Australia's Takeovers Panel declined to conduct proceedings against AIMS Property Securities Fund (ASX:APW) concerning alleged undisclosed associations between certain unitholders and the company, according to a Thursday filing with the Australian bourse.

The application was made by Benjamin Graham as trustee for the Graham Family Trust and Warwick Sauer in his personal capacity and as a director of Baauer as trustee for the Baauer Family Trust.

The panel concluded that "there was no reasonable prospect that it would make a

declaration of unacceptable circumstances" as the applicants failed to provide a sufficient body of material to justify the proceedings.