HIBIKI PATH ADVISORS ANNOUNCES ENGAGEMENT WITH ACCORDIA GOLF TRUST

KUALA LUMPUR, June 19 -- Hibiki Path Advisors Pte Ltd (Hibiki) has managed and/or advised certain entities with aggregate holding of 7.6 per cent of Accordia Golf Trust (AGT) shares as of June 17.

As one of the minority non-conflicted unitholders of AGT, Hibiki is currently actively engaging AGT trustee manager, Accordia Golf Trust Management (AGTM), expressing its deep concern on the current situation.

Back in Nov 28, 2019, AGTM has received a non-binding bid proposal, later revealed to be from the parent company, Accordia Golf Co Ltd, and have formed an independent committee to review the proposal on Jan 13.

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On June 11, AGTM published the financial statement of their full-year results (FY19/20) and especially since this is a sensitive period where the non-binding bid proposal from the parent company is ongoing, it noticed deeply concerning facts on the financial statements. 

AGTM has announced that dividend for the second half of the financial year has dropped by 21 per cent YOY even though the Q3 DPU was 16.2 per cent above the previous year and Q4 operation has also outperformed the previous year substantially. 

A closer analysis indicates that the drop in the dividend was mainly due to two substantial reserve items which Hibiki is still seeking clarifications with AGTM, according to a statement.

While Hibiki continues to engage AGTM actively, it implores for all fellow AGT unitholders to conduct independent reviews and take the necessary actions with AGTM to uphold the fiduciary duties due to all unitholders through this sensitive period.

-- BERNAMA