If the options for Eagle Hospitality Trust’s investors were stark prior to the EGM on Nov 30, 2020, they are even more stark after the EGM. Investors may have to rely on the goodwill of the investment banker that brought the trust to Singapore for any reimbursement.
Of the 872.7 million stapledsecurities in Eagle Hospitality Trust, only around 469 million stapledsecurities voted. Of these, 43% voted against the four resolutions that would have enabled SCCPRE Hospitality Management to be the new manager. Resolution 2, which temporarily changed the fee structure, was a special resolution requiring 75% of the votes present to pass. And hence, SCCPRE was not voted in as the new manager.
EHT is a stapled security comprising EH-REIT and EH-Business Trust. The latter is dormant but SCCPRE had plans to activate it in order to operate some of EHT’s hotels.
