No worries bear. Property trusts are typically listed or...

No worries bear. Property trusts are typically listed or unlisted - listing provides liquidity to buyers and sellers but at the expense of the listing fees. Unlisted property trusts are cheaper to run but usually provide liquidty windows (at or close to NTA) - say every 3 years.

The problem with APW is that we are getting the worst of both worlds - i.e. we are paying the listing expense, but we don't have liquidiy on terms that are even close to what would be considered commercially reasonable.



I would urge you to consider what George is doing - not sure how much you've read already, but I would recommend reading the announcement from 27 Jan 2015 on investment guidelines - specifically items 2, 3, 6 and 11. Ask yourself why was the current criterion put in place - as they seem like normal sensible risk measures? And then ask why they were changed? Remembering George did not discuss these measures with anyone or ask for a shareholder vote, he just unilaterally changed them.

Then look at the current makeup of the portfolio, almost over night we have gone from 18% to 71% of the portfolio is now invested in you guessed it....AIMS funds. The conflict of interest here is palpable.

Bear - do you know anyone with any formal financial qualifications - a CFA, CA, CPA, CFP etc? If you do, take that 2 page announcement from 27.1.15 - and then tell them

1. This was done without shareholder approval
2. Since this time APW has increased it's exposure to AIMS funds from 18% to 71%
3. Executive chairman of APW is George Wang
4. Executive chairman of AIMS funds - George Wang