We are pleased to announce that the Rental Management Investment Trust has achieved the minimum subscription of $15,000,000 and 300 unit holders required to list on the ASX as a Listed Investment Trust (LIT).
We are aware of a number of investors who are still seeking to invest under the IPO, but are unable to get the funds in this week. To provide the opportunity for further funds to be raised, the closing date for the IPO offer has been extended from Friday 7th December to Wednesday 19th December.
We would also like to confirm that pursuant to the investment agreements entered into with the pre IPO investors and business vendors, they are all being voluntarily escrowed by the RMIT for periods of 6 to 12 months depending on the type of investment being transferred into the RMIT.
In summary, the offer for the RMIT is now as follows:
- Offer for $1.00 units in the Rental Management Investment Trust
- Minimum investment of $2,000
- Each unit has one free attaching 2 year Option exercisable at $1.00
- Offer opens 6th November 2012
- Offer closes 19th December 2012
- Units expected to be listed on the ASX by 8th January 2012 (ASX Code RTI and RTIO for Options)
- The RMIT invests in the Rental Management Australia Fund (RMA Fund)
The key features for the RMIT include:
- A corporate structure designed to pay an efficient yield distribution.
- A strong cash flow deducted directly from rent collected, with no long term bad debts.
- Geographic spread across Australia.
- Asset spread across over 17,000 individual property management assets.
- Trust yield will be approximately 9.25% pa paid quarterly.
- In addition, the RMA Fund may pay dividends to the RMIT.
Hard copies of the RMIT PDS and the RMA Fund Offer Document are available upon request.
For additional information, please refer to www.rmitfund.com.au
If you have any queries, or would like any further information, please contact Mark McKeown on 0418 952 250.
Chief Investment Officer
To view Investment Overview please download PDF below: