Wow, what a dramatic twist at the recent Sabana REIT's Extraordinary General Meeting ("EGM") on 7th August 2023 which marked a historic milestone in Singapore REITs and the rise of shareholder activism. I was not expecting the removal of the REIT Manager motion to go through due to the unknown chapter that lies ahead in re-financing the bank loans over the next 1 year lead time while the REIT's Trust internalise the REIT Manager. Imagine the moment when the voting result was revealed with 55.6% of unitholders votes casted to get the motion through- the sponsor ESR Group must have been utterly stupefied at that juncture with their worst nightmare coming through.

1. Sabana unitholders to be commended

I am absolutely impressed by the fighting spirit of existing unit-holders who voted for the removal of the current Manager. ESR Group had previously made a low ball offer to buy-out Sabana REIT at S$0.31 per unit (current trading price is at S$0.405 per unit)....