Board of AXA Property trust proposes manager and investment policy change to avoid wind-down

Winding down since April 2013

The board of AXA Property trust, which is currently in the process of winding down its assets, is proposing a change of investment policy which will see it allocate to undervalued British listed securities instead.

The proposals, if approved, will also see the appointment of Worsley Associates as the trust's new investment advisor, and the vehicle's name will change to Worsley Investors Limited. The board believes the changes provide an attractive alternative to shareholders. The trust embarked on a plan to wind down all remaining assets in April 2013, with the objective to complete the process by the end of 2015. Since then, all but one of the properties have been successfully sold, returning £49.3m to shareholders, equal to 87% of total assets when the process began.  However, the board believ...