Majority shareholder vote saves APW from wind-up

Singapore

AIMS Property Securities Fund (APW) will not be wound up after all.

After unitholders voted at a meeting which was requisitioned by certain minority investors hoping to close the fund, the results came in overwhelmingly against the motion.

This was mostly due to the fact that the majority shareholder AIMS Capital Management was able to successfully put its 38 per cent block of units to vote, culminating in a margin of 46.24 per cent against, versus 26.19 per cent for.

The motion was initiated by Fred Woollard's Samuel Terry Asset Management, because it was unhappy with APW's trading discount and the extra layers of fees and costs incurred when the fund invests in other trusts and funds. It thus allied with several other investors t…