 |
| Investment Type |
Proportionate Ownership Scheme |
| Distribution Rate p.a. |
8.25% |
| Annual Estimated Cash Distribution |
$2,062.50 Gross |
| Note on Cash Distribution |
Investors are paid their portion of profit quarterly in arrears. As such no withholding tax is deducted. Investors are sent an end of year summary stating their share of profit and depreciation allowance for tax purposes. |
| Auditor |
KPMG |
| Make up of Investment Parcel |
$25,000 interest |
| Issue Date |
15 December 2005 |
| Net Asset Backing per Parcel |
$19,964 per parcel as at 31 March 2009 |
| Distribution Dates |
31 March, 30 June, 30 September, 31 December |
| Fund Issues |
Investors in this Scheme, at a Special meeting held on 15 July 2010, voted on a resolution to approve the sale of the Scheme’s property at 259 Wakefield Street, Wellington. The meeting was attended in person or by proxy by investors holding 71% of the Interests in the Scheme and the resolution was unanimously approved.
The sale of the Property will result in a return to investors of approximately $21,900 per Interest held.
Payment of Sale Proceeds:
Settlement of the property is scheduled for 30 September 2010 after which the surplus sale proceeds, estimated to be approximately $21,900 per Interest held (after repayment of the ASB loan and payment of expenses in respect of the sale including real estate agent's fees and legal fees), would be paid out to Investors on a pro-rata basis.
It is proposed that the proceeds would be paid to Investors in two instalments. The first payment, comprising the majority of the surplus, would be paid 20 business days after settlement date (being 28 October 2010). The second instalment would be paid prior to 31 March 2011 following a “wash up” and the payment of any outstanding costs such as service contractor accounts, and legal fees.
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