Axa Property Share Discussion Threads

[nicholasblake] 26/3/2020 10:13

@deadly SORTED.

[deadly] 21/2/2020 21:06

Will somebody start a new thread on WINV?

Open offer might lead to revival in prospects.

[davebowler] 13/11/2019 11:49

Extract from annual report;
New Investment Policy
The Company aims to meet its objectives through investment primarily, although not exclusively, in a diversified portfolio of
securities and related instruments of companies listed or admitted to trading on a stock market in the British Isles (defined as
the United Kingdom of Great Britain and Northern Ireland; (ii) the Republic of Ireland; (iii) the Bailiwicks of Guernsey and
Jersey; and (iv) the Isle of Man). The majority of such companies will also be domiciled in the British Isles. Most of these
companies will have smaller to mid-sized equity market capitalisations (the definition of which may vary from market to
market, but will in general not exceed £600 million). It is intended to secure influential positions in such British quoted
securities with the deployment of activism as required to achieve the desired results.
The Company and its subsidiary undertakings (“the Group”) may make investments in listed and unlisted equity and equityrelated securities such as convertible bonds, options and warrants. The Group may also use derivatives, which may be
exchange traded or over-the-counter.
The Group may also invest in cash or other instruments including but not limited to: short, medium or long term bank deposits
in Sterling and other currencies, certificates of deposit and the full range of money market instruments; fixed and floating rate
debt securities issued by any corporate entity, national government, government agency, central bank, supranational entity or
mutual society; futures and forward contracts in relation to any other security or instrument in which the Group may invest; put
and call options (however, the Group will not write uncovered call options); covered short sales of securities and other
contracts which have the effect of giving the Group exposure to a covered short position in a security; and securities on a
when-issued basis or a forward commitment basis.

The Company pursues a policy of diversifying its risk. Save for the Curno Asset until such time as it is realised, the Company
intends to adhere to the following investment restrictions:
• not more than 30 per cent. of the Gross Asset Value at the time of investment will be invested in the securities of a
single issuer (such restriction does not, however, apply to investment of cash held for working capital purposes and
pending investment or distribution in near cash equivalent instruments including securities issued or guaranteed by a
government, government agency or instrumentality of any EU or OECD Member State or by any supranational
authority of which one or more EU or OECD Member States are members);
• the value of the four largest investments at the time of investment will not constitute more than 75 per cent of Gross
Asset Value;
• the value of the Group’s exposure to securities not listed or admitted to trading on any stock market will not exceed in
aggregate 35 per cent. of the Net Asset Value;
• the Group may make further direct investments in real estate but only to the extent such investments will preserve
and/or enhance the disposal value of its existing real estate asset. Such investments are not expected to be material in
relation to the portfolio as a whole but in any event will be less than 25 per cent. of the Gross Asset Value at the time
of investment. This shall not preclude its subsidiaries from making such investments for operational purposes;
• the Company will not invest directly in physical commodities, but this shall not preclude its subsidiaries from making
such investments for operational purposes;
• investment in the securities, units and/or interests of other collective investment vehicles will be permitted up to 40
per cent. of the Gross Asset Value, including collective investment schemes managed or advised by the Investment
Advisor or any company within the Group; and
AXA PROPERTY TRUST LIMITED
4
Investment Policy (continued)
• the Company must not invest more than 10 per cent. of its Gross Asset Value in other listed investment companies or
listed investment trusts, save where such investment companies or investment trusts have stated investment policies to
invest no more than 15 per cent. of their gross assets in other listed investment companies or listed investment trusts.
The percentage limits above apply to an investment at the time it is made. Where, owing to appreciation or depreciation,
changes in exchange rates or by reason of the receipt of rights, bonuses, benefits in the nature of capital or by reason of any
other action affecting every holder of that investment, any limit is breached by more than 10 per cent., the Investment Advisor
will, unless otherwise directed by the Board, ensure that corrective action is taken as soon as practicable.
Borrowing and Leverage
The Group may engage in borrowing (including stock borrowing), use of financial derivative instruments or other forms of
leverage provided that the aggregate principal amount of all borrowings shall at no point exceed 50 per cent. of Net Asset
Value. Where the Group borrows, it may, in order to secure such borrowing, provide collateral or security over its assets, or
pledge or charge such assets.

[nicholasblake] 30/8/2019 14:55

30 June NAV very flat.

[n1mgn] 31/5/2019 13:00

thank you Sir , I appreciate your insight

[redhill9] 30/5/2019 18:02

n1mgn, I'd suggest its a combination of the one asset not being easily liquid and uncertainty over the future direction of the company.

I'm holding a few shares as the residue after the many share redemptions over recent years and will just wait to see what happens. Not sure I'd be buying though.

[n1mgn] 30/5/2019 17:26

am I missing something here Guys , the property value already been hugely discounted and still 46 p Nav , why it 32 , If any one cam help before i press the buy button it would be much appreciated

[redhill9] 28/2/2019 12:05

Yes, does suggest previous NAV may have been a little over-egged.

[horndean eagle] 28/2/2019 11:42

Modest uplift to reflect the new lease being signed. Had hoped for more.

[nicholasblake] 28/2/2019 10:41

Good to see uplift in NAV at half:

[horndean eagle] 26/2/2019 11:53

Hes looking to take stakes in undervalued special situation opportunities rather than reverse takeovers. Its a terrible proposition. The company is sub optimal in size and cannot really bear the overhead costs. Will be sat there trading on a discount. Irony on GPG was that it was eventually broken up itself by shareholders who were probably quite annoyed with excessive rewards for directors.

[atholl91] 26/2/2019 11:36

Blake Nixon was key member of Ron Brieley's GPG group. Reverse takeover potential which I suspect is behind his move.

[redhill9] 18/2/2019 10:10

Yes, HL credited my account on 8 Feb.

[n1mgn] 18/2/2019 09:44

hi Chaps has anyone received the funds from the share buy back ? many thanks in advance

[jeangl] 07/2/2019 20:23

@eagle - Being voted on the board is completely different thing. The change of strategy should required a "Special resolution" = 75% shareholder approval required (in this case)+ again, Blake should not even be able to vote his shares (conflict).

[jeangl] 07/2/2019 20:19

@Redhill - I believe these concerns have been raised to the board / Axa. That being said, the more feedback, the better ; I would encourage all shareholders (I guess you are a shareholder?) to get in touch with Axa / the board.

@Blake – the 2013 change of strategy was far less disruptive than the one that is being loosely floated here and it was done "by special” as you say… I can’t see how that one would not have to be done "by special” too, period.

[horndean eagle] 07/2/2019 20:16

Yes. A change will require 50% and given he got voted on board it is likely he would win again. Whether APT directors will let it get as far as fighting it is another matter. I really don't like what they are proposing but I fear we are going to legged over.

[nicholasblake] 07/2/2019 13:13

Jeangl, Plenty of companies change investment objective and it is exceptional for this to be done by special. I think it is prudent to assume the change will be subject to an ordinary.

[redhill9] 07/2/2019 12:56

jeangl, have you made these points to the AXA directors? From the tone of recent announcements I suspect they'll be sympathetic to your views.

[jeangl] 07/2/2019 11:50

Even with these potentially connected votes, I don’t see how the change of strategy could happen given that it would require a 75% shareholders approval (like the wind down change of strategy back in 2013). On top of that, Nixon’s votes would arguably be excluded given the obvious conflict of interest.

[jeangl] 07/2/2019 11:47

Nobody in his right mind would agree to this proposal, which, by the way, strongly suggests that the people who voted in favour of Mr Nixon’s appointment could well be connected to him, at which point, if true, takeover rules should have applied and Nixon and co should have bid for all shares.

[jeangl] 07/2/2019 11:47

I don’t think this is clear at all Mr NicholasBlake (Nixon?), quite the opposite. Putting aside Nixon’s votes, which would obviously be conflicted for the purpose of the strategy change, the vote against his appointment would have won 2 to 1. Indeed why would anybody agree to switch to a fund without knowing any of its key terms, including fees and investment scope, a fund managed by some obscure activist no one knows, a fund that will not return capital as was the plan all along for years since the wind-down was decided?

[nicholasblake] 24/1/2019 17:48

Based on the voting it looks fairly clear there is enough support for a change in investment objective.