SINGAPORE - Fund managers Quarz Capital Management and Black Crane Capital said in an open letter on Friday that they intend to vote against the proposed merger of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust and ESR-Reit.
"As the biggest independent unitholders who are not conflicted in the transaction, we are open for constructive negotiation with the bidder for a proposed takeover price in line with Sabana's NAV ," they added. "The historical discount to NAV can potentially be attributed to poor management decisions both under the sponsorship of the Vibrant Group and now under the conflicted sponsorship of ESR," they said.
They noted that Sabana Reit's rental income in H1"demonstrated resilience", declining just 7 per cent on a year-on-year basis despite providing rental rebate to its tenants. "If Sabana's board and management had intended to sell Sabana Reit and intended to act in the best interest of all unitholders, shouldn't there have been a rigorous, fair and transparent public sale process in an appropriate market environment where third parties such as other Reits, investment funds, corporate entities and individuals are able to undertake proper due diligence, prepare and bid to purchase all or part of the portfolio at a price which is equal or higher than its...
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