Withdrawals |
GPS Invest Select Fund |
Withdrawals are not available to Fund Investors during the agreed term of each selected mortgage investment.
To allow for the efficient management of construction investments GPS may make principal repayments to Investors from ongoing sales at its discretion. For example, GPS may give priority according to the timing of each Investor’s investment in the investment (ie. on a first in, first out basis). This condition will only remain in effect whilst the borrower under the loan is not in default pursuant to the terms of the mortgage. |
| |
GPS Invest Pooled Fund |
The Fund operates as a non-liquid managed investment scheme and cannot guarantee the offer or payment of withdrawals at any particular time. It is GPS’s objective that withdrawal offers will be made on a periodic basis (usually quarterly on 28 February, 31 May, 31 August and 30 November) in accordance with the Act.
Withdrawal offers made by GPS (if any) will be made in writing to all Unitholders, will provide a Withdrawal Request Form and will specify:
- the period during which the offer will remain open which will be at least 21 days after the offer is made (the “Offer Period”);
- the assets that will be used to satisfy withdrawal requests;
- the amount of money that is expected to be available when those assets are converted into cash; and
- the method of dealing with withdrawal requests if the money available is insufficient to satisfy all requests.
Unitholders may request written withdrawal of part or all of their eligible Units by giving a notice that must be received no later than 5.00pm AEST on the last business day of the Offer Period. As required by the Act the withdrawal requests must be satisfied within 21 days of the end of the Offer Period.
No fee is payable for a withdrawal.
| Note: No withdrawals can be made outside of a periodic Offer Period. |
If the Fund suffers a loss of capital in its loan portfolio, there may be a reduction in value of the assets in the Fund on which the withdrawal value is based. This may result in a reduced withdrawal price payable to the Unitholders in the Fund whose withdrawal is being made at the time. |
|
Oversubscribed Withdrawal Requests |
The method for processing oversubscribed withdrawal requests in the event a lump sum is offered, is specified in section 601KD of the Act by using the following formula:
A x B / C, where:
A = Amount of money available
B = Amount a Unitholder requested to withdraw
C = Total of all amounts Unitholders request to withdraw
For example, if there is $3 million available to meet withdrawal requests and a Unitholder (Mr Jones) requests to withdraw an amount of $10,000, and if Unitholders lodge withdrawal requests totalling $5 million, then Mr Jones would receive three fifths of his request (i.e. $6,000).
This is an example only and the actual results will depend on the particular circumstances of any offer and the Unitholders own particular circumstances. GPS does not guarantee a periodic withdrawal offer will be made, or an amount of $3 million (or any other amount) will be available under any offer. |
|
| |
