In accordance with the BrickX PDS, when a property reaches its five-year anniversary on the BrickX Platform, BrickX will facilitate a meeting of Brick holders in the relevant Trust to consider whether to sell the property and wind up the Trust.
We are currently working on the Manager’s recommendation for Prahran and intend to commence the voting process by 15th September 2020.
As part of the process, all current Brickholders in the relevant Trusts will be provided with a notice of meeting and will have the opportunity to cast their vote via an external voting tool before the meeting date.
From the issue of the notice of meeting and commencement of the voting process, the property will be placed into a trading halt and no Bricks for that property may be traded through the BrickX Platform until after the meeting.
When all votes have been counted, following the meeting:
- if the required majority of votes cast are in favour of selling the property – there will be no further trading in Bricks through the BrickX Platform and the Manager will undertake to sell the property in a timely manner and, following the sale, release a final distribution to all Brick holders; and
- If the required majority of votes are not cast in favour of selling the property – the trading halt will be lifted, following which Bricks may again be bought and sold through the BrickX platform.