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SABANA REIT
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Powdyman
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02-Aug-2023 19:57
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We have kicked out Kevin Xevaraj, the former CEO. He was appointed by the previous sponsor, Vibrant. Now, we shall see whether the current CEO, appointed by ESR, the current sponsor, is align with unitholders of Sabana Reit. He has played us out once. We shall see whether his loyalty is still with ESR. Why afraid? Singapore attracts the best talent in the world. Nothing short of that. Even local Singaporeans are world champions.
Look at how Viva and Ara Logos (formerly Cache Log) unit holders have suffered when their offered share price plunged. Until today, they have not recovered. They were betrayed with more placements and rights. Telling a nice story but selling assets at a huge discount. More short Leasehold land assets to be sold in the coming few months or years. Not over yet. Do you think Quarz doesn't have a plan? It is already played out in front of you, in case you haven't realised it. Step by step. Just that they cannot announced it. |
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sangsang1
Senior |
02-Aug-2023 19:45
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Lol, Donald was as passionating recommending for the merger with ESR REIT then as he is passionate now in making sure ESR doesn' t lose their manager If he really side with shareholders, he would bring his entire team to the new internal manager, help the new internal manager to be setup fast and shareholders would get the manager for free.. but why is he not doing this but fighting shareholders all the way? think about this  https://www.youtube.com/watch?v=k8B1okEKL0M& t=6s ESR-REIT and Sabana REIT Fireside Chat with SIAShttps://www.youtube.com/watch?v=xKLjQR2Lne4& t=711sSIAS & ndash Sabana REIT Virtual Dialogue Session |
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sangsang1
Senior |
02-Aug-2023 19:23
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https://www.youtube.com/watch?v=ePaX6sCI0uw i think we all forgot how donald han pushed for the merger and wanted to sell all our shares to ESR at the cheap price.  Who do you think owns the manager which he is working for now? If the vote fails, who is the biggest winner who will continue to collect fees from all of us?
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sangsang1
Senior |
02-Aug-2023 19:20
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lol if some people have already resigned because the owner ESR will be removed, it is probably quite clear they want to work for ESR and not shareholders. When ESR brought manager, a few esr people also came over. If you work in the best interest of shareholders why would you resign when shareholders now become the owner of the manager? in fact you are happier because you cut out the middleman who takes the profit away. So what they say really makes zero sense. Donald han takes credit for a lot of things. but there would be no sabana today if he had succeeded in selling sabana to esr reit. share price will be 30 cents now. Remember, he almost wanted to give the retail component for free to ESR also quarzt fought against all acquisitiosn and got shareholders to vote down the share issue mandate. Try and see the share price now if donald han had done a placement and rights under his growth plan I vote yes to protect my investment and close the chapter on ESR |
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RumbaRambo
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02-Aug-2023 18:17
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Quarz says in resolution 2 that trustee should consider retention of existing staff in order to maintain continuity. Also, current manager cannot just walk away. There are clear rules that manager cannot just resign. Sabana is still trading at one of highest discounts to NAV. So even if DPU has increased I am not happy with performance. I think it' s time for a change as the reit can do much better. Lastly, manging a reit is not rocket science. No disrespect of current manager, but there is enough reit experts in SG to put together a new team. Internalisation no black whole: Current manager stays in place, trustee contacts MAS, SGX Regco etc and make internalisation happen. It has been done in other countries as well. Let' s opt for " glass is half full" instead of " glass is half empty" . I' ll vote for both resolutions. | ||||
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Alcus-Trader
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02-Aug-2023 18:13
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I have attended both the Quarz webinar and SIAS dialogue. From how Quarz put the words and their responses to the questions, i'm not really convinced of their commitment to support the transition, and it seems that they are letting the trustee drive the Internalisation. They may play an advisor role, which is not my expectations of them for me to support the resolutions to just start the path of Internalisation, without certainty of success.
On the other hand, I can feel the passion and frustration of Donald Han. Imagine that you are trying hard to do your work and has shown results, and someone comes and tries to remove your team. I don't think we are doing justice to his efforts. I am happy with how the reits is doing, and will support them. |
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bechaotic
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02-Aug-2023 17:21
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Yes, very well said. I attended last evening talk organised by SIAS on behalf of the reit management team. If Quarz win the day, it will be a sad day for Donald & team. He already said some members has tendered. Sure. The rest of the team will continue working till the new team is formed. But with so much distractions during the transistion period, most would be focussing on HR works instead of property management! Sabana latest results is quite commendable. Dpu also up. So why the need to urgently replace a pretty & good vase if it' s not broken? Does Quarz has a hidden agenda we do not know but we are now choosing between continuity & stability with the existing team or facing many uncertainites with the new team. Just be aware you be voting with your hard-earned dollars down the road!
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sangsang1
Senior |
02-Aug-2023 12:14
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Saw this in a QnA Q. Will the DPU be affected by the S$3-5million setup cost of the new internal manager owned by all unitholders? A. No. The setup cost will be paid by the projected cost savings of S$2.4m p.a. which is currently the profit before tax earned by the Sabana REIT manager. As such, the DPU willpotentially not be affected as the cost will all come from cost savings.. As a reference point, Sabana&rsquo s total distribution to unitholders is about S$34m p.a. Q. What is the return for the cost of internalization? A. We project the returns at > 50% p.a. due to the estimated S$2.4m of cost savings for the S$3-5m cost to setup the internal manager. This is probably the reason why ESR paid more than S$35m for Sabana REIT manager and Croesus sold the manager to the Trust for S$50m. Managers are worth so much money because of the incredible profit they make for their owners With the internal manager, all of these profit will now all go back to unitholders as cost savings. This is also the reason why we questioned the high cost of the AEI at 1 Tuas Ave 4 which cost S$20m (S$135psf) when a newly built ramp up warehouse is estimated to cost S$158psf. With the potential rent of 1 Tuas Ave 4 at S$2.5m, the potential result for the AEI is 12.5% return p.a. In comparison, the new internal manager which potentially only cost S$3-5m to setup is also projected to provide a similar level of DPU increase for unitholders. This reflects how attractive the return profile is. The return is even more if Sabana REIT grows and we do not need to pay any acquisition and increase in management fees. The most important thing we believe is that there is no incentive to make bad acquisitions just to grow fees for the manager. That is the most destructive problem that unitholders avoid by internalisation |
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BillionX
Senior |
02-Aug-2023 11:18
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Well said. ESR Reit should take note and not take retail investors for granted.👍 | ||||
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luckyplate
Member |
02-Aug-2023 11:12
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REMEMBER TO SIGN THE DOCUMENT ... I ALMOST FORGET IT ..
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luckyplate
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02-Aug-2023 11:10
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i LIKE THAT ...
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cychu69
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02-Aug-2023 09:05
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To note that I am with 1million shares alrd submitted to vote for both 1) & 2)
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mcking
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02-Aug-2023 08:34
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These 2 resolutions are much more than just removing the Sabana Manager and internalizating the management. This is a clarion call to all SReit investors to come together and demand that all the rest of the Singapore external REIT manager align their interests closer to those of the unitholders. Do the sums properly before you do your private placement or ask unitholders for money to acquire new properties. Let the external managers know if they screw unitholders again after 7 Aug 2023, they can and will be removed......regardless who you are. Help everyone and Help yourself. Make the effort to vote for Resolution 1 and 2. |
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sangsang1
Senior |
01-Aug-2023 20:11
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Yes.. by making more fees from unitholders from placement and rights to make buy more properties. Look at their own managed reits. Its a one in a lifetime chance to own a REIT manager at a dirt cheap price by voting for the resolutions. Dividend also go up from cost savings. win win for shareholders i have just voted as well  hope we all huat huat big time together!
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sealTeam3
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01-Aug-2023 14:58
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Fully agree with you. If we don' t change, unitholders are forever at the mercy of the current manager (and by extension its owner). Sabana has not benefited from any properties from its sponsor.. so having this sponsor is quite pointless. Current manager also said they were going to do capital raising or placements but was stopped by Quarzt. Shouldn' t they focus on improving occupancy of existing properties?? Is it so that they can get more fees from unitholders? It is time we take back what is rightfully ours. Enough of the current manager profiteering from unitholders. All profits should be given back to unitholders!
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sealTeam3
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01-Aug-2023 14:46
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wow they spent so much money to buy the manager... no wonder they fight tooth and nail to keep the manager around..  |
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sangsang1
Senior |
01-Aug-2023 14:37
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i also attended the Quarz webinar. current manager will stay on until new manager is setup and ready to take over. manager cannot resign unless trustee approve and trustee already say will only remove unitl new manager is ready to take over. they repeat so many times. where do you think all the people are going when they already know they have new and probably better paying jobs at the internal manager? all other reits also full house last time they work for ESR, now they work directly for unitholders, same same and probably even better salary package cos now cut out middleman who wants to take profit what you said is correct, Croesus internalisation cost their shareholders 50million. ESR also bought manager for more than 35million now sabana shareholders get it for 3-5million. super good deal |
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sangsang1
Senior |
01-Aug-2023 14:32
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its easy to know whether ESR food is good or not. just look at other ESR reits like such ESR REIT, suntec and ARA us hotels. its so clear The only difference at sabana is that quarz rallied all unitholders to vote down cheapo merger and making sure the manager doesn' t do anything funny Without that, all unitholders of sabana will already be in ESR REIT and losing big money without ESR, Sabana will be finally free to increase their dividend and share price.
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Observers
Elite |
01-Aug-2023 14:16
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I very practical one. If the food is good, I' ll vote for ESR. Who know if Quartz take over still got good food or not? Bird in hand.... | ||||
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BillionX
Senior |
01-Aug-2023 12:06
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I asked myself why would Quartz initiate a change if the change will be detrimental to its investment . I have also wondered about the anticipated difficulties that the change will face. Sabana isn?t a new setup. The organization structure and the positions required to run the Reit are in place. So to fill the positions and to employ the right people is a matter of time. ESR had a go as manager and base on the forum many are not happy with how the Reit is performing. To stick with the same old-same old is to be contented with the same old results. The Reit in the last 10 years is languishing in price and dpu. The saying that, Change is the only Constant ,so I am all for the change. If the current situation is all rosy we will not be having this conversation.😊 | ||||
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