REG-AXA Property Trust: Broker and Service Providers changes and Director Info

Worsley InvestorsAnnouncement

18/04/2019 07:05

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
(https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/APT/null) 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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