AIMS Investment Group is seeking to acquire all the units in AIMS Property Securities Fund with a cash offer of A$1.25 ($1.20) per unit.
The units in AIMS Property Securities Fund are listed on both the Australian Securities Exchange (ASX) and Singapore Exchange (SGX).
In a letter to unitholders dated June 23, George Wang, the director of AIMS Investment Group, says the offer “provides investors with an opportunity to divest as much of their unit holding in [the fund’”.
Wang is the owner of the manager of AIMS APAC REIT (AA REIT), with a 9.29% stake in the REIT.
While the offer price of A$1.25 stands at a 17.59% premium to the one-month volume weighted average price (VWAP) of the units traded on the ASX, it still stands below the fund’s net tangible assets (NTA) of A$2.782 per unit, or at 0.45x NTA.
The cash offer, however, represents a 3.94% discount to the one-month VWAP for units listed on the SGX-ST.
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The offer, which is the only takeover offer available currently, is not final.
