Vote FOR resolutions to wind up APW and return cash to unitholders
If you have any questions, please feel free contact Fred Woollard, Managing Director of Samuel Terry Asset Management, on +61 (0) 400 001 976 between 8.30am and 5.30pm (AEDT) Monday to Friday or email to
fred@samuelterry.com.au.
Highlights:- APW units trade at a persistent and excessive discount to NTA, currently approximately 25%
- APW’s responsible entity, AIMS, has serious conflicts of interest and provides poor disclosure to unitholders
- Through complicated corporate structures, we believe APW unitholder money is being used to advance interests of the AIMS Financial Group
- APW’s financial performance is deteriorating. Its distribution yield to NTA of 1.17% is amongst the worst in its class*
- Without URGENT action, we expect that APW’s performance will continue to decline and AIMS could gain irrevocable control over all unitholder funds
- Samuel Terry and Sandon have spent significant time and money researching APW’s assets and believe they can be sold to realise the NTA as at 30 June 2018 of $2.37 per unit
Sandon Capital Investments Ltd (ASX:SNC) (“Sandon”) and Samuel Terry Asset Management Pty Ltd (“Samuel Terry”), individually and collectively the largest independent unitholders in APW with over 19% of the units in APW, have called a meeting on
Monday, 10th December 2018 at Level 4, Carrington Street, Sydney NSW to vote on a resolution to wind up APW. If this resolution is approved, APW’s assets are required to be sold in an orderly manner, with the net proceeds paid to unitholders. Sandon Capital and Samuel Terry believe that a windup will generate cash proceeds substantially greater than the current unit price of $1.80.
On 15th November, AIMS called a second meeting at unitholders’ expense to be held on 7th December. That meeting has two resolutions. The first resolution is redundant as AIMS already has the power to do everything it proposes. It begs the question as to why AIMS needs to be directed to do its job properly. The second resolution is the same as the resolution being voted on three days later.
“We believe that the sole intention of AIMS calling the second meeting, and spending your money, is to create enough confusion so that our wind up vote fails and AIMS can continue extracting fees from APW for its own benefit. Is that the kind of manager you want looking after your investment? If not, you need to vote for the wind up at both meetings.”
Samuel Terry and Sandon Capital encourage you to vote FOR a wind up of APW at BOTH meetings. If you cannot attend the meetings, please complete BOTH the blue and green proxy forms attached to this presentation, and return via Reply Paid post BEFORE Monday 3 December 2018.
For more information, please refer to the letter and presentation attached and here:
https://www.asx.com.au/asxpdf/20181122/p...tyd9wq.pdf
The rebuttal to AIMS can be found on slides 23 and 24.
Sandon and Samuel Terry today uploaded the attached presentation on the Australian Stock Exchange (ASX), and while AIMS normally uploads all ASX announcements concerning APW on SGX, they have not uploaded today’s presentation, as well as Sandon and Samuel Terry’s notice of meeting (dated 29 October) on SGX.
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