Dasin Retail Trust updates the EGM requisition notice is ‘not valid’
THE trustee-manager of Dasin Retail Trust : CEDU 0% said in a bourse filing on Thursday (Jan 25) that it has been advised by its legal adviser that the request to hold an extraordinary general meeting (EGM), to be held on Feb 19, is not valid.
The request, made by unitholders holding more than 10 per cent of the trust, had sought an EGM for two resolutions: one seeks to remove the manager of Dasin Retail Trust; the other seeks to internalise the trustee-manager function of Dasin Retail Trust and form a committee of the requisitioning shareholders claiming to own more than half the trust to identify and appoint a new board of directors.
The other requestor for the EGM was Glory Class Ventures, which had sought to vote on three resolutions:
to remove the current trustee-manager from Dasin Retail Trust;
to internalise the manager function into Dasin Retail Trust; and
to empower the internal manager to issue units.
The trustee-manager updated that its legal adviser is of the opinion that the unitholders and Glory Class Ventures are not “unitholders” as defined under Section 54 of the Business Trusts Act 2004. Therefore, the requisition notices are invalid, it said.
Units of Dasin Retail Trust closed flat at S$0.05 on Thursday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
SIA to establish commercial partnership with Riyadh Air
Germany to sell 2.5 billion euros in Deutsche Telekom shares
CAAS, Iata to develop sustainable aviation fuel registry
Indian stocks, rupee drop as early count signals narrow Modi win
Vietnam expands massive bank rescue effort on deposit exodus, document shows
Philippine central bank rejects rate-cut call that weakened peso