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Brookfield Australia Investments Limited (BAIL) has agreed to ensure that the Fund is in a position to pay distributions of 8% per annum net of fees and expenses and before tax, on the NAV of the Fund until 30 June 2008. Please note, capital remains at risk. Any amount paid by BAIL under this guarantee is a liability of the Fund. As at 31 December 2010, the liability is $4.5 million.
In a letter to investors dated 8 November 2006, MDOF’s current investment strategy was broadened to include the ability for the Fund to invest in opportunities in which BAIL has no involvement. The Manager will continue to apply the same rigour to the evaluation and due diligence of any potential project prior to seeking investment approved by the Board of directors.
The Manager will endeavour to negotiate with the relevant developer to ensure that the Fund will have a priority entitlement to development returns similar to the entitlement from Brookfield developments.
The Manager in its personal capacity, has offered to acquire units from unitholders seeking to exit the Fund, up to a maximum $20 million aggregate holding by the Manager. During the quarter ending 30 June 2008, the Liquidity Facility offered by the Manager reached its cap. For more information on withdrawing from the Fund through the liquidity facility please refer to withdrawals in this section.
The right to redeem units will only exist when the Fund is ‘liquid’ (as defined by the Corporations Act). For more information on withdrawing from the Fund by way of redemption please refer to withdrawals in this section.
The Fund will make investments in development related projects which, by their nature, carry a higher degree of risk than investments in built and tenanted properties. For further information on the Risks associated with the investment projects please refer to Section 6 ofthe Production Disclosure Statement (PDS) dated 14 September 2005. Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.