2014/2015 Tax Statements
CHUF has exited the majority of its underlying investments and has returned the net proceeds from these sales to unitholders. Management are exploring options to exit the funds residual investments and return proceeds to unitholders as soon as possible.
The last distribution was paid to investors in June 2014 therefore there has been no income during the 14/15 tax year and tax statements will not be distributed.
Update on CHUF's investments and future distributions
CHUF has now exited the majority of its underlying investments and has returned the net proceeds from these sales to unit holders. The remaining investments in the fund total only $2.8m and as the income from these investments is minimal, there will be no further income distributions or quarterly updates. Future distributions will be the return of investors remaining capital at the time these investments are sold and we will provide an update to investors when this occurs.
The remaining CHUF investments in two funds have currently positioned their assets for sale. This includes:
- Charter Hall Diversified Property Fund (DPF) which has been proceeding with the orderly termination of the fund and positioning and marketing the remaining assets for sale. The sale of the last assets of DPF is currently underway and settlement is targeted at this calendar year.
- Charter Hall Opportunity Fund 5 (CHOF5) which is finalising the leasing of its remaining assets to position it for sale. Once this asset is sold the net proceeds will be returned to CHUF.
September 2014 Distribution
CHUF has now sold out of the majority of its underlying investments and already returned the net proceeds from these sales to unitholders. Following on from this, there is no material distributable income available for the payment of a September 2014 quarterly distribution. The next payment to investors will occur once CHUF sells its final small residual investments which are targeted for sale in Q1 2015.
Supplementary distribution for the 30 September 2013 quarter
A supplementary distribution for the 30 September 2013 quarter of $0.27 was made to investors on 21 November 2013. This payment was a result of CHUF’s investment of $48.2 million in the Charter Hall Core Plus Office Fund (CPOF) was redeemed in full at CPOF’s recent liquidity review and the manager wishing to return proceeds to investors in the most efficient timeframe possible (rather than wait until the December 2013 quarterly distribution).
Closed for Investment
The Responsible Entity (RE) has determined to, at this point in time, close CHUF for new applications by withdrawing the fund's Product Disclosure Statement and discontinuing the distribution reinvestment plan. This will allow the RE to focus on providing liquidity to existing investors as the fund's underlying investment mature from 2012 through to 2015.
The RE may re-open CHUF to investment depending on investment demand and the liquidity profile of the Fund at that time. Closing CHUF to investor applications and distribution reinvestment will not change the Fund's distribution policy of quarterly distribution payments. With the Fund's underlying assets continuing to be actively managed, the RE expects to maintain quarterly income distributions with tax-deferral benefits.
Change to the hardship redemption policy
Charter Hall has previously informed investors that relief was granted from the Australian Securities & Investments Commission (ASIC) to pay qualifying hardship redemptions to investors suffering financial hardship. Unfortunately, ASIC has now informed the fund that from 22 October 2013 it will no longer provide such hardship relief despite the responsible entity's submissions that it should remain. To apply for hardship redemptions while the option is still available, please go to the fund's downloads page.
This information has been prepared by Charter Hall Funds Management Limited ABN 31 082 991 786; AFSL 262861 (‘CHFML’) for information purposes only. This website is not an offer to sell or a solicitation or an offer to subscribe or purchase or a recommendation of any securities referred to herein and the information has not taken into account any potential investors' personal objectives, financial situation or needs. Before investing, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice.
CHFML does not receive fees in respect of the general financial product advice it may provide, however they will receive fees for operating the schemes of which it is the responsible entity (‘Schemes’) which, in accordance with the Schemes' Constitutions, are calculated by reference to the value of the assets of the Schemes. Entities within the Charter Hall Group may also receive fees for managing the assets of, and providing resources to the Schemes. For more detail on fees, see our latest annual report. To contact us, call 1300 365 585 (local call cost).
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