The meeting was held at 10.45am (AEST) on Tuesday 27 July 2021. For details on the outcome of the meeting and vote, please refer to this article.

BrickX Financial Services Limited (the Trustee) has issued the Notice of Meeting for BrickX Trust No. 7 (Trust) seeking the approval of the holders of Bricks in the Trust (Brick Holders) to wind up the Trust.

This Meeting will be held at 10.45am (Melbourne time) on Tuesday 27 July 2021 and provides Brick Holders with the opportunity to vote on two resolutions:

Resolution 1 – Approval to sell Property

Brick Holders are being asked to approve the winding up of the Trust. The winding up process will involve the property located at 322 Esplanade East, Port Melbourne, Victoria 3207 (Property) being sold and after all outstanding liabilities have been met, Brick holders will each receive their pro rata share of the net proceeds as a deposit into their BrickX wallets.

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 – General power

The purpose of Resolution 2 is to authorise the Trustee to undertake all necessary and desirable actions to effect Resolution 1, which will involve the sale of the Property.

Resolution 2 is an ordinary resolution and will be passed if more than 50% of the votes cast by Brick Holders entitled to vote are in favour of the Resolution.  Resolution 2 will only be considered at the Meeting if Resolution 1 is passed.

For further details please refer to ‘Notice of Meeting – BrickX Trust No. 7’.

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 shortly regarding the voting process.

For Individuals:

There are two ways to vote before the Meeting:

  1. 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 Friday 2 July 2021); or
  2. Print and fill out a copy of the Proxy Form for Individuals, sign it and either:
    • 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 ([email protected]); or
  • send it by mail to the address shown on the Proxy Form.

The Proxy Form must be received (by mail or email or (for individuals) through online lodgement) no later than 10.45am (Melbourne time) on Sunday 25 July 2021.

For assistance with the vote, please contact CorpVote on 1300 710 950 or email [email protected].

The Meeting will be a virtual meeting conducted 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.

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 winding up the Trust – 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 winding up the Trust – 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 contact [email protected].

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *

Join 1000's of Aussies investing with BrickX

Find Out How

Keep up with the latest news
on property and BrickX