In accordance with the BrickX Platform Product Disclosure Statement, BrickX Financial Services Limited (the Trustee) has issued the Notice of Meeting for BrickX Trust No. 11 (Trust) for holders of Bricks in the Trust (Brick Holders) to consider passing a resolution to wind up the Trust and sell the property located at 10 Shamrock Street, Brunswick West VIC (Property).
This Meeting will be held at 10.00 am (Melbourne time) on Thursday 26 September 2024 and provides Brick Holders with the opportunity to vote on two resolutions:
Resolution 1 – Approval to issue Bricks with General power
Brick Holders are being asked to approve the offer and issue of 6,000 additional bricks in Trust 11 at a value of $81.85 per brick, with subscription funds being used to replenish the cash reserve and extinguish all debt held by the Trust.
If this offer and issue is subscribed in full, the Trust should be in a position to continue to hold the property at 10 Shamrock Street, Brunswick West VIC 3055 and meet its current and projected costs and expenses.
As part of this resolution, Brick Holders are being asked to authorise each director and company secretary of the Trustee to do all things necessary or desirable to give effect to the offer and issue of those bricks.
Resolution 1 is an extraordinary resolution and will only be passed if Brick Holders who collectively hold at least 50% of the Bricks on issue in the Trust – that is, at least 5,000 out of the 10,000 Bricks on issue – vote in favour.
Resolution 2 – Approval to Sell Property with General power
The purpose of Resolution 2 is to authorise the Trustee to undertake all necessary and desirable actions to effect Resolution 1.
Should Resolution1 not be approved, or should Resolution 1 be approved but the offer and issue referred to in Resolution 1 not be fully subscribed by 31 October 2024, Brick Holders are being asked to approved the property being offered for sale and sold at a price on such terms as the Trustee considers reasonable in the circumstances but having due regard to the independent valuation of the property obtained as at 30 June 2024 (being $1,250,000), and that this authorization be in place until 30 December 2024 (which may be extended to 31 March 2025 in the discretion of the Trustee if considered necessary in the circumstances).
As part of this resolution, Brick Holders are being asked to authorise each director and company secretary of the Trustee to do all things necessary or desirable to give effect to the offer and sale of the property, including to wind up the Trust once the property is sold as there will no longer be any material assets in the Trust at that time.
Resolution 2 is an extraordinary resolution and will only be passed if Brick Holders who collectively hold at least 50% of the Bricks on issue in the Trust – that is, at least 5,000 of the 10,000 BrickX on issue – vote in favour of the Resolution. Resolution 2 may also pass should Resolution 1 not be passed.
For further details please refer to ‘Notice of Meeting – BrickX Trust No. 11 – September 2024’.
How to vote?
BrickX has engaged CorpVote Pty. Ltd. (CorpVote) to independently manage the process and make it as simple as possible for you. CorpVote will be in touch with Brick Holders shortly about the voting process.
For Individuals:
There are two ways to vote before the Meeting:
- use the Voter Access Code provided by email to complete and lodge the Proxy Form online via CorpVote’s secure voting platform when the online voting process opens (expected to be on Tuesday 4 September 2024); or
- print and fill out a copy of the Proxy Form for Individuals, sign it and either:
- scan and email it to CorpVote (support@corpvote.com.au); or
- send it by mail to the address shown on the Proxy Form.
For Companies including SMSFs and Trusts with a company as trustee:
Brick Holders who are companies (including corporate Brick Holders who hold their Bricks as trustee of a trust) wishing to vote before the Meeting must print and fill out a copy of the Proxy Form for Companies, have the form signed on behalf of the company and either:
- scan and email it to CorpVote (support@corpvote.com.au); or
- send it by mail to the address shown on the Proxy Form.
The Proxy Form must be received (by email, mail or (for individuals) through online lodgement) no later than 10.00 am (Melbourne time) on Tuesday 24 September 2024.
The Meeting will be a hybrid (virtual and physical) meeting conducted in person and via video and teleconference and voting facilities will be available during the Meeting. You will be provided with information about how to register your attendance if you wish to participate in the Meeting. However, you are encouraged to vote before the Meeting if possible.
For assistance with the vote, please contact CorpVote on 1300 710 950 or email support@corpvote.com.au.
What happens now?
From the issue of the Notice of Meeting, no Bricks relating to the Property may be traded through the Order Book 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 and The Brick Exchange Pty Ltd 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 Order Book.
If you have any further questions, please refer to our Help Centre or contact info@brickx.com.
