Hibiki Together With More Than 50 Minority Unitholders of Accordia Golf Trust Are Calling for EGM

SINGAPORE–(BUSINESS WIRE)–We, Hibiki Path Advisors (“Hibiki”) are pleased to announce that on 27^th July 2020, jointly with more than 50 fellow minority unitholders with collective ownership more than 12%, have submitted our request to Accordia Golf Trust Management (“AGTM”) to convene an Extraordinary General Meeting (EGM) to be held on 18^th August 2020.

We believe the items to be discussed in this EGM to be critical for all unitholders to make a well-informed judgment on the proposed divestment of all of its golf courses.

The agenda for the EGM to be convened on 18^th August is summarized as follows:

(1) That since Daiwa Securities Group (“DSG”) is a unitholder and a vested interest party to the proposed Divestment, DSG will exclude itself from voting in the EGM and abstain from voting.

(2) That AGTM shall make the pay out of the special reserve dividends of JPY 1.2 Billion by or before 28^th August 2020.

(3) Given the proposed divestment of Accordia Golf Trust (the “Trust” or “Divestment”) of the Trust is to take place on or around 14^th September 2020, AGTM to have the quarterly financials for Q2 2020 to be released by 14^th August 2020 and have the audited report by or on around 7^th September 2020.

(4) That all minutes of the meeting of the Independent Committee shall be disclosed to the Unitholders.

(5) That AGTM should disclose to the unitholders the fee tables to DREAM and Accordia annually since inception.

(6) That the distributable income entitled by the unitholders for the period of April to September 2020 should be paid to the unitholders duly and timely independent of the proposed divestment.

In relation to the announcement by AGTM on 29^th June 2020 to recommend the unitholders the divestment of all of its golf courses to the Sponsor company at an indicative consideration per unit of $0.732, Hibiki have declared publicly to vote against the proposed divestment if the price is not revised higher. We are pleased to share that since then, we have been receiving overwhelming support. Although there are some who requested for anonymity, many have expressed their intention to vote “Against” the divestment along with us. As of 25^th July 2020, we have received written support from over 80 unitholders with collectively more than 18% of total outstanding units. To date, we continue to be receiving support from many more unitholders and we welcome all minority unitholders to write in to us at info@hibiki-path-advisors.com.

We hope to continue our efforts to engage with as many non-conflicted minority unitholder groups as possible in order for them to make a well-informed independent judgment on the proposed divestment.

Contacts

Yuya Shimizu

Chief Investment Officer

Hibiki Path Advisors

www.hibiki-path-advisors.com
info@hibiki-path-advisors.com