Singapore SINGAPORE-LISTED Australian fund AIMS Property Securities Fund (APW), is currently under attack from minority unitholders who have convened a Jan 3 meeting to vote on a motion to wind up the fund. The motion was initiated by Samuel Terry Asset Management, a Sydney-based boutique investment management company, which claims to have amassed substantial support from other unitholders to go against APW’s majority shareholder, AIMS Financial Group. However APW’s executive chairman George Wang is confident of defeating the motion, pointing out in a recent interview with The Business Times that this is not the first time Samuel Terry (referring to the company) has tried to wind up APW; the previous unsuccessful attempt occurred in 2013. The current attempt comes after Hong Kong hedge fund LIM Advisors successfully garnered enough unitholder support to wind up another fund, AMP Capital’s China Growth Fund, which was managing more than A$400 million (S$417 million). LIM had reportedly been agitated to action by the fund’s stubborn trading discount as well as management fees that it considered to be too high. Mr Wang said: “This group saw that happening and they came up and wanted to have a go again.” According to him, Samuel Terry had… Read full this story
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