Emirates REIT confident of majority support for revised Sukuk terms
Close to 60 per cent of the Sukuk holders had cast their vote as of May 26.
A large majority of Sukuk holders of Emirates REIT are in support of the company’s exchange offer of its Shariah-compliant bonds due in December 2022, Equitativa, manager of the UAE’s largest listed Sharia compliant real estate investment trust, said on Tuesday.
Close to 60 per cent of the Sukuk holders had cast their vote as of May 26, with more than 75 per cent of those votes in favour of the Consent Solicitation Memorandum (CSM) presented.
The CSM is a voluntarily proposed transaction that is designed to provide Sukuk holders with the opportunity to exchange an unsecured Sukuk for a new secured Sukuk on a dollar-for-dollar basis.
In a statement, Equitativa encouraged all certificate holders to vote by 7 June.
Meanwhile, an ad-hoc group of 11 institutional certificateholders in Emirates REIT Sukuk reiterated that it has yet to receive any response or resolution to the numerous and specific areas of concern it has outlined to Emirates REIT.
In a statement the Ad-Hoc Group said it was disappointed that Emirates REIT has failed to engage in constructive dialogue and has instead chosen to ignore its good faith requests for information and discussion.
“Emirates REIT continues to flout its certificateholders by failing to engage in good faith, transparent and constructive dialogue despite numerous invitations from the group. Voting data, provided in the latest statement from Emirates REIT, continues to suggest that, as of 26 May, a majority of investors (55 per cent) were against the Consent Solicitation or had not voted, challenging Emirates REIT’s assertions of support, especially given the deal is structured to incentivize early voting,” Ad-Hoc Group said.
“The Ad-Hoc Group also believes that the restructuring terms should reflect the increased downside risk that Certificateholders are being asked to bear and that Equitativa, as the manager of the REIT, should share in that burden by offering a management fee reduction,” said the statement.
Equitativa’s statement said “while a minority Sukuk holder group has been formed, the company does not believe it is reflective of the Sukuk holder group as a whole, many of which have already voted in favour of the offer. In addition, the board rejects the minority group’s demand for Emirates REIT to pay for their legal and financial advisory fees, services which the group independently sought.” — email@example.com
The marine subsidiaries of national oil companies have ambitious... READ MORE
Cut transatlantic flying time by 50% to about three-and-half hours. READ MORE
New technologies, solutions, products, and approaches are the key to... READ MORE
A total of 59 investors in the emirate have already taken advantage... READ MORE
Of the 34 international airports in India, more than one-third of... READ MORE
These can include 225 pathogens in 10 different criteria. READ MORE
In the UAE, Father's Day is celebrated on June 21 every year. READ MORE
The system will pre-populate marks of Class X of pupils, who had... READ MORE