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Sabana Reit: 'Nothing unusual or improper' about merger's voting process

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THERE is 'nothing unusual or improper' about the voting procedures adopted for the proposed merger of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit. Read more at The Business Times.

If approved at Friday's extraordinary general meeting , this amendment will be applicable for the scheme meeting later that day, when unitholders vote on the merger.

For example, assuming investors A and B held Sabana Reit units via a custodian bank, and A submits three votes in favour while B submits two votes against, a custodian using the"simple majority" rule would submit three votes in favour but none against the merger. "A proper process is in place to ensure that the proxy forms are counted and verified," the Sabana Reit manager said. The unit registrar, Boardroom Corporate & Advisory Services, will receive and count the proxy forms, after which the scrutineer, DrewCorp Services, will scrutinise and verify the forms.

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