Howard Wu and Taylor Woods, otherwise known as Urban Commons, who between them own more than 13% of Eagle Hospitality Trust have requisitioned an extraordinary general meeting for two resolutions to be tabled. Resolution 1 is to issue US$50 million new units in EHT at US$0.075 per unit. Resolution 2 is to retain the current REIT manager. On Nov 30, the Monetary Authority of Singapore directed DBS Trustee to remove the manager, and look for a new manager.

Urban Commons announced on Dec 17 it has filed an appeal to the Minister of Finance on Dec 10, against the directive by the MAS to remove EHT’s manager (which is 100% owned by Urban Commons).

The REIT trustee says it does not have information on Urban Commons’ grounds of appeal. The trustee adds that Urban Commons had the opportunity to participate in the RFP Process. “After giving proper and careful consideration to each comprehensive proposal received under the RFP Process, the REIT Trustee (based on the recommendation of its professional advisers) identified SCCPRE (part of the SC Group) to have put forth the most credible proposal,” the trustee said.

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