In accordance with the BrickX Platform Product Disclosure Statement, BrickX Financial Services Limited (the Trustee) issued the Notice of Meeting for BrickX Trust No. 5 (Trust) for holders of Bricks in the Trust (Brick Holders) to vote on the sale of the property located at 7/22 Ocean Avenue, Double Bay, New South Wales 2028 (Property).

This Meeting was held at 10.45 am (Melbourne time) on Thursday 31 March 2022 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 vote on the offering of the Property for sale at a price not less than the independent valuation obtained in December 2021 ($1,800,000) 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. 5’.

Outcome of Vote – Resolution 1 & 2

The Chairperson advised that Brick Holders who collectively hold 4,191 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 10.45am on Tuesday 29 March 2022. These are as set out below:

ForAgainstAbstainDeclaration
Resolution 1*   
2339 (23.4%)1753 (17.5%)99Not Passed
Resolution 2**   
3156 (75.3%) 538 (12.8%) 497 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. 5 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. 5 (4,191)

What happens now?

Given the meeting has now been held and the sale of the Property was not approved, the trading halt will be lifted at 9.30am (AEDT) on Friday 1 April 2022, following which offers to buy or sell Bricks in the Trust may again be made through the Order Book.

If you have any further questions, please refer to our Help Centre or contact [email protected].

Share this article

Leave a Reply

Your email address will not be published.

Join 1000's of Aussies investing with BrickX

Find Out How

Keep up with the latest news
on property and BrickX

shares