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Accordia Golf Trust unitholders vote in favour of proposed divestment and winding up

UNITHOLDERS of Accordia Golf Trust (AGT) on Monday voted overwhelmingly in favour for the proposed divestment of AGT's interests in all its golf courses to its sponsor, Accordia Golf.

In August, Accordia Golf announced that it was willing to fork out 65.2 billion yen (S$840.5 million) to buy over AGT's 88 golf courses in Japan, an increase of 3.4 billion yen from the original purchase price offered in June.

At the extraordinary general meeting held on Monday morning, 97.55 per cent, or unitholders of some 388 million units, voted in favour of the proposed divestment. Accordia Golf and its associates had abstained from voting on the proposed divestment.

Additionally, 99.4 per cent, or unitholders of about 710 million units, voted for the proposed winding up of the trust.

The board of directors of Accordia Golf, as trustee-manager of AGT, said it expects to proceed with completion of the proposed divestment on Sept 29. Subject and conditional upon the completion of the proposed divestment, the Transfer Books and Register of unitholders of AGT will close at 5 pm on Oct 1.

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Unitholders whose securities accounts with the Central Depository are credited with units as at the first tranche special distribution record date, will be entitled to the first tranche special distribution.

The expected payout date is on Oct 15, with a special distribution of 54.57 yen per unit. The special distributions will be paid to unitholders in Singapore dollars.

Assuming an illustrative exchange rate of S$1 to 76.8545 yen, the first tranche special distribution will amount to about S$0.71 per unit.

The trustee-manager will also make a request to the SGX-ST for the suspension of trading of its units from 9 am on Sept 30, it said.

Units of AGT closed unchanged on Monday at S$0.73.

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