|
Australia |
AIMS Property Securities Fund (APW)
|
Last: 1.675 | Bid: 1.675 | Offer: 1.75
|
|
Singapore |
AIMS APAC REIT
|
Last: 1.26 | Bid: 1.25 | Offer: 1.26
|
|
|
General News
|
10/12/2018
|
Unitholders again say 'no' to winding up AIMS Property Securities Fund, in second vote in four days - The Business Times Singapore
|
By ANNABETH LEOW
BOUTIQUE Australian investor Samuel Terry Asset Management has lost another attempt to have AIMS Property Securities Fund wound up, according to a unitholder vote that it called in Sydney on Monday.
The motion to wind up the dual-listed fund was defeated by an eight-point margin - wider than the six-point gap in a similar vote on Dec 7 - with votes representing 43.42 per cent of securities saying "no".
Entities related to the fund manager together have a 36.72 per cent deemed interest. While AIMS Capital Management divested its 19.9 per cent stake on Dec 5, parent AIMS Investment Group Holdings has significant voting power in the buyer through a managed investment scheme. (see amendment note)
AIMS-related unitholders have leaned on their substantial voting block to stymie previous winding-up attempts, including Samuel Terry's first such bid in January 2017.
Samuel Terry and another investment firm, Sandon Capital, had requisitioned a unitholders' meeting in late October, proposing to wind up AIMS Property Securities Fund. They cited dissatisfaction with issues such as a trading discount to the net asset value and portfolio allocation to related-party investments.
A few weeks later, the fund manager called a general meeting of its own for Dec 7. There were two motions on the agenda at that meeting: one to wind up the fund, which lost; and one that gave the manager a mandate to carry out a strategic review of the fund, which passed.
Amendment note:
A previous version of this article said that a previous substantial unitholder, AIMS Capital Management, was the manager of the fund. AIMS Fund Management is in fact the manager, while AIMS Capital Management is a related entity. The article has been corrected to reflect this.
Link: https://www.businesstimes.com.sg/companies-markets/unitholders-again-say-no-to-winding-up-aims-property-securities-fund-in-second
|
|