Edition:
United States

Agellan Commercial Real Investment Trust says got, considered & rejected Sandpiper Group's demand that REIT undertake a substantial reorganization of board​


Monday, 18 Sep 2017 07:31am EDT 

Sept 18 (Reuters) - Agellan Commercial Real Investment Trust :Agellan Commercial Real Investment Trust-got, considered & rejected Sandpiper Group's demand that REIT undertake a substantial reorganization of board​.Agellan Commercial Real Investment Trust - announces plans to internalize asset management.Agellan Commercial Real Investment Trust - Sandpiper's demand to ‍reorganize of board include majority control by Sandpiper's nominees​.Agellan Commercial Real Investment - ‍board determined Sandpiper's demands, unexplained urgent timing related thereto, are not in best interests of reit​.Agellan Commercial Real Investment Trust - ‍Sandpiper advised REIT's CEO that it holds slightly less than 10 percent of outstanding units of reit​.Agellan Commercial Real Investment Trust - ‍"REIT is committed to engaging with its unitholders and considering proposals to enhance unitholder value"​.Agellan Commercial Real Investment - ‍upon closing of internalization, REIT will no longer be required to pay external manager annual management fee​.Agellan Commercial Real Investment Trust - upon closing of internalizationaggregate consideration payable to manager will be C$15.0 million.