Regulatory Actions By SGX::Queries on Eagle Hospitality Trust's Restructuring Process and Progress of Strategic Review
Issuer & Securities
EAGLE HOSPITALITY REIT MANAGEMENT PTE. LTD.
EAGLE HOSPITALITY TRUST - SGXC28500103 - LIW
Other Issuer(s) for Stapled Security
Regulatory Actions By SGX
Date &Time of Broadcast
Announcement Sub Title
Queries on Eagle Hospitality Trust's Restructuring Process and Progress of Strategic Review
Submitted By (Co./ Ind. Name)
Singapore Exchange Regulation
Description (Please provide a detailed description of the event in the box below)
We note EHT s announcements dated 1 April 2020, 24 April 2020 and 28 April 2020 on the formation of the Special Committee, the appointment of FTI to assist in the restructuring process of EHT and Moelis as financial adviser to assist the Special Committee and the REIT Trustee in undertaking the Strategic Review of EHT s business respectively.
In respect of the above appointments, please provide an update announcement on the actions the Special Committee has taken in relation to the restructuring. The update should include:
(a) An outline of proposals that have been made known to the Special Committee;
(b) Disclosure on whether any conflicts of interest arose during the proposal management process and if so, how these conflicts were managed; and
(c) Disclosure on which of the proposals (if any) contemplate a change in control of the REIT Manager.
The REIT Manager and the Trustee Manager of EHT are legally required to give priority to the interest of all security holders of the Stapled Trust as a whole, over their own interests in the event of a conflict of interest.
In light of these requirements, please provide confirmation by the REIT Manager and Trustee Manager that they have given priority to the interests of all the unitholders of EHT as a whole over their own interests:
(a) in the proposal management process; and
(b) in selecting the proposal that they say is in the best interest of the unitholders of the Stapled Trust.