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