Final capital Return

  • 8-28-2017

Dear Investor

We write to advise that negotiations for the sale of the only remaining security property are still ongoing.

Although mindful of the delay, the Board has perservered with the lengthy and protracted due diligence process in the firm belief that it offered the best prospects for obtaining a quicker sale, on terms favourable to the seller, without incurring significant selling and marketing costs and general fund overheads, thereby enabling the Fund to be wound up as soon as possible.

The buyer has requested a further extension of the due diligence period to 7 September, 2017, with settlement to occur by no later than 21 September, 2017. We have been advised that the purchaser's risk, audit and finance committees have recommended the purchase to their full Board. As a show of good faith they have offered and subsequently paid, a sizeable, non-refundable, holding fee.

Should the sale proceed as intended, the Board will meet to determine the final capital return to unitholders and to advise the approximate date for the winding up of the Fund.

Should the sale not proceed as expected, the property will be put back on the open marketwhich would result in a further delay of some months before another buyer is found and settlement proceeds received. If this eventuates, we will advise investors accordingly.

The Board believes that it has been in the Fund's best interest to continue to negotiate in good faith and will endeavour to finalise matters as soon as possible. Again we thank you for your patience and understanding in this matter.

Greg Andersen

CEO


Email to Friend

Fill in the form below to send this news item to a friend:

Email to Friend
* Your Name:
* Your Email:
* Friend's Name:
* Friend's Email:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image
* Message:

Copyright © 2010, Mayne Investments Ltd. Privacy Statement | Terms of UseSite by:   Powered by: PrimeTime