Prior to the Fund starting to purchase assets it must first hit the benchmark of $30,000,000 in capital (called the minimum subscription amount (“MSA”). This is because the fixed costs of running the Fund make it uncommercial below that amount of capital. If the MSA is not achieved by the 31st December 2023, investors will have their units redeemed and capital returned.
Based on the amount of interest in the Fund, it may be that the MSA is reached quickly – perhaps a matter of days or weeks – so we have also ‘hard wired’ in a minimum initial fixed period to until 30 September 2023.
Before the minimum subscription is achieved
Until the latter of 30 September 2023 and the date the MSA is achieved:
- The unit price will be fixed at $1.0000; and
- Applications will be processed (and units in the Fund issued) within ten business days of receipt.
After the minimum subscription is achieved
After the latter of 1 October 2023 and the date the MSA has been achieved:
- The unit price will be floating based on the Fund’s adjusted net tangible assets; and
- Applications will be processed (and units in the Fund issued) on the first business day of each calendar month, so long as the properly completed application form is received before 4pm (Melbourne time) on the last business day of the prior month.