Media
\nOutReach<\/a>\u00a0–\u00a017 December 2020 <\/b>– Mandarin West Holdings LLC
\n(“MWH”), the sole shareholder of Eagle Hospitality REIT Management Pte Ltd
\n(“REIT Manager”) which is, in turn, the Manager of Eagle Hospitality Real Estate
\nInvestment Trust (“EH-REIT”), has
\nfiled an Appeal to Singapore’s Finance Minister, Heng Swee Keat, on 10 December, 2020 with regards
\nto a directive issued by the Monetary Authority of Singapore (MAS). <\/p>\n\u00a0<\/p>\n
In
\na Directive dated 30 November, 2020, the MAS had instructed the Trustee of
\nEH-REIT to remove the REIT Manager within one month from the date of issuance
\nof the Directive (or such longer period as the MAS may approve in writing) and
\nappoint a new manager for EH-REIT pursuant to section 286(14) of the Securities
\nand Futures Act (Cap. 289) (“SFA”). <\/p>\n
\u00a0<\/p>\n
Upon
\ntaking professional advice, MWH’s position is that there are meritorious
\ngrounds of appeal with reasonable chances of success.\u00a0Accordingly, the
\nappeal against the MAS Directive has been lodged with the Minister under the
\nSFA.\u00a0<\/p>\n
\u00a0<\/p>\n
MWH
\nstressed the fact that it has injected millions of dollars of additional cash
\ninto the REIT compared to the income generated by its properties over the same
\ntime-period. <\/p>\n
\u00a0<\/p>\n
Howard
\nWu, former Chairman of the REIT Manager said, “It is unit securityholders, who
\nwill likely suffer at the lack of options they have been provided, with
\nliquidation being an absolute last resort. We have not been allowed to
\nimplement our strategy — including raising capital — which would, in turn, save
\nthe REIT and preserve unit securityholders’ value. The significant distress to unit
\nsecurityholders’ needs to cease, and we believe we are in the best position to
\nrelieve it. Therefore, we are left with no choice but to explore several
\navenues including appealing to the MAS to reconsider its decision regarding the
\nremoval of the REIT Manager.”<\/p>\n
The issuer is solely responsible for the content of this announcement.<\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"MWH files Notice of Appeal following the MAS directive to remove the REIT Manager of EH-REIT Liquidation, which is being proposed by the REIT’s Trustee, should be an absolute last resort SINGAPORE\u00a0–\u00a0Media OutReach\u00a0–\u00a017 December 2020 – Mandarin West Holdings LLC (“MWH”), the sole shareholder of Eagle Hospitality REIT Management Pte Ltd (“REIT Manager”) which is, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/10265"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=10265"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/10265\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=10265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=10265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=10265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}