LT Rubicon Limited agreed to acquire Strategic Hospitality Holding Limited and Strategic Hospitality Holding 2 Limited from Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SET:SHREIT) for approximately $120 million on May 14, 2020. As of September 24, 2020, LT Rubicon Limited revised the consideration price to approximately $110 million. The LT Rubicon Limited will seek partial funding for the transaction from Deutsche Bank through a lending facility, which is still subject to the bank’s conditions and consideration. The deal is subject to approval from Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust's shareholders' extraordinary general meeting which is to be held on June 25, 2020. The transaction was approved by the Board of Directors of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust in the board meeting. As on June 25, 2020, the shareholders of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust disapproved the deal. Although the matter was approved by a majority vote of the meeting of 72.8404%, the total vote was still less than three-fourths of all trust units of unit holders of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust attending the meeting and having the right to vote. Therefore, the vote was not sufficient to approve the deal. As of September 23, 2020, the Board of Directors of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust approved the offer following revision of the offer. The proceeds of the transaction to repay accrued liabilities and unpaid expenses which are outstanding at Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment, Strategic Hospitality Holding and Strategic Hospitality Holding 2, including the senior loan, service fees owed to service providers, fees owed to the Strategic Hospitality Extendable Freehold and Leasehold and the Trustee and fees reserve for Strategic Hospitality Extendable Freehold and Leasehold liquidation process. As of November 2, 2020 the shareholders of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust disapproved the deal. Although the matter was approved by a majority vote of the meeting of 62.7453%, the total vote was still less than three-fourths of all trust units of unit holders of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust attending the meeting and having the right to vote. Therefore, the vote was not sufficient to approve the deal. Asset Pro Management Company Limited acted as financial advisor to Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust. Stephen Jaggs and Anchalee Limviriyalers of Allen & Overy (Thailand) Co., Ltd. acted as legal advisors to LT Rubicon Limited.