SDOT2 Product Disclosure Statement - Stockland

More documents

Recommendations

Info

04 1. Key Investment Features (cont.) Key investment features Feature Summary Section(s) The Offer Minimum investment Term of the Trust Important date Applications must be for a minimum of 25,000 Units and thereafter in multiples of 1,000 Units. As a minimum: - the First Instalment ($0.40 per Unit) payable on Application is $10,000; and - the Final Instalment ($0.60 per Unit) payable on the Final Instalment Payment Date (scheduled for 30 June 2013, subject to conditions) is $15,000. A meeting of Investors is to be held prior to 31 December 2012 and Investors will vote on terminating or continuing the Trust. Closing Date of the Offer 16 September 2005 2.3 and 4.4 3.4 2.4 Benefits Forecast Statements of Distributions and tax deferred component of distributions The forecast Statements of Distributions (which are net of Interest and Fees on the Final Instalment) for the Trust for each of the years in the Forecast Period, assuming Lease Commencement on 1 July 2007, are set out below: Financial Year 2006 2007 2008 2009 Pre-tax return 90-day bank bill 7.50% 7.55% rate (5.70% pa as (3.000 cents (3.020 cents at 27 June 2005)* per First per First Instalment) Instalment) Tax deferred component 100% 100% 100% 100% of distributions After Tax Return 90-day bank bill rate 12.56% # 12.61% # (5.70% pa as (5.024 cents (5.044 cents at 27 June 2005)* per First per First Instalment) Instalment) 8.3 and 8.4 Distributions # The After Tax Return is higher than the pre-tax return in 2008 and 2009 as it assumes deductions of Interest and Fees associated with the Final Instalment are available to Investors. The After Tax Returns are based on a marginal rate of income tax of 48.5%. * If the 90-day bank bill rate is 5.70% per annum, the pre-tax return and After Tax Return will be 2.280 cents per First Instalment. Quarterly, paid within two months of 31 March, 30 June, 30 September and 31 December each year, the first distribution being payable by 28 February 2006. All Interest and Fees relating to the Final Instalment will be deducted by the Security Trustee from Investors’ entitlement to receive gross distributions. 3.3 and 4.6
05 Key investment features Feature Summary Section(s) Benefits Limited Liquidity Facility Limited recourse Bank Loan and fixed interest rates No development risk Net Tangible Assets (NTA) Cornerstone investment Underwriting The Property Property and Optus Lease The Responsible Entity has arranged for Westpac to provide a Limited Liquidity Facility from Lease Commencement under which Westpac will be prepared to purchase up to 1,000,000 Instalment Receipts per Quarter from Investors at a 2.5% discount to NTA per Unit. A processing fee will apply. This facility may be terminated by Westpac without notice to Investors at any time and is subject to the conditions detailed in Section 3.7. The Trust intends to borrow $107,226,000 from the Financier for a period of approximately eight years, with recourse solely to the assets of the Trust (Bank Loan). This Bank Loan will be used for the provision of: - a loan to MPT until Lease Commencement and the acquisition of the Trust’s Property Interest (Term Loan Facility); - the Trust’s share of capital expenditure (Capital Expenditure Facility); and - cash flow management (Overdraft Facility). The interest rates for the Term Loan Facility have been fixed at 6.37% per annum until 1 July 2007 and at 6.45% per annum from 1 July 2007 until 30 June 2013. The Gearing Ratio is forecast to be 60%. The Trust has the benefit of guarantees and an indemnity from Stockland, or Stockland related entities, until Lease Commencement protecting Investors from development risks. The NTA value of Units in the Trust calculated in accordance with A-IFRS is forecast to be $0.92 per Unit on Lease Commencement. Stockland Trust intends to apply for 5% of the Units on the same terms and conditions as other Investors. Following Lease Commencement Stockland Trust intends to hold at least 31% of the ordinary units in MPT. Westpac has underwritten the subscriptions for 85% of the Units. Stockland Trust has underwritten the subscriptions for the remaining 15% of Units. Property Optus at Macquarie Park (formerly North Ryde), NSW. Tenant Optus Administration Pty Limited. Guarantor SingTel Optus Pty Limited, which is rated A+ of the stable by Standard & Poor’s (refer to Section Optus Lease 15.10). 3.7 2.1, 3.2 and 4 7.7 8.5 2.1 and 3.1 2.2 5.2 and 6.2
Page 1 and 2: Optus at Macquarie Park Stockland D
Page 3: Dear Applicant On behalf of Stockla
Page 6 and 7: 02 What you need to do Applicants w
Page 10 and 11: 06 1. Key Investment Features (cont
Page 12 and 13: 08 1. Key Investment Features (cont
Page 14 and 15: 10 2. Details of the Offer (cont.)
Page 16 and 17: 12 2. Details of the Offer (cont.)
Page 18 and 19: 14 3. The Trust (cont.) 3.2 Bank Lo
Page 20 and 21: 16 3. The Trust (cont.) If the Orig
Page 22 and 23: 18 3. The Trust (cont.) 3.8 Taxatio
Page 24 and 25: 20 4. Instalment Receipts (cont.) I
Page 26 and 27: 22 4. Instalment Receipts (cont.) 4
Page 28 and 29: 24 5. The Property 5.1 Description
Page 30 and 31: 26 5. The Property (cont.) 5.3 The
Page 32 and 33: 28 6. The Leases and the Tenant 6.1
Page 34 and 35: 30 6. The Leases and the Tenant (co
Page 36 and 37: 32 7. About Stockland (cont.) 7.2 S
Page 38 and 39: 34 7. About Stockland (cont.) Tony
Page 40 and 41: 36 7. About Stockland (cont.) - Opt
Page 42 and 43: 38 8. Financial Information 8.1 Int
Page 44 and 45: 40 8. Financial Information (cont.)
Page 56 and 57: 52 9. Fees 9.1 Fees and other costs
Page 58 and 59:
54 9. Fees (cont.) 9.2 Additional e
Page 60 and 61:
56 9. Fees (cont.) 9.2.3 Interest a
Page 62 and 63:
58 10. Risk Factors 10.1 Introducti
Page 64 and 65:
60 10. Risk Factors (cont.) To the
Page 66 and 67:
62 10. Risk Factors (cont.) Given t
Page 68:
64 11. Valuation Report
Page 72:
68 12. Financial Services Guide and
Page 76 and 77:
72 12. Financial Services Guide and
Page 78:
74 13. Taxation Report (cont.)
Page 82 and 83:
78 13. Taxation Report (cont.)
Page 84 and 85:
80 14. Legal Report for Superannuat
Page 86 and 87:
82 15. Additional Information (cont
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
94 16. Glossary Term A-GAAP A-IFRS
Page 100 and 101:
96 16. Glossary (cont.) Term Financ
Page 102 and 103:
98 16. Glossary (cont.) Term Specia
Page 104 and 105:
100 Guide to the Application Form (
Page 106 and 107:
102
Page 108 and 109:
Page 2 J Bank account details for T
Page 110 and 111:
Page 2 J Bank account details for T
Page 112 and 113:
Stockland Funds Management Limited
Page 114:
2. Privacy In order to be able to p
show all

SDOT2 Product Disclosure Statement - Stockland

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?