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Wholesale Australian Property Fund
AXA announces proposal to list AXA’s Wholesale Australian Property Fund on the Australian Securities Exchange (ASX)
AXA announced today that it proposes to list AXA’s Wholesale Australian Property Fund (‘the Fund’) 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 Fund to be managed with a focus on future opportunities.
It is proposed to list the Fund before the end of the year. If this proposal proceeds, a meeting of unit holders to consider it will be held and details will be sent to unit holders in due course.
As a result of this proposal, some steps will be required to facilitate the listing and preserve the Fund’s current liquidity level, which is at 14 per cent. National Mutual Funds Management Ltd (referred to as ‘AXA’ or ‘we’), the Responsible Entity of the Fund, has decided to extend the withdrawal timeframes for the Fund from daily to a period of six months and to cease taking any new or additional investments effective from 11:00 am (EST) 19 August 2008. Until further notice, quarterly income distributions from the Fund will be paid as cash only and cannot be reinvested in the Fund.
View AXA news release
View WAPF unit holder letter
 | Unit Price | 21/08/08 | Entry Price | 1.4077 | Exit Price | 1.3883 |  |
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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