The Trust Company (RE Services) Limited (ACN 003 278 831 AFSL No. 235150) (Perpetual) is the responsible entity of the Fund. Swell Asset Management Pty Ltd (ACN 168 141 204) (Investment Manager or Swell Asset Management) is the investment manager of the Fund.
The Investment Manager has advised Perpetual that the Fund, at its present size, is not commercially viable and the Fund’s purpose can no longer be accomplished. The Investment Manager has recommended to the Responsible Entity, and the Responsible Entity has also determined, that in the unitholders’ best interests, the Fund should be terminated.
Perpetual has determined, in accordance with clause 4.2(c) of the Fund’s constitution and section 601NA(b) of the Act, that the Fund will be terminated on the Termination Date and Perpetual will proceed to wind up the Fund.
What will happen with applications, transfers, and redemptions?
From 7 March 2023 the Fund’s product disclosure statement will no longer be available. Any applications for units received and not yet processed by 2pm (Sydney time) prior to 7 March 2023 will not be processed and any related monies will be returned to investors as soon as practicable.
Any transfer of units in the Fund received and not yet approved to be registered prior to 7 March 2023 will be refused and the transferor will be notified as soon as practicable.
From 7 March 2023, Perpetual will suspend all redemptions and the operation of the dividend reinvestment plan. Any redemption requests received from members on 7 March 2023 will not be processed. Any redemption requests received from members before 7 March 2023 will be processed in accordance with the redemption terms detailed in the Fund’s Product Disclosure Statement dated 14 February 2022.
When will assets of the Fund be realised?
In accordance with the Fund’s constitution, the winding up of the Fund will be completed within 180 days of the Termination Date if practicable, or otherwise as soon as reasonably practicable after the Termination Date. The Investment Manager will conduct an orderly disposal of the Fund’s assets in order to maximise the net proceeds of realisation for unitholders.
Payments to members relating to the termination will be paid into the Australian bank accounts provided by investors when they applied for units in the Fund. The timing of payments from the Fund will depend on how the wind-up process proceeds and the extent to which the remaining assets continue to earn income.
The Investment Manager and Perpetual will continue to keep unitholders updated about the progress made regarding the wind-up of the Fund.
For further information please contact Swell Asset Management on 07 5551 0299 or via email to email@example.com or Perpetual on 02 9229 9000
Notice of Fund’s termination 6 March 2023
Suspension of redemptions 7 March 2023
Anticipated initial distribution April 2023