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Updated Information – 28 June 2019
MoneySpot Investments Limited (ACN 614 077 995, AFSL 491268) (RE, us, we and our) is the responsible entity of the MoneySpot Investments Fund (ARSN 616 929 849) (Fund). The product disclosure statement for the Fund dated 29 October 2018 (PDS) contains important information concerning the Fund. You should consider the information contained in the PDS before making any decision about the Fund and obtain financial advice tailored to your personal circumstances.
This information is Updated Information for the purpose of section 7.9 of the PDS. The RE does not consider the information to be materially adverse to investors, but the information should be taken into account when making any investment decision under the PDS.
Sections 3.2 and 7.6 of the PDS describe the general security arrangements in respect of the notes issued by MoneySpot Finance. Relevantly, under the general security deed, MoneySpot Finance has granted a security interest over all its present and after acquired property to the Custodian (on behalf of the Fund). If an event of default occurs under the noteholders deed, such as a failure of MoneySpot Finance to pay interest it is obliged to pay to noteholders, then the Custodian may take certain actions to enforce the debt, including the appointment of receivers to MoneySpot Finance.
From 28 June 2019, the security arrangements were slightly altered such that under the general security deed, MoneySpot Finance has granted a security interest over all its present and after acquired property other than land to the Custodian (on behalf of the Fund). The purpose of the change is to allow MoneySpot Finance to acquire its existing commercial office building located in Surry Hills for the purposes of facilitating further growth in its business. As at the date of this Updated Information, the property represents around 25% of MoneySpot Finance’s total assets and is subject to a registered first mortgage in favour of BNY Trust Company of Australia. In all other respects, the security arrangements remain the same.
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COVID-19 and March 20 Fund Performance Update
The March annualised return is 12.83% p.a.
Going forward the target return remains unchanged at 12.8% per annum. We do not anticipate any revisions to this. Monthly distributions will be remitted within the next fortnight.
As employment conditions have changed, we have tightened our credit criteria, reduced our exposure to specific sectors (principally retail, hospitality and tourism) and focussed on repeat customers that have a credit history with us. This approach is somewhat routine, given we take the same precautions over Christmas in relation to the building and logistics industries, when many businesses close for holidays.
Our daily repayment clearance rates, the key measure by which we monitor the quality of collections, showed a slight improvement over last month, and the month before. Customers continue to repay in the same way as they have always done.
Recent government stimulus has been effective in reducing market volatility and improving overall sentiment. Our business continues to function largely as normal, with most staff attending the office and some working from home. We continue to be vigilant, and monitor events closely.