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AIMS Property Securities Fund (APW)
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Last: 1.675 | Bid: 1.675 | Offer: 1.75
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 Singapore |
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AIMS APAC REIT
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Last: 1.26 | Bid: 1.25 | Offer: 1.26
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General News
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10/12/2018
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Bid to wind up AIMS Property Securities Fund fails again - The Straits Times Singapore
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SINGAPORE - 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 (Dec 10).
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.
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.
Link: https://www.straitstimes.com/business/companies-markets/bid-to-wind-up-aims-property-securities-fund-fails-again
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