Boutique fund seeks answers from Accordia Golf Trust over move to retain profits

Singapore

THE decision by Accordia Golf Trust (AGT) to set aside 1.56 billion yen (S$20 million) as reserves in the March quarter has reduced AGT's latest semi-annual payout by almost half, and warrants a more detailed explanation, the largest minority unit-holder of Accordia Golf Trust (AGT) has argued in an open letter.

Hibiki Path Advisors, which owns 7.2 per cent of AGT, further observed that AGT's tendency to make announcements lacking in important details seems to have begun last May. That's six months before the trust sponsor announced a non-binding offer to acquire AGT's entire golf course portfolio.