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The Board of Absolute Capital Group Limited has appointed a voluntary administrator for Absolute Capital Group Limited (Absolute Capital Group).
The appointment of administrators Tony McGrath and Joseph Hayes of McGrathNicol relates only to the Absolute Capital Group corporate entities and not to its core products such as the Yield Strategies Fund.
Absolute Capital Group is an Australian-based specialist structured credit investment manager offering a range of investment products to institutional and retail investors.
Following a period of prolonged illiquidity in global and local credit markets, the reduction in fees paid to the corporate entity from a number of its investment products impacted the long-term viability of the business. As a result the Board took the decision to enter voluntary administration and appointed Tony McGrath and Joseph Hayes of McGrathNicol as Joint and Several Administrators.
McGrathNicol said it intends to move swiftly to review options and focus on securing the stability of the Group. It’s first priority is to review the options available for the Absolute Capital Group and the implications for the underlying products and determine the best possible outcome for investors and creditors.
Absolute Capital Limited (In Liquidation)
Absolute Capital Yield Strategies Fund (“YSF”)
Absolute Capital Yield Strategies Fund NZD (“YSFNZD”)
Unless otherwise defined, the terms used on this page have the same meaning as those defined in the respective Notice of Meeting and Explanatory Memorandum.
YSF Unitholders Meeting
A YSF Unitholders' meeting will be held on Thursday 17 July 2008 at the Wesley Theatre, Wesley Conference Centre, 220 Pitt St, Sydney NSW at 11am (AEST), registration from 9am.
At the YSF meeting Unitholders will be asked to vote on the two resolutions set out in the YSF Notice of Meeting and Explanatory Memorandum dated 20 June 2008.
YSFNZD Unitholders Meeting
A YSFNZD Unitholders' meeting will be held on Thursday 17 July 2008 at Minter Ellison Rudd Watts, Level 20, Lumley Centre, 88 Shortland St, Auckland, New Zealand at 11am (Auckland time).
At the YSFNZD meeting Unitholders will be asked to vote on the three resolutions set out in the YSFNZD Notice of Meeting and Explanatory Memorandum dated 20 June 2008.
Unitholders generally
All Unitholders were sent via post on Monday 23 June 2008 the following documents in preparation for the respective Unitholders' meeting:
- Personalised proxy form
- YSF or YSFNZD Notice of Meeting and Explanatory Memorandum
- Liquidators report to Unitholders of the YSF and YSFNZD
Additionally, for your reference please find below the:
- YSF Constitution and Supplementary Deed to amend the Constitution
- YSFNZD Constitution and Supplementary Deed to amend the Constitution
Please note that the Constitution and Supplementary Deed for each of YSF and YSFNZD must be read in conjunction with the each other. The Supplementary Deed, outlines the proposed amendments to the relevant Constitution. For further information, please refer to the appropriate Notice of Meeting and Explanatory Memorandum.
Unitholders who are unable to attend the meeting in person, are encouraged to complete and return the proxy form attached to the appropriate Notice of Meeting and Explanatory Memorandum. Proxy Forms must be received by 11:00am (AEST for YSF or Auckland time for YSFNZD) on 15 July 2008 (or if the meeting is adjourned, at least 48 hours before the time that the meeting is to be reconvened) using the supplied self addressed envelope or through one of the other alternative means:
YSF Proxy Forms – Computershare Investor Services
In Person: Unit Registry - Computershare Investor Services Pty Limited
Level 2, 60 Carrington St, Sydney NSW 2000 Australia
By Mail: Unit Registry – Computershare Investor Services Pty Limited
GPO Box 242, Melbourne VIC 3001 Australia
By Fax: +61 3 9473 2118
YSFNZD – Link Market Services
In Person: Link Market Services, Level 12, 120 Albert St, Auckland, New Zealand
By Mail: If mailing within New Zealand, use the rely paid envelope provided with the meeting
documentation
If mailing outside New Zealand, place the proxy form in an envelope and affix the
necessary postage from the country of mailing.
Address to: Link Market Services,
PO Box 91976, Auckland Mail Centre 1142, New Zealand
By Fax: +64 9 375 5990
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