ApexHi said yesterday that more than 45,8-million ApexHi A units were traded, equating to 39% of the weighted average units in issue, while 55,1-million B units or 46% were traded in the same period.

 ApexHi's linked unit structure is different to other listed property companies in that they are divided into A and B units. A-unit holders are guaranteed a distribution of 1,02c for as long as it takes for total distribution to reach 2,27c. It sits at 2,08c at present. B-unit holders have a higher risk, but also higher future returns as all growth in income until the 2,27c mark goes to them.

 Once the 2,27c mark is reached, 45% of the distribution goes to the A-unit holders and 55% to the B-unit holders.

 ApexHi's CEO Gerald Leissner says that historically trading volumes in the property loan stock sector have been fairly low.

 "The larger funds have seen growth through consolidation and acquisitions in the past two years, which has ultimately resulted in increased liquidity and trading volumes for the property sectors," says Leissner.

 Leissner says ApexHi's substantial growth in the past two years has contributed towards the increase in liquidity.

 Andisa Securities' property analyst Len Van Niekerk said that one of the problems that property loan stock companies faced was lack of liquidity and ApexHi was one of the most liquid.