This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS.

US Masters Residential Property Fund has announced the offer of a new security – URF Convertible Step-up Preference Units, or CPU’s (URFPA).

To enable existing holders of URF Notes I to participate in the URF CPUs Offer (Offer) without needing to fund an application for CPUs before receiving the proceeds of redemption of their URF Notes I, they will have the opportunity to nominate to exchange their existing holdings of URF Notes I into a subscription for CPUs on a 1 for 1 basis.

The Offer is expected to open on 09 December 2017.

What do I need to do by when?

Bid Details:

Offer Terms:

CHESS will process offer acceptance messages until 7:00pm (Sydney time) on 18 December 2017, or in the event that the offer is extended, such other times as may be notified by SUN to the market.

For further information regarding the offer please call 1300 454 801 (within Australia) Monday to Friday 8.00am to 5.30pm (Sydney time).

Need more information?

Issued by

Chris Mitchell, Post Trade Operations

Contact information

Chris Mitchell
1800 623 571
cad@asx.com.au

General Information

Participants should refer to Section 13 of the CHESS Procedure Guidelines for Participants and Section 14 of the ASX Settlement Operating Rules for further information concerning the processing of Takeover Acceptance Messages for a CHESS Holding of securities. Some of these issues are summarised below. 

• A Participant must initiate acceptance of an offer by transmission of an EIS type ‘031’ message (Takeover Acceptance) where the securities in question are held in a CHESS Holding. The Participant will receive a ‘032’ message (Effected Takeover Acceptance) from CHESS in response. 
• In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities are reserved in an offer-accepted subposition. Any change to the balance of securities in subposition will generate further electronic advice to the Participant and paper advice to the Holder.
• Where a Participant receives instructions from a Sponsored Holder, the Participant is required under the ASX Settlement Operating Rules to initiate acceptance of an offer:
• if the Holder specifies the time when or by which the offer must be accepted, in accordance with those instructions; otherwise 
• by End of Day on the date of receipt of instructions from the Holder. Where the offer closes on the date of receipt of instructions then prior to the close of the offer. 

Participants should therefore retain, as a minimum, a record of the date on which instructions to accept an offer are received from a Sponsored Holder.

Disclaimer