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Response to Updated Divestment Proposed for Accordia Golf Trust

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Hibiki Path Advisors Response to Updated Divestment Proposed
for Accordia Golf Trust

 We, Hibiki Path Advisors, are pleased to find in the latest announcement dated 7 August 2020 from the Accordia Golf Trust Management Pte. Ltd. (“AGTM”) that the Accordia Golf (“AG”), the bidding company has agreed to increase the bidding offer from around S$ 0.732 per unit to S$ 0.772 per unit.

 We will be voting “FOR” the divestment proposal based on the conditions set out in the announcement from AGTM on 7 August 2020.

 Further to that, we will also be withdrawing from the request to convene the EGM on 18 Aug 2020 as we deemed that we have achieve what we had initially set out for. At this point, we do not see the need to convene the mentioned EGM since the costs of doing so will in fact be absorbed indirectly by all unitholders through the Trust. This is based on our own judgment after spending considerable amount of our own time and cost going through this.

 Lastly, we will like to thank all the unitholders for writing in to demonstrate their support for us. We are glad that we have at least achieved something together. We will continue our fight to defend the discipline of capital markets in other situations. We do hope you all the best.

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