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Response to Divestment Proposal for Accordia Golf Trust

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Response to Divestment Proposal for Accordia Golf Trust

Dear Fellow Unitholders of Accordia Golf Trust,

 The trustee manager of Accordia Golf Trust (“AGTM”) had published the press release on 29 June 2020 to recommend to unitholders’ the divestment of all of its golf courses to Parent company at an indicative consideration per unit of 0.732. We are disappointed with this price which is unarguably low based on our understanding. As such, we will be voting against the proposed divestment in the case the price is not revised higher. As the leading minority unitholder, we are also open for constructive negotiation with the bidder.

 We have also published our thoughts in great details as per the link below and hope for all unitholders to take into consideration for the divestment proposal. Thank you.


Hibiki Path Advisors Pte. Ltd.
Chief Investment Officer
Yuya Shimizu