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”)
Change of
Investment Advisor
3 June
2019
Further to the announcement on 3 April
2019 regarding the proposed investment policy change, the
Board of AXA Property Trust Limited (the “Company”) is pleased to
announce the appointment of Worsley Associates LLP (“Worsley”) as
its new investment advisor, effective immediately.
The Investment Advisory Agreement, which is governed by the laws
of England and Wales, has an initial term of two years (the
"Initial Term"), with either Worsley or the Company being able to
terminate the agreement by giving 12 months’ notice after the first
anniversary of the date of the agreement, and thereafter on a
rolling 12 months’ notice basis. Following the Initial Term, on
giving the requisite 12 months’ notice there is no compensation on
termination (save in respect of any payment made in lieu of notice
where Worsley and the Company agree to terminate the Investment
Advisory Agreement on less than 12 months' notice). In addition,
the Company and Worsley may terminate the Investment Advisory
Agreement in certain limited circumstances.
Pursuant to the Investment Advisory Agreement, Worsley is
entitled to an annual advisory fee of 1.25 per cent. of the
Company's Net Asset Value, to the extent that the Company’s Net
Asset Value is £40 million or less, but subject to a minimum fee of
£150,000 per annum. If the Company’s Net Asset Value exceeds £40
million, the Company will pay Worsley a fee equal to 1.25 per cent.
of £40 million and 1.00 per cent. of the amount by which the
Company's Net Asset Value exceeds £40 million.
Entering into the Investment Advisory Agreement constituted a
"smaller related party transaction" for the purposes of the Listing
Rules. The Board, having been so advised by the Company's sponsor,
Shore Capital, considers the terms of the Investment Advisory
Agreement to be fair and reasonable so far as the Shareholders are
concerned. Shareholders should note that, owing to his role as a
principal of Worsley, Blake Nixon
did not vote on any Board resolutions relating to, and did not take
part in the Board's consideration of this related party
transaction.
Enquiries:
Blake Nixon (Director)
Tel: 020 38732288
Shore Capital (Financial Adviser and Broker)
Robert Finlay
Tel: 020 76016100
Northern Trust International Fund Administration Services
(Guernsey) Limited
The Company Secretary
Trafalgar Court,
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481
745001