SEE: First REIT 3Q DPU falls 53% to 1.01 cents on enlarged unit base
First REIT Management is the REIT manager of First REIT, while OUELH owns a 10.6% stake in First REIT. First REIT says it will convene an extraordinary general meeting (EGM) on Jan 19, 2021 to seek unitholder approval on a resolution necessary for the proposed rights issue to proceed. First REIT adds that the proposed rights issue is "critical". “If the proposed rights issue does not proceed, First REIT will be faced with a critical need to re-evaluate other funding options to avoid going into financing default,” it says in a Dec 28 statement. As at 10.12 am, First REIT was down 11 cents or 27.2% at 29.5 cents with 21.7 million units changed hands.