Broker and Service Providers changes and Direct...

AXA Property Trust Limited

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 43007)
LEI Number: 213800AF85VEZMDMF931
(The “Company”)

APPOINTMENT OF FINANCIAL ADVISER AND BROKER
FORMAL RESIGNATION OF EXISTING INVESTMENT MANAGER
UPDATE ON SERVICE PROVIDERS
CHANGE OF INVESTMENT POLICY
 AND UPDATED DIRECTOR INFORMATION

18 April 2019
 

Appointment of Financial Adviser and Broker

AXA Property Trust Limited is pleased to announce that Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (together “Shore Capital”) have been appointed as the Company’s financial adviser and broker with immediate effect.

Formal Resignation of Existing Investment Manager

The Company announced on 29 March 2019 that AXA Investment Managers UK Limited (“AXA IM”) had indicated its intention to resign as Investment Manager of the Company should the Board take definitive steps towards convening an Extraordinary General Meeting of the Company to consider a change to the Company’s investment policy.  This reflects the proposed change of the Company’s investment policy from real estate investment to investment in undervalued British securities, as set out in the Company’s announcement of 3 April 2019.

AXA IM has now submitted its resignation to the Board, pursuant to clause 15.2.4 of the Investment Management Agreement (“the IMA”), to take effect from the earliest of (i) the date on which a resolution of the Shareholders of the Company is passed to change the Company’s investment policy; (ii) the date on which Worsley Associates LLP (“Worsley”) is appointed as Investment Advisor of the Company and (iii) 30 June 2019.

The termination of the IMA also has the effect of triggering the termination of the Real Estate Advisory Agreement between the Company (and its subsidiaries) and AXA Real Estate Investment Managers UK Limited, as well as the local asset management agreement between the Company’s Italian subsidiary and AXA Real Estate Investment Managers Italia srl.

Notwithstanding such termination occurring before 30 June 2019, AXA IM has agreed to provide reasonable post-termination assistance to the Company or any replacement service provider until 30 June 2019.

The appointment of Worsley is expected to take place on the earlier of Shareholder approval of the change in the Company’s investment policy and 31 May 2019.

Update on Service Providers

On 29 March 2019, it was announced that Northern Trust International Fund Administration Services (Guernsey) Limited (“Northern Trust”) had tendered its resignation as Administrator and Secretary, such resignation to take effect following the expiration of the 90 day notice period or earlier if by mutual agreement.

The Company is pleased to announce that it has provisionally agreed to appoint Praxis Fund Services Limited to replace Northern Trust as Administrator and Secretary, subject to regulatory approval. The appointment is expected to take effect from 31 May 2019.

Having been the Company’s auditor since its listing 14 years ago, KPMG Channel Islands Limited has tendered its resignation. The Company has commenced discussions with potential replacement auditing firms and will make a further announcement in this regard in due course.
 

Change of Investment Policy

As noted above, it is proposed that, subject to Shareholder approval, the Company adopt a new Investment Objective and Policy.

Further details and a Notice of the Extraordinary General Meeting at which a resolution to approve the change will be considered, will be set out in a Circular, and it is the Company’s expectation that this will be posted to Shareholders in early May.

Updated Director Information

On 23 January 2019 the Company announced that following an Extraordinary General Meeting of shareholders Blake Nixon was appointed to the board.  On 29 March 2018 the Company announced that Robert Burke and William Scott had been appointed to the board.

Pursuant to LR 9.6.13R the Company should also have announced the following information in relation to these appointments:

William Scott

  • LR 9.6.13R(1): Mr Scott is currently a director of the following publicly quoted companies:
    • Absolute Alpha Fund PCC Limited
    • Axiom European Financial Debt Fund Limited
    • MAN AHL Diversified PCC Limited
    • Pershing Square Holdings Limited
    • The Flight and Partners Recovery Fund Limited
  • LR 9.6.13R(1): Mr Scott was a director of the following publicly quoted companies during the past five years
    • AcenciA Debt Strategies Limited
    • Sandbourne Fund
    • FRM Customised Diversified Fund Limited
    • FRM Diversified II Fund SPC
    • FRM Sigma Fund Limited
    • FRM Credit Strategies Fund PCC Limited
    • Invista European Real Estate Trust SICAF
  • LR 9.6.13R(3): Mr Scott was a director of the following entities which were each placed into solvent voluntary liquidation on the respective dates shown: Invista European Real Estate SICAF (28 December2015),AcenciA Debt Strategies Limited (29 December 2017) and Sandbourne Fund (28 January 2016).

Blake Nixon

  • LR 9.6.13R(1): Mr Nixon was a director of Guinness Peat Group plc (now Coats Group plc) during the past 5 years.


Enquiries:


Blake Nixon (Director)
Tel:       02038732288

Shore Capital (Financial Adviser and Broker)
Robert Finlay
Tel:        0207408 4090

Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court,
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel:        01481 745001

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