This Continuous Disclosure Notice provides important information to investors in respect of the following funds as at 31 March 2022:
On page 18 of the Product Disclosure Statement (PDS) for the TPT Wealth Income Funds dated 2 December 2019 the following appears:
Maximum loan amount for any one borrower
For each Fund, the total exposure of a Fund to a single borrowing entity is generally not to exceed 5% of the total value of the applicable Fund value.
Any decision to exceed these limits requires approval by two TPT Wealth non-executive Directors or a TPT Wealth Board delegate.
On 7 February 2022 the Board exercised their discretion to approve a request for a secured commercial loan to one borrower in the following amounts for each of the following Funds:
|TPT Fixed Term Fund||TPT Long Term Fund||TPT Select Mortgage Fund|
|% of total value of assets of the Fund||7.1%||7.37%||7.07%|
When initial approval to commence the application process was granted by the Board, the loans for each Fund exceeded the general limit of 5% of the total value of each Fund at that time. The loan applications have subsequently been received and approved through our normal credit approval processes and will settle on or around 31 March 2022.
We regularly provide disclosure against the mortgage fund benchmarks set by ASIC. Our last Benchmark Disclosure was as at 30 Sept 2021 and our next scheduled publication will be as at 31 March 2022. If the loans settle by 31 March, then updated information will be available in the next Benchmark Disclosure. Otherwise it will be in the following report.
In the interim we provide a high level overview of the benchmarks most affected by the decision to provide these loans:
As to the remaining Benchmarks, particularly numbers 2, 4, 5, 6, 7 and 8 there will be no reflected change as a result of these loans. Once the Benchmark Disclosure report is completed for the period ending 31 March 2022 it will be available at https://tptwealth.com.au/reports-disclosures/.
Please note, any change to the disclosure at the relevant time will ultimately depend on the value of the assets for each Fund for the period of the disclosure.
This Continuous Disclosure Notice is issued by TPT Wealth Limited ABN 97 009 475 629 AFSL 234630. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962.
The information is of a general nature and has been prepared without taking into account the investment objectives, financial situation or particular needs of any investor. It is essential that you obtain and read the relevant Product Disclosure Statement (PDS) and other disclosure documents, and you consider seeking independent professional financial, legal and taxation advice before making any investment decisions in relation to these products.