PJPL Offer – Update

24 September 2010

Balmain Trilogy has now been advised that the Project Junior Pte Ltd (PJPL) Offer to acquire units in the Pacific First Mortgage Fund has been extended to the earlier of 21 October 2010 or PJPL receiving acceptances for 435 million units.

PJPL have also confirmed that they have waived all of the conditions relating to its Offer except the 10% minimum acceptance condition. As at 22 September 2010, PJPL have received acceptances of 27.7 million units representing 3.1% of the total units on issue.

Balmain Trilogy also advises that Unitholders who accept the offer will still receive the upcoming capital repayment of 4 cents per unit in early October. If the minimum acceptance condition is satisfied or waived the PJPL offer price will be adjusted accordingly to 22 cents per unit.

PJPL have now issued a letter to all Unitholders providing a status update of their offer and copy of the letter can be viewed by clicking on the below link.

Neither Trilogy nor Balmain Trilogy recommends that Unitholders either accept or reject the PJPL offer. However, the Liquidity offer does provide unitholders with a choice to exit the Fund immediately. Balmain Trilogy advises Unitholders to seek professional financial advice if any aspect of the offer is unclear to them.

Download

PJPL Offer Update Letter
(PDF 21kb)