Media
\nOutReach<\/a>\u00a0– 24 December 2020 –\u00a0Urban Commons (UC), the Los Angeles-based real estate investment and development firm and
\nSponsor of Eagle
\nHospitality Trust (EHT), will be seeking EHT to reconsider its decision to deny
\nthe request to hold a further extraordinary general
\nmeeting (EGM) to vote on a rights issue and a proposal to retain or reappoint
\nthe current manager of Eagle Hospitality REIT\u00a0(EH-REIT). <\/p>\nUC
\nhopes that EHT will respect the democratic process that supports unitholders’ rights.
\nUnitholders of a publicly listed company in Singapore are well within their
\nrights to requisition the Board of Directors to convene a further EGM as they
\nsee fit. <\/p>\n
“The whole point of an EGM is to allow unitholders
\nto vote on key issues that require their approval. It is the unitholders who
\nown shares in EHT, and they are the most appropriate persons to decide what is in
\ntheir best interests. Operational uncertainties are not grounds for rejecting a
\nrequest to call for a further EGM,” said Mr Howard Wu, Founder and Principal at
\nUC.<\/i><\/b><\/p>\n
“UC’s proposal includes the elements of a
\ncash injection, refinancing plan, and several amicable resolutions which many
\nmajor unitholders supported. SC Capital’s proposal, on the other hand, was
\nchosen without considering the potential risks and implications which will not
\nbenefit the unitholders. We strongly urge all interested parties to give us a
\nchance to work together to resolve the outstanding issues for the good of all unitholders,”
\nadded<\/i><\/b> Mr Wu<\/i><\/b>.<\/p>\n
UC’s blueprint to rescue the REIT focuses
\non the following steps: <\/p>\n
1.\u00a0\u00a0\u00a0 Refinance the defaulted debt quickly, as we already have a term sheet in
\nplace. <\/p>\n
2.\u00a0\u00a0\u00a0 Raise the minimum amount to sustain the REIT and to minimise dilutions
\nto unitholders which we believe is lesser dilution than SC Capital’s proposal.<\/p>\n
3.\u00a0\u00a0\u00a0 Come up with an amicable solution to restart and sustain the operations
\nof the REIT. <\/p>\n
\u00a0<\/p>\n
The
\nissuer is solely responsible for the content of this announcement.<\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Sponsor will be seeking EHT to reconsider decision to deny request to hold a further EGM Unitholders of a publicly listed company are well within their rights to requisition the Board to convene an EGM for considering additional resolutions Operational uncertainties are not grounds for denying unitholders’ requests for an EGM SINGAPORE –\u00a0Media OutReach\u00a0– 24 …<\/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\/10572"}],"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=10572"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/10572\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=10572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=10572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=10572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}