Date: December 16, 2015
SIAS has received concerns from minority shareholders of Fortune REIT regarding the proposed change in listing status from primary to secondary on SGX, with Fortune REIT maintaining primary listing on Hong Kong Exchange.
SIAS has had a discussion with the senior management of Fortune REIT this afternoon and been assured that there is no change to the REIT Manager. Fortune REIT will continue be listed on SGX and retail investors can continue to trade its shares here in Singapore or in Hong Kong.
The only change is that, in future, AGMs would have to be held in Hong Kong and SIAS has received assurance that Fortune REIT will continue to provide live video conferencing facilities in Singapore for unit holders here to participate at the AGM proceedings.
SIAS also understands that there are no changes to the trust deed and the trust remains constituted in Singapore. The REIT Manager will also be in Singapore and will have investor relations contact for unit holders here. Fortune REIT assures us that there will be no change to the dividend policy and would maintain the dividend payout as stipulated in the trust deed. This should comfort the unit holders.
Unit holders should also take comfort that the change in listing from primary to secondary does not affect the rights of unit holders in Singapore and it is not a delisting.
David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)
