SYNDICATE CLOSED
The development is located 25 kilometres north of the Perth Central Business District, in the suburb of Aveley. The surrounding area includes established leisure and lifestyle amenities offering wineries, cafés, galleries, restaurants and boutique shops, such as the Vines world-class golf course and the picturesque Swan Valley. Convenient access is also available to amenities including areas of employment, education and services.
The Project
The project, marketed as Vale, involves the development and sale of Stages 2 to 6 comprising an estimated 1,562 residential lots, a group housing site, two local neighbourhood shopping centre sites, two retirement village sites, one Anglican private school site, one tavern site and one commercial site. As at 31 December 2009 the project is 86.2% sold.
Debt Management
As at 31 December 2009, the Syndicate was in compliance with its debt convenants. The Sydnciate successfully repaid the Bill component of the debt facility by its due date of 31 December 2009.
The Bank Guarantee component of the facility was renegotiated to expire on 31 March 2010. The faclity limit on the Bank Guarantee is $1 million and as at 31 December 2009, this was fully drawn. All Bank Guarantees above the limit and on expriy of the facility will be required to be supported by cash.
Dividends
The Syndicate has declared to pay a dividend of 10 cents per Share on 17 February 2010. A total of 61 cents in dividend and a capital return of 20 cents has been paid to date.
The Development Manager
The project is managed by Multiplex Developments Operations Pty Limited (Development Manager), which is part of the development division of the Multiplex Group. Established in 1989, the development division comprises a team of experienced personnel with expertise in key areas of the development process, including project identification, feasibility analysis, design and finance.
The Company and the Subsidiary
Multiplex Acumen Vale Syndicate Limited (Company) issued a prospectus on 16 August 2005 to raise capital to assist with funding the development and sale of Stages 2 to 6. The prospectus closed fully subscribed in November 2005.
Shareholders in the Company participate in returns generated from the development of the property.
Key Information
|
| Open date: |
August 2005 |
| Close date: |
November 2005 |
| Company size: |
$29.9 million1 |
| Minimum initial investment: |
The offer price was $1.00 per share paid in full on application. $5,000. |
| Dividends: |
The Company intends to progressively pay franked dividends and return capital to Shareholders following the completion of the sale of developed lots. |
| Exit Strategy: |
Following completion of the project, the Company will be wound up. Any remaining funds after paying creditors and winding up costs will be distributed amongst the Shareholders registered at that time. |
Performance
|
| Income distribution to date (CPU): |
61 cents |
| NTA per unit ($) 2: |
0.82 |
| Fund Return 3 |
20.3 |
1 Total assets of the company as at 31 December 2009 (audited)
2 Net Tangible Asset of the company divided by number of shares on issue (audited)
3 Per prospectus dated 16 August 2005.
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.