Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
AIMS Property
29-10-2018, 07:28 PM.
Post: #1
AIMS Property
Samuel Terry Asset Management calls unitholder meeting to wind up AIMS Property Securities; Sandon Capital and Samuel Terry have agreed to work together

The link to the meeting booklet (including Letter from Samuel Terry Asset Management) can be found here: https://www.samuelterry.com.au/pdf-lette...t-2018.pdf

If you have any questions, please 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 consistently trade at an excessive discount to NAV – currently 26%
  • Weak corporate governance with non-disclosure of fees and related party investments
  • Deteriorating financial performance
  • Unitholders could receive cash of (at least) A$2.37 per unit, the NAV, versus the current price of A$1.75, via an orderly wind up.


Attached Files
.pdf   Meeting Booklet - STAM re APW (final 29 Oct 2018).pdf (Size: 510.41 KB / Downloads: 3)
.pdf   Samuel Terry calls to wind up APW_.pdf (Size: 213.11 KB / Downloads: 3)

Find Reply
22-11-2018, 06:59 PM. (This post was last modified: 22-11-2018, 07:03 PM by SamuelTerryAM.)
Post: #2
RE: AIMS Property
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.


Attached Files
.pdf   Sandon Capital and Samuel Terry calls for meeting to vote on resolution to wind up AIMS Property Securities Fund.pdf (Size: 720.99 KB / Downloads: 4)

Find Reply
23-11-2018, 08:39 AM. (This post was last modified: 23-11-2018, 08:39 AM by weijian.)
Post: #3
RE: AIMS Property
Is 2.5 part C enforceable this time around?

For the purposes of the Resolution, and in accordance with section 253E of the Corporations Act, the Fund RE and its associates are not entitled to vote their interests if they have an interest in the Resolution other than as a member of the Fund.

AIMS Capital Management Pty Ltd (ACN 106 188 916) holds 31.54% of the Units on issue in the Fund.1 AIMS Capital Management Pty Ltd is a wholly-owned subsidiary of Great World Financial Group Pty Ltd, which is the parent company of the Fund RE.2 As a result, AIMS Capital Management Pty Ltd is an associate of the Fund RE.

AIMS Real Estate Funds Limited (ACN 126 766 167) holds approximately 8.99% of the Units on issue in the Fund.3 The parent company of AIMS Real Estate Funds Limited is Great World Financial Group Pty Ltd, which is also the parent company of the Fund RE.4 As a result, AIMS Real Estate Funds Limited is an associate of the Fund RE.

https://www.samuelterry.com.au/pdf-lette...t-2018.pdf

Find Reply
27-11-2018, 12:04 PM.
Post: #4
RE: AIMS Property
(22-11-2018, 06:59 PM)SamuelTerryAM Wrote: 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.

Warren Buffett’s one sentence summarized his views on Freddie in 2010: “I just figure that when you see a cockroach, there are more hiding.

Find Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
Valuebuddies.com | Return to Top | Lite (Archive) Mode | RSS Syndication | CONTACT US: nas......@valuebuddies.com | | Share Buy-Back | Disclosure of Interest