Wind up of the Fund
Trilogy Funds is pleased to announce that it has resolved to commence the formal wind up of the Fund.
Pursuant to s601NC of the Corporations Act 2001 (Cth), Trilogy Funds is proposing to wind up of the Fund on the basis that it considers that the Fund’s purpose has been accomplished.
Upon being appointed as responsible entity of the Fund in 2009,Trilogy Funds proposed, amongst other things, to:
- commence an independently reviewed detailed assessment of the quality and value of all of the assets of the Fund, being the underlying mortgages;
- instruct a leading Australian law firm to complete a review of the past conduct of the Fund; and
- establish protocols to commence a redemption cycle, subject to the findings of the asset review and available liquidity.
Since its appointment, Trilogy Funds has facilitated the return of proceeds from litigation, realised all underlying assets into cash, cleared all material outstanding short-term liabilities that the Fund owed, and began progressively making return of capital payments to unitholders. Following the conclusion of the outstanding litigation, Trilogy Funds now considers that the purpose of the Fund has now been accomplished and that the Fund may now be wound up.
You have the right to take action under Division 1 of Part 2G.4 of the Corporations Act 2001 (Cth) and call a members’ meeting to consider the proposed winding up of the Fund and to vote on any extraordinary resolution members propose about the winding up of the Fund.
Please note that Trilogy Funds is permitted to wind up the Fund unless a meeting is called to consider the proposed winding up of the Fund within 28 days of date of this notice.
Bankrupt Estate of Sullivan
The final report from the Bankruptcy Trustee for the Estate of Sullivan remains outstanding at this time.
Trilogy Funds remains in dialogue with the Trustee and will continue to agitate for the resolution of this matter shortly.
Distribution
Trilogy Funds is pleased to advise that the Fund is in a position to make a final distribution prior to the final wind up of the Fund.
Your distribution entitlement will depend on the class and the number of units that you hold. Trilogy Funds will provide a further update in this respect in due course.
Should you have any enquiries, please call BalmainTrilogy Investor Relations on 1800 194 500 or email investorrelations@trilogyfunds.com.au