SINGAPORE - The Sabana Reit unit holder revolt failed to pass at an extraordinary general meeting on Friday (April 28).
The vote took place after a dramatic three-hour meeting during which unit holders challenged property valuers Savills and Knight Frank on their valuation methodology while independent chairman Steven Lim Kok Hoong raised a stir when he told unit holders that signing off on the Reit's annual report is not the same as giving his opinion on the property valuations.
A first resolution, to remove Sabana Real Estate Investment Management as manager of Sabana Reit, failed to carry with 69.48 per cent of votes representing 267.7 million units voting against.
An extraordinary resolution, to direct the orderly winding up of Sabana Reit in the event that the first resolution was not passed, failed to carry with 71.67 per cent of votes cast rejecting it.
Earlier that morning, one of the three ordinary resolutions, which would have authorised the Reit manager to issue units and to make or grant convertible instruments, failed to pass with 54.41 per cent of votes cast (217.2 million units) voting against, and 45.59 per cent in favour.