Quarz, Black Crane to vote against Sabana-ESR merger

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FUND managers Quarz Capital Management and Black Crane Capital said in an open letter on Friday that they intend to vote against the proposed merger of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit. Read more at The Business Times.

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to Sabana’s NAV as at June 30 and a 34 per cent discount to its NAV as at December 2019.

Describing the merger as"opportunistically timed during the Covid-19 crisis", the firms pointed out that the merger offer was made a year after ESR Cayman had bought a substantial stake in Sabana Reit and a controlling stake in the Reit's manager at a"rich" premium from the same vendor. "It is thus hard to comprehend why Sabana’s board and management would propose to 'panic-sell' at a substantial discount to book value, which has been very conveniently and temporarily reduced from S$0.57 to S$0.51 per unit by the weaker market sentiments due to Covid-19.

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