Sabana REIT says Nothing ‘Unusual or Improper’ About Merger Voting Process (The Straits Times)
December 2, 2020 – There is “nothing unusual or improper” about the voting procedures adopted for the proposed merger of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit.
Sabana Reit’s manager made that point in a bourse filing on Wednesday morning (Dec 2) in response to concerns raised by the deal’s key opponents, adding that the procedures apply equally to all unit holders of the trust.
The voting procedures are also the same as those adopted in all Reit mergers in Singapore to date, in that unit holders – including nominee companies and custodians – were allowed to appoint only one proxy, and unit holders could only vote their units in one direction.
The approach for the Sabana-ESR merger and scheme has also been adopted for schemes of arrangement relating to public takeover transactions involving Singapore-listed companies, the manager said.
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