Unitholders of First REIT have two options on Jan 19: To vote in favour of the restructuring of the REIT’s Indonesian master leases and a whitewash waiver, or against them. But these are not really options. As The Edge Singapore has said before, this is Hobson’s choice. Not voting in favour of any of the two resolutions would result in default. So, to preserve what little value there is left in First REIT, unitholders should — in their own interest — vote in favour.

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