ intent in strongly promoting the ESR-Sabana REITs merger even before the receipt of the ‘independent’ expert’s report. They also said the Sabana Management and Directors ailed to provide unitholders with a dynamic independent Sabana strategy as an alternative to the proposed ESR-Sabana REITs merger.

“By your own acknowledgement, you are clearly out of ideas on how to help Sabana unitholders other than this proposed value destructive merger. Should this proposed merger be voted down, the senior management team and independent directors of Sabana REIT should resign so they can be replaced with people who can develop and execute on alternative growth strategies for the REIT.,” the investors said.

“To ensure true independence from ESR (and therefore no conflicts of interests), we propose that the replacement directors should be proposed and voted in by the independent, non-ESR unitholders,” they added.

Read more here..

Related News

Merger Of ESR-REIT And Sabana REIT Presents Significant Benefits, ESR Says

Quaz And Black Crane Capital Reject Proposed ESR-REIT And Sabana Merger