The minimum redemption amount is AUD20,000.
Unit holders must provide at least six months’ written notice to redeem. If a unit holder provides less than six months’ notice to redeem, an Early exit penalty of 5% will be levied. Redeeming unit holders that provide less than 6 months’ notice must provide a minimum of two weeks’ notice.
Redemptions will only be processed once a month. The price payable on redemption is the Net Asset Value of the Fund divided by the number of units in issue at the time of redemption (i.e. last calendar day of the month of redemption) less 0.5% (being the Sell spread or the Manager’s allowance for transaction costs. The spread is the property of the Fund and is not a fee levied by the Manager). If less than six months’ notice is provided, the spread will increase to 5,5% to incorporate the early exit penalty. Generally, the proceeds from redemption requests will be paid within 10 business days after the calculation of the month end unit price, subject to liquidity.
Under the Constitution, the Trustee is not obliged to give effect to any redemption request and can limit the number of units subject to redemption on a particular date to 10% of units in issue.
The Trustee reserves the right to transfer securities in specie to unit holders in satisfaction of redemption proceeds if it considers the securities too illiquid to sell on the market without significant price impact.
The redemption form can be accessed here.