The policy of periodic redemption offers to unit holders ceased in May 2011, with the Board adopting a policy of periodic compulsory returns of capital.

The Trust is currently operating as a non-liquid managed investment scheme. While not obligated to do so, Mayne currently offers periodic withdrawal opportunities for investors.

Partial Redemption Offers: In making partial redemption offers to investors the Board decides what is in the best interest of all investors. Partial redemptions may be restricted to a percentage of funds under management giving all investors an opportunity to withdraw up to a nominated percentage of units held in the Fund; or may be in the form of a lump sum offer. 

Withdrawal offers made by Mayne (if any) will be made to all investors and will specify:

  1. the period during which the offer will remain open (which will be at least 21 days after the offer is made);
  2. the assets that will be used to satisfy withdrawal requests; and
  3. the amount of money that is expected to be available when that asset is converted into money.

The method for processing oversubscribed withdrawal requests in the event a lump sum is offered is specified in section 601KD of the Corporations Act by using the following formula:

Amount of money available X  Amount an investor requests to withdraw
Total of all amounts investors request to withdraw

Example: Let’s say there is $10 million available to meet withdrawal requests. An Investor (Mr Smith) requests to withdraw the amount of $10,000. Investors lodge valid withdrawal requests totalling $15 million. Then Mr Smith would receive $6,666.

This is an example only and the actual results will depend on the particular circumstances of any offer and the Investor’s own particular circumstances.

Mayne does not guarantee a periodic withdrawal offer will be made, or an amount of $10 million (or any other amount) will be available under any offer.

Hardship Guidelines: Mayne has been granted relief by ASIC to enable investors to withdraw up to $100,000 from the Fund in a calendar year where the investor can meet one of the following criteria:

  • Where the investor is unable to meet reasonable and immediate family living expenses;
  • On compassionate grounds (e.g. medical costs for serious illness, funeral expenses or to prevent foreclosure); and
  • In the case of permanent incapacity.

Investors seeking to access funds under hardship relief should contact Mayne on (02) 6622 4236

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