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BRIEF-Agellan Commercial Real Investment Trust says got, considered & rejected Sandpiper Group's demand that REIT undertake a substantial reorganization of board​
September 18, 2017 / 11:54 AM / in a month

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

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 Source text for Eikon: Further company coverage:

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