Colonial First State withdrawal offer to close
This article applies to MLC MasterKey investors with holdings in the Colonial First State Wholesale Income Fund option.
On 10 March 2009, we highlighted Colonial First State’s second withdrawal offer for their suspended Colonial First State Wholesale Income Fund.
The deadline for submitting switch requests is 3pm on 3 April 2009.
For more information, including links to a switch offer guide and the relevant Switch Forms, click here.
Update on Colonial First State’s previous withdrawal offer
In January 2009, Colonial First State confirmed they were only able to fulfil 30% of the value of all requests they received during December 2008.
Based on this, we were able to satisfy 30% of the value of each switch request received for MLC MasterKey Investment Service (including Fundamentals) investors.
However, due to the structure of MLC MasterKey’s superannuation and pension products, we were able to satisfy more than 30% of the value of each switch request. The approximate percentages for each product (based on the total value of the requests we received within each) are provided below:
- MLC MasterKey superannuation products – 89%
- MLC MasterKey pension products – 55%
All switch requests for the December 2008 offer have been processed and confirmation letters have been mailed.
Colonial First State has advised that due to cash levels being reduced in January following income distributions and withdrawal offer payments, they anticipate paying lower amounts for March/April 2009 offer.
More information
If you have any questions or would like to discuss further, please contact the MLC Client Service Centre on 132 652, weekdays between 8am and 6pm (AEDT).
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