EH-REIT trustee states intention to remove manager
MAS had earlier directed it to remove the REIT’s manager following several offences.
Eagle Hospitality REIT’s (EH-REIT) trustee DBS Trustee has stated its intention to remove EH-REIT’s manager and appoint a new one.
In a local bourse filing, the trustee acknowledged that it has received the Monetary Authority of Singapore’s (MAS) notice of intention to direct DBS Trustee to remove the REIT’s manager and have it replaced.
Also Read: MAS directs EH REIT to remove its manager
The trustee reiterated that it may remove the EH-REIT manager if its directed by MAS, pursuant of clause 24.1.6 of the trust deed dated 11 April 2019.
DBS Trustee also noted the terms MAS has laid out, including the regulator’s intention to remove the REIT manager within one months since the notice was issued; and that, should DBS Trustee fail to give MAS a written statement and relevant business by 9 November, MAS will proceed to remove EH-REIT’s manager.
Furthermore, DBS Trustee assured holders that it will “continue to work closely with EH-REIT’s professional advisors in both Singapore and the US for an orderly resolution of the situation.”
This include, but is not limited to, the interim management and operation of the REIT’s hotels; negotiations with the REIT’s lenders for forbearance; and transition to a new manager, the filing stated.