SINGAPORE (March 30): In our manifold coverage of Eagle Hospitality Trust (EHT) in print and online — see cover story “Saving Queen Mary” (Issue 906, Nov 4, 2019) — we had flagged issues with the REIT, including its inauspicious debut, portend by its under-subscribed retail tranche of its IPO.

On its first day of trading on May 24, 2019, Bank of America, which was one of the under­writing banks, sold more than four million units of EHT at 71 cents. Since then, EHT units have not seen light of day and things reached a nadir with its March 23 trading suspension. This is probably a necessary step as the REIT restruc­tures its loans, says a boutique fund manager who has no holdings in EHT.

On March 19, EHT’s manager announced it was undertaking a strategic review. Yet, in a statement to the Singapore Exchange (SGX) on Nov 6, 2019, EHT’s manager said: “The REIT manager also wishes to dispel a rumour report­ed in The Edge article: There is no strategic re­view underway nor has any consideration of a strategic review been discussed with the board.”

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