Dixon Advisory’s troubled US property fund has attracted the attention of corporate activist Nick Bolton, who is seeking to prevent the conversion of preference shares into ordinary shares – a move he describes as an “unnecessary value shift”.
The shock development, revealed on Monday via a statement to the Australian Securities Exchange, is the latest twist for beleaguered investors in the US Masters Residential Property fund, or URF, to consider before $200 million of hybrids are converted to ordinary units.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
