| Latest Forum Topics / Alpha Integrated RE Last:0.48 -- |
 Post Reply
|
|
Technical Analysis-Seasonal Trend
|
|||||
|
marketuncle
Veteran |
21-Nov-2020 10:00
|
||||
|
x 0
x 0 Alert Admin |
Anyway, based on yield (using similar comparable yields like ARA LOGOS and Soilbuild Trust at ~9%), my estimate for Sabana is about 1.05/ 0.09 x 4 ~ 46.7 cents. So yes, should go higher if the deal fall through. But I doubt Quarz and Black Crane and unlock that much ' ' value' ' they claim they could. ... ' ' Clarifying this, Quarz and Black Crane said that they do not intend to purchase the Reit manager from ESR-Reit. Rather, the internal manager " will be owned by all unitholders and for all unitholders" . Sabana Reit' s manager also questioned the estimate that Sabana Reit' s potential 2021 standalone DPU would be more than 20 per cent above the 2020 level, and projections for the annual net rental and distribution income for the retail component of 151 Lorong Chuan, at S$3.7 million and S$3.1 million respectively. " The Board finds that some of these claims are unrealistic," it added. It said that " the fact of the matter is that the Sabana Manager has not received any alternative offers for Sabana Reit and/or its assets" . If the merger is not approved at the EGM, the ESR-Reit manager and its concert parties will be restricted from making another offer for Sabana Reit, whether voluntary or mandatory, in the next 12 months.' ' https://www.businesstimes.com.sg/companies-markets/sabana-reit-manager-questions-internalisation-proposal |
||||
| Useful To Me Not Useful To Me | |||||
|
pkli899
Supreme |
20-Nov-2020 21:02
|
||||
|
x 0
x 0 Alert Admin |
Oh, this is tricky. Maybe check with Boardroom....see whether can retrieve the forms and send fresh ones that include the newly acquired shares.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Tipster88
Senior |
20-Nov-2020 20:44
|
||||
|
x 0
x 0 Alert Admin |
Already sent in proxy forms, it bought more today, can resubmit forms again for the additional units? Else how? | ||||
| Useful To Me Not Useful To Me | |||||
|
lukewong82
Master |
20-Nov-2020 19:10
|
||||
|
x 0
x 0 Alert Admin |
In this bullish market sentiment: If EGM fails: There will be a short term relief rally as investors cheer the fact that Sabana is not taken for a ride and the low debt ratio and NTA of 51 cents will underpin the share price. Perhaps 38-40 cents insight..but how the share price goes after this depends on whether the management of the reits can be replaced. If EGM passes: There will be a relief rally for ESR Reits because they pick up Sabana for cheap and they expand their size. So ESR may cross 40 cents. BUT not forgetting, Sabana = 0.94 x ESR which means Sabana share price has to be adjusted up and Sabana shareholders will become ESR shareholders and enjoy the fact the fruits of ESR. Both ways, I see a tail i win and head u lose situation. :) The only thing stopping Sabana share price from going up is the " unknown" . I think u can refer to Semb Ind as example. The unknown of the EGM limited it' s share price but once all is settled, share price shoot up. In that case, Semb marine was the losing party. In this case, is the opposite becos now is merger while Semb ind is divorce so one party has to suffer. For merger , it becomes one so there is no " losing party" in a sense.
|
||||
| Useful To Me Not Useful To Me | |||||
|
nott1965
Veteran |
20-Nov-2020 17:11
|
||||
|
x 0
x 0 Alert Admin |
Bought some more today. Either way, still waiting for the fat dividends. Dont think price will dip some more. Fair price should be around $0.40 either way | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
marketuncle
Veteran |
20-Nov-2020 17:07
|
||||
|
x 0
x 0 Alert Admin |
Not really, think if EGM fails, share price should dip unless Quarz and Black Crane can kick out the manager and unlock the value they claim they can do. | ||||
| Useful To Me Not Useful To Me | |||||
|
lukewong82
Master |
20-Nov-2020 16:49
|
||||
|
x 0
x 0 Alert Admin |
if EGM fails.. all will be cheering becos Sabana should worth 40 cents instead of merging with ESR on the cheap. If EGM passes, all will be sad BUT sabana will be offered 0.94xESR shares.. ESR shareholders will be jumping with joy to acquire Sabana cheaply and ESR share price will cross 40 cents. Ur sabana will be worth 0.94x40 cents in that case.. Both cases u win.. Now becos of the unknown, share price is low. Same thing i remembered very clearly happens to Semb ind... Buy now and keep until EGM over, sure will reap profit .. EGM fails or passes u will gain!!!... really is a golden opportunity |
||||
| Useful To Me Not Useful To Me | |||||
|
lukewong82
Master |
20-Nov-2020 16:41
|
||||
|
x 0
x 0 Alert Admin |
just vested... head i win tail u lose situation for sabana reits. If EGM fails, share price will chiong cos now is no longer under the shadow of cheap dumping to esr reits. If EGM passes, share price will chiong to 0.94 x ESR share price and ESR will share price will chiong cos they got themselves a cheap bargain.. Both cases, Sabana share price will chiong The only thing now forcing the share price down is the unknown. Much like Sembawang industry when it' s share price went down due to the unknown. Once EGM over and the deal settled, look at it' s share price now. Same going to happen to Sabana. :) |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
marketuncle
Veteran |
20-Nov-2020 15:19
|
||||
|
x 0
x 0 Alert Admin |
Some history lessons for those not aware. DYODD ... In 2017, stockbroker Jerry Low and a group of unitholders requisitioned an EGM to remove the manager. The resolutions were very well thought out, with four resolutions. Resolutions 2, 3 and 4 were dependent on the outcome of resolution 1. And, the reasons for removing the manager were relevant. The REIT had a very dilutive rights issue, announced at end-2016, to acquire properties that were not DPU-accretive, at artificially high prices based on master leases and passing rents above market rents.... https://www.theedgesingapore.com/news/reits/chance-new-beginning-sabana-reit-dec-4
|
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
20-Nov-2020 15:12
|
||||
|
x 0
x 0 Alert Admin |
"For persons (including CPFIS Investors and SRS Investors) who hold Sabana Units through relevant intermediaries, ...... should approach their respective relevant intermediary as soon as possible to specify voting instructions. CPFIS Investors and SRS Investors who wish to vote at the Scheme Meeting should approach their respective CPF Agent Banks or SRS Agent Banks as soon as possible by 5.00 p.m. on
24 November 2020, being at least seven (7) Business Days before the date of the Scheme Meeting (4 December 2020). "
|
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
20-Nov-2020 09:32
|
||||
|
x 0
x 0 Alert Admin |
Gentle reminder to use the tick symbol ✅ in the 'against' box.
DO NOT USE the cross symbol ❎ , in case they use it as excuse to void your form.
|
||||
| Useful To Me Not Useful To Me | |||||
|
savesabanareit
Member |
18-Nov-2020 20:52
|
||||
|
x 0
x 0 Alert Admin |
https://www.savesabanareit.com/open-letters
VOTE AGAINST THE ESR-Sabana MERGER
INTERNALIZATION OF SABANA REIT MANAGER to be put forward at the next requisitioned EGM Quarz and Black Crane intend to propose a removal of the existing manager and an internalization of the Sabana manager shortly after the ESR merger has been VOTED AGAINST by unit holders.
An internal manager IMMEDIATELY INCREASES THE DIVIDEND (DPU) BY ~7.5% through elimination of the management fees we pay to ESR Cayman, aligns the interests of all unitholders by removing the ESR conflicts and thereby enabling Sabana to realize its full value. SABANA HAS THE POTENTIAL TO INCREASE DPU BY MORE THAN [40%] WITH A DIVIDEND YIELD OF +9% AND UPSIDE IN THE UNIT PRICE in the coming 12-18 months with a focused, aligned, competent and committed management. This will help to close the discount between the unit price and the NAV from which Sabana has suffered due to poor, conflicted management since its inception. Quarz Capital and Black Crane intend to vote against the proposed merger of Sabana and ESR REITs. We believe the proposed merger is value destructive to Sabana unitholders for the following reasons:
An Internal REIT Manager Owned By and For All Unitholders
Quarz Capital and Black Crane intend to requisition an EGM to approve the internalization of the Sabana manager. The Internal REIT Manager will be owned by Sabana REIT on behalf of all Sabana unitholders. The primary goal of the internal REIT Manager will be to close the substantial NAV discount of Sabana units by improving the Sabana REIT&rsquo s performance via the levers outlined below and/or via sale of all or part of the Sabana portfolio and returning surplus capital to unitholders. We have identified five key levers to increase unitholder value and DPU by more than [40%] with Dividend Yield of +9%:
The internal REIT Manager would also expedite the redevelopment of the untapped GFA at 151 Lorong Chuan (&ldquo New Tech Park&rdquo ) and 32& 35 Penjuru Lane to increase rental income. More than 250,000 sqft of Grade A business park space can be built at New Tech Park which is 15 minutes away from the CBD, has a new and exciting retail component and is right opposite Lorong Chuan MRT. The space can be built to suit master tenants, particularly from the tech space who may be looking to house their entire operation in a single new high specification facility. 32& 35 Penjuru Lane has a sizeable potential GFA of 700,000 sqft. It is right next to Aims APAC REIT&rsquo s 27 Penjuru Lane which is a fairly new multi-storey ramp up warehouse and logistic facility (ramp right behind Sabana&rsquo s asset). It is also right next to Mapletree Logistic Trust&rsquo s 31 Penjuru Lane which has a remaining lease of 12 years. Internal REIT Manager can partner with third parties to efficiently develop 32& 35 Penjuru Lane into an advanced logistic facility to increase value for Sabana unitholders. The Internal REIT Manager would also be free of conflicts to explore other potential transactions to close the NAV discount such as mergers with other REITs, sale of the REIT or all of the underlying assets for cash or combinations of the above, that may create greater value for unitholders than the standalone strategy set out above. Quarz and Black Crane&rsquo s interests are aligned with all independent unitholders. Peter Kennan comments, &ldquo Sabana&rsquo s portfolio provides institutional investors such as private equity funds, real estate managers and family offices an expedited way to have a sizeable footprint in the attractive Singapore industrial property sector. Given the high structural growth in E-Commerce, industrial and logistic assets such as Sabana&rsquo s are in high demand. Quarz and Black Crane has already initiated discussions with several candidates with strong expertise and track record in the commercial and industrial real estate sectors both in Singapore and regionally. Jan Moermann comments, &ldquo The current ESR Cayman owned Sabana REIT Manager has failed to execute on sensible steps to close the NAV discount and now recommends a value destructive merger with a REIT controlled by its owner. Clearly, a new, independent manager is required to restore value for Sabana unitholders!&rdquo Hundreds of Sabana unitholders owning significant stake in the REIT has signed up at WWW.SAVESABANAREIT.COM to voice their concerns over the management of Sabana REIT and their opposition to the current merger proposal. A number of unitholders have indicated strong support for a change in the Manager of Sabana REIT to one that is aligned with their interests and motivated to unlock unitholder value. ESR and Sabana REITs whose managers are majority owned by ESR Cayman are the worst performing REITs YTD among their SGX-listed industrial peers. The consistent and substantial underperformance provides a clear indication of the execution capability of the current management teams and its sponsor. While both ESR and Sabana REIT managers feebly defend size benefits, the sharp underperformance of ESR REIT YTD against its smaller industrial peers provides strong evidence that the caliber and quality of management team can play a more important role in the performance of the REIT vs size. While the incumbent manager will claim that the removal of the manager will trigger loan default clauses, Quarz and Black Crane are already in discussions with a number of financial institutions and investors who have expressed serious interest in financing the Sabana portfolio. Jan Moermann comments, &ldquo Given the low interest rate environment, this will present an attractive opportunity for Sabana REIT to refinance at a lower interest rate and form new banking relationships. Quarz and Black Crane intends to propose the replacement of Sabana REIT manager in the near term. We call on all unitholders to support the vote in of the new internal manager which is aligned with their interest and which will potentially be yield accretive to DPU. Quarz and Black Crane will hold a webinar for all Sabana unitholders at 815pm on 25th of November 2020 to share our views why the proposed merger offer substantially undervalues Sabana REIT and is value destructive to Sabana unitholders. Please register yourself at WWW.SAVESABANAREIT.COM and we will send you the link. We look forward to a conflict free, re-energized Sabana REIT with strong prospects to create unitholder value! |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
savesabanareit
Member |
18-Nov-2020 16:24
|
||||
|
x 0
x 0 Alert Admin |
https://www.businesstimes.com.sg/companies-markets/quarz-black-crane-plan-egm-requisition-to-approve-internalisation-of-sabana-reit
Quarz, Black Crane plan EGM requisition to approve internalisation of Sabana Reit managerQUARZ Capital and Black Crane Capital, in a joint statement released on Wednesday and seen by The Business Times, said they intend to requisition an extraordinary general meeting (EGM) for the internalisation of the manager of Shari' ah Compliant Industrial Real Estate Investment Trust (Sabana Reit). The fund managers also said this should be done after the proposed merger of Sabana Reit with ESR-Reit falls through, reiterating their call for Sabana unitholders to vote against it. They noted that with an internal manager, the distribution per unit (DPU) " immediately increases" by some 7.5 per cent through elimination of the management fees paid to ESR Cayman, which has a controlling ownership of Sabana Reit' s manager. Additionally, the internalisation " aligns the interests of all unitholders by removing the ESR conflicts and thereby enabling Sabana to realise its full value" , the fund managers added. The primary goal of the internal Reit manager will be to close the substantial NAV (net asset value) discount of Sabana units by improving Sabana Reit' s performance and/or via sale of all or part of the Sabana portfolio and returning surplus capital to unitholders. The fund managers added that Sabana Reit has the potential to increase its DPU by more than 40 per cent with a dividend yield of 9 per cent and an upside in the unit price " in the coming 12 to 18 months with a focused, aligned, competent and committed management" . In the statement, Quarz and Black Crane identified " key levers" for Sabana to increase unitholder value and DPU, such as the " timely completion and rent out of the retail component" at its 151 Lorong Chuan asset in the first quarter next year, to generate a distribution income of S$3.2 million per annum, potentially increasing DPU by 0.301 cent. Portfolio occupancy rate can also be " optimised" from 77 per cent to about 82 per cent to generate S$3 million of additional distributable income, potentially increasing DPU by 0.28 cent. The fund managers also said the internal Reit manager would be " free of conflicts to explore other potential transactions" , such as mergers with other Reits, sale of the Reit or all of the underlying assets for cash or combinations of various strategies. These could potentially result in the closing of the NAV discount. They added that they have initiated discussions with " several candidates with strong expertise and track record" in the commercial and industrial real estate sectors, both in Singapore and regionally. Peter Kennan, founder and chief investment officer (CIO) of Black Crane, said that Sabana' s portfolio provides institutional investors " an expedited way to have a sizeable footprint in the attractive Singapore industrial property sector" . Quarz and Black Crane said that while Sabana' s incumbent manager may claim the removal of the manager " will trigger loan default clauses" , discussions are ongoing with " a number of financial institutions and investors who have expressed serious interest in financing the Sabana portfolio" . Jan Moermann, CIO of Quarz, said: " Given the low interest rate environment, this will present an attractive opportunity for Sabana Reit to refinance at a lower interest rate and form new banking relationships." They will be holding a webinar for all Sabana unitholders at 8.15pm on Nov 25 to share their views on the proposed merger. |
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
13-Nov-2020 14:20
|
||||
|
x 0
x 0 Alert Admin |
There 2 forms to fill & submit Form-A and Form-B Form-A > > http://sabana.listedcompany.com/newsroom/20201112_075908_M1GU_2LCJWGUG75OBLS96.2.pdf Form-B > > http://sabana.listedcompany.com/newsroom/20201112_080021_M1GU_55U1SSA79AYWU931.2.pdf |
||||
| Useful To Me Not Useful To Me | |||||
|
moonsun
Veteran |
13-Nov-2020 12:03
|
||||
|
x 0
x 0 Alert Admin |
Thank you 🙏 .
Together we will be a force to be reckon with !
|
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
13-Nov-2020 11:52
|
||||
|
x 0
x 0 Alert Admin |
Prudent to photo snap filled & signed form.
|
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
13-Nov-2020 11:50
|
||||
|
x 0
x 0 Alert Admin |
Prudent to print double sided.
|
||||
| Useful To Me Not Useful To Me | |||||
|
laksaman57
Supreme |
13-Nov-2020 11:46
|
||||
|
x 0
x 0 Alert Admin |
Proxy form to fill & submit 👇
https://links.sgx.com/1.0.0/corporate-announcements/2LCJWGUG75OBLS96/438b6a9e64ebe6d31eb201960d4fecd1c4330816f50e4d7b21d3b7088f1c8b00 |
||||
| Useful To Me Not Useful To Me | |||||
|
mrwise
Supreme |
13-Nov-2020 09:52
|
||||
|
x 0
x 0 Alert Admin |
Vote down the merger! | ||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
13-Nov-2020 09:23
|
||||
|
x 0
x 0 Alert Admin |
Sabana' s scheme meeting set for Dec 4 managers emphasise that ' bigger is better'
SABANA Shari' ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) will be going ahead with its scheme meeting on Dec 4 for unitholders to vote on the proposed merger with ESR-Reit, said chief executive of the manager Donald Han in a media call on Thursday.
This is in response to queries posed about the requisition notice made by fund managers Quarz Capital and Black Crane Capital on Tuesday for Sabana Reit' s board to convene an extraordinary general meeting (EGM), proposing five resolutions for unitholders to vote on.
" We' re taking that letter very seriously and are seeking advice from our advisers. In the meantime, we are continuing the process for the proposed merger as we believe (that) all unitholders, not just one or two, should have the chance to make their own decision on the transaction and vote accordingly," said Mr Han.
Unitholders of Sabana Reit must pre-register for next month' s scheme meeting and vote on the scheme resolution by the afternoon of Dec 1.
ESR-Reit' s EGM will also be held on Dec 4, and unitholders will only be able to vote on two resolutions - one of which being the merger - at the EGM by appointing the chairman of the EGM as proxy to vote on their behalf.
Similarly, registration must be done by the morning of Dec 1 proxy forms will also have to be submitted by then.
During the call, Mr Han and Adrian Chui, chief executive of ESR-Reit' s management team, in making the case for the merger, repeatedly emphasised how " bigger is better" in the Reit space.
Should the merger go through, Mr Chui said the enlarged Reit would stand a better chance of being included in key indices, which could open up more opportunities such as access to a larger and wider pool of capital, lower costs of funding, and higher trading liquidity.
He added that it will also allow Sabana Reit to be " unencumbered" , as the enlarged Reit' s debt will be on an unsecured basis, and provide a larger debt headroom for redevelopments and asset-enhancement initiatives.
Mr Han noted that while Sabana Reit can " definitely survive as a standalone entity" , it will face " many difficulties and constraints" due to its small size and asset base, especially amid the current business environment.
As for questions surrounding the independence of Ng Shin Ein, who is an independent non-executive director of the manager, he reiterated that her independence has been " thoroughly evaluated" .
|
||||
| Useful To Me Not Useful To Me | |||||