In accordance with the BrickX Platform Product Disclosure Statement, BrickX Financial Services Limited (the Trustee) issued the Notice of Meeting for BrickX Trust No. 4 (Trust) seeking the approval of the holders of Bricks in the Trust (Brick Holders) sell the property located at 109 Albion Street, Annandale, New South Wales 2038 (Property).
The meeting was held at 12.15pm (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 offering of the Property for sale at a price not less than the greater of the independent valuation obtained in December 2020 ($1,480,000) and the independent valuation to be obtained as at 30 June 2021, for a period of 3 months (with the potential to extend the sale period by up to 3 months).
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.
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. 4’.
Outcome of Vote – Resolution 1 & 2 (Meeting of Brick Holders – 27 July 2021)
The Chairperson advised that Brick Holders who collectively hold 5,286 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 12. 15pm on Sunday 25 July 2021. These are as set out below:
|3,412 (34.1%)||1,780 (17.8%)||94||Not Passed|
|4,165 (78.8%)||607 (11.5%)||514||Not Considered|
* 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. 4 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. 4 (5,286)
What happens now?
Given the meeting has now been held and the sale of the Property was not approved Resolution 1 has not been voted in favour (and Resolution 2 as a result has not been considered), the trading halt will be lifted at 5.30pm (AEST) on Tuesday 27 July 2021, following which offers to buy or sell Bricks in the Trust may again be made through the Order Book.
Since the date of issue of the Notice of Meeting and commencement of the voting process, no trading in Bricks relating to the Property through the Order Book has been allowed.