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Australian Property Fund
AXA announces proposal to list AXA’s Wholesale Australian Property Fund on the Australian Securities Exchange (ASX) |
AXA's Australian Property Fund (APF) invests predominantly in AXA’s Wholesale Australian Property Fund (WAPF). National Mutual Funds Management Ltd, the Responsible Entity of both Funds, announced 19 August 2008 that it proposes to list the WAPF on the Australian Securities Exchange (ASX) subject to unit holder and other approvals.
The benefits of a listing include:
- Continued exposure to an ungeared Australasian property fund.
- Provides enhanced liquidity for those that need it. Investors will be able to buy and sell units on the ASX.
- Unit prices that will react more quickly to market conditions promoting equity between unit holders.
- Allowing the WAPF to be managed with a focus on future opportunities.
It is proposed to list the WAPF before the end of the year.
As a result of this proposal and to preserve the WAPF’s current liquidity level, which is at 14 per cent, withdrawal timeframes for both the WAPF and APF will be extended from daily to a period of six months and the funds will cease taking any new or additional investments effective from 11:00 am (EST) 19 August 2008. Any withdrawal requests will be processed at the end of that period. Until further notice, quarterly income distributions from the APF will be paid as cash only and cannot be reinvested in APF and the Fixed Payment Plan facility will no longer be available. In the event that a listing of WAPF is achieved before the end of the six month period, unit holders will be notified in writing.
View AXA news release
View APF unit holder letter
 | Unit Price | 21/08/08 | Entry Price | 1.0147 | Exit Price | 1.0007 |  |
This product summary is only provided for information purposes. It does not contain investment recommendation nor provides investment advice. Professional investment advice can help you determine your tolerance to risk as well as your need to attain a particular return on your investment. We strongly encourage you to obtain detailed professional advice and to read the relevant offer document in full before making an investment decision. Units in the fund will only be issued upon receipt of an application form accompanying a current disclosure document.
The information is provided for persons in Australia only and is not provided for the use of any person who is in any other country. | |
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