Hibiki fund to vote against Accordia Golf Trust divestment unless price is raised

Singapore

THE price offered by the sponsor of Accordia Golf Trust (AGT) to buy over the trust's golf courses is too low, as these assets generate "significantly attractive cash flow", the largest minority unitholder of AGT has argued in an open letter.

Hibiki Path Advisors, the largest non-conflicted unitholder of AGT with a 7.6 per cent stake, will also vote against the proposed divestment unless the price is revised higher, it said on Friday.