BrickX Financial Services Limited (the Trustee) issued the Notice of Meeting for BrickX Trust No. 14 (Trust) seeking the approval of the holders of Bricks in the Trust (Brick Holders) to wind up the Trust.
The meeting was held at 10.00am (AEST) on Tuesday 27 July 2021 and this notice provides Brick Holders with the outcome from the vote on the two resolutions set out in the Notice of Meeting which were as follows:
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 24 Clayton St, Balmain, New South Wales 2041 (Property) being sold, the outstanding loan balance on the Property being repaid 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. 14’.
Outcome of Vote – Resolution 1 & 2 (Meeting of Brick Holders – 27 July 2021)
The Chairperson advised that Brick Holders who collectively hold 7,846 Bricks had chosen to vote via proxy, all of whom had nominated the Chairperson as proxy. The voting process was independently managed by CorpVote Pty. Ltd.
The Chairperson summarised the total proxy voting results received as at 10.00am on Sunday 25 July 2021. These are as set out below:
|7,216 (72.1%)||512 (5.1%)||118||Passed|
|7,453 (95%)||207 (2.64%)||186||Passed|
* Resolution 1 votes are shown as a proportion of the total number of votes that may be cast by Brick Holders in the BrickX Trust No. 14 who are entitled to vote (10,000).
** Resolution 2 votes are shown as a proportion of the votes cast by Brick Holders in the BrickX Trust No. 14 (7,846)
What happens now?
Given Resolutions 1 and 2 have been voted in favour and the winding up of the Trust has been approved, the Manager will commence the process to offer the property for sale and wind up the Trust in accordance with the Resolutions.
Since the date of issue of the Notice of Meeting and commencement of the voting process, no trading in Bricks relating to the Property has been allowed. The trading halt will remain in place during the property sale process and winding up of the Trust. A final distribution will be paid into Brick Holders Digital Wallets following completion of the winding up of the Trust.
We will provide further updates on the property sale process to Brick Holders in due course.