MAS, CAD commence joint investigation into EHT's management

5 Jun 2020 - The Edge Markets
SINGAPORE (June 5): The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have launched a joint investigation into current and former directors, and officers responsible for managing Eagle Hospitality Trust (EHT). The authorities say the investigation stems from a referral ...
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Joint investigation kicks off against Eagle Hospitality Trust's management

5 Jun 2020 - Singapore Business Review
Breaches of disclosure requirements under the Securities and Futures Act are suspected. The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a joint investigation against current and former directors and managing officers at ...
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Hong Kong's Far East Consortium plans to take 70% stake in EHT's manager

4 Jun 2020 - The Edge Markets
SINGAPORE (June 3): A Hong Kong property company plans to take a 70% stake in the manager of Eagle Hospitality Trust. Hong Kong-listed Far East Consortium International Limited has up to July 14 to complete a deal with Urban Commons, sponsor of EHT. Approval from the Monetary Authority of Singapore has ...
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Eagle Hospitality Trust redirects maiden distribution funds to critical expenses

29 May 2020 - Singapore Business Review
Stapled securityholders will no longer receive the distribution announced for Q1. Eagle Hospitality Trust (EHT) will be redirecting the funds intended for the maiden distribution to unitholders to fund its critical and portfolio preservation expenses, the company announced in an SGX filing. This meant ...
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SGX RegCo asks EHT to update and clarify on restructuring

28 May 2020 - Singapore Business Review
They were asked to provide an outline of proposals made known to the special committee. The Singapore Exchange Regulation (SGX RegCo) has queried Eagle Hospitality Trust (EHT) to provide an update on the actions that its Special Committee has taken in relation to its restructuring process. EHT is asked ...
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Eagle Hospitality Trust to sacrifice distributions for the 'preservation and protection' of portfolio

27 May 2020 - The Edge Markets
SINGAPORE (May 27): Unitholders of beleaguered Eagle Hospitality Trust (EHT) will not receive any distributions for the period of May 24, 2019 to Dec 31, 2019 as the trust scrambles to utilise its funds for “preservation and protection” of its portfolio. “Given the present developments, it would no longer ...
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SGX RegCo pressing Eagle Hospitality Trust for restructuring updates

27 May 2020 - The Edge Markets
SINGAPORE (May 27): The SGX RegCo is pressing Eagle Hospitality Trust for updates from the special committee that was formed in April, to help in its restructuring and strategic business review after it defaulted on a US$341 million syndicated loan. This special committee, whose composition was announced ...
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Queen Mary halts operations; Urban Commons remains committed to lease

22 May 2020 - The Edge Markets
SINGAPORE (May 22): Eagle Hospitality Trust’s (EHT)’s sponsor, Urban Commons has pledged its commitment to the Queen Mary Long Beach, its second largest asset which has been dogged by controversy. In an email to The Edge Singapore, an Urban Commons spokesperson says the decommissioned cruise liner, which ...
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Eagle Hospitality Trust's Wu and Woods to quit following discovery of 'prejudicial' transactions

20 May 2020 - The Edge Markets
SINGAPORE (May 20): Eagle Hospitality Trust’s (EHT) non-executive chairman Howard Wu and deputy chairman Taylor Woods are set to resign from the Board of Directors, the REIT announced on Wednesday. Both Wu and Woods, who also double-up as co-founders and principals of the REIT’s sponsor Urban Commons, ...
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EHT says sponsors Wu and Woods made deals "prejudicial" to minority unitholders

16 May 2020 - The Edge Markets
SINGAPORE (May 15): Eagle Hospitality Trust said it has found additional agreements made between on one hand between Howard Wu and Taylor Woods, and certain hotel managers on the other, that were made without EHT’s knowledge. Wu and Woods are the co-founders and principals of EHT’s sponsor Urban Commons. ...
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