14
Arkus PDS
Benchmark
Statement Explanation Reference
Benchmark 4: Related party transactions The Responsible Entity does not lend to related parties of the Responsible Entity or to the Scheme’s investment manager.
For additional disclosure, see information on ASIC disclosure principle 4 on
This Benchmark is met.
N/R
PDS.
Benchmark 5: Valuation policy In relation to valuations for the Scheme’s mortgage assets and their security property, the board of the Responsible Entity requires: a. a valuer to be a member of an appropriate professional body in the jurisdiction in which the relevant property is located; b. a valuer to be independent; c. procedures to be followed for dealing with any d. the rotation and diversity of valuers; e. in relation to security property for a loan, an independent valuation to be obtained i. before the issue of a loan and on renewal: • for development property, on both an “as is” and “as if complete” basis; and • for all other property, on an “as is” basis; and ii. within two months after the directors form a view that there is a likelihood that a decrease in the value of security property may have caused a material breach of a loan covenant.
For additional disclosure, see information on ASIC disclosure principle 5 on page 17 of this PDS.
This Benchmark is met.
N/R
Benchmark 6: Lending principles – Loan to valuation ratios If the Scheme directly holds mortgage assets:
a. where the loan relates to property development – funds are provided to the borrower in stages based on independent evidence of the progress of the development; b. where the loan relates to property development – the scheme does not lend more than 70% on the basis of the latest “as if complete” valuation of property over which security is provided; and c. in all other cases – the scheme does not lend more than 80% on the basis of the latest market valuation of property over which security is provided. Benchmark 7: Distribution practices The Responsible Entity will not pay current distributions from Scheme borrowings
For additional disclosure, see information on ASIC disclosure
This Benchmark is met.
N/R
page 17 of this PDS.
For additional disclosure, see information on ASIC disclosure principle 7 on page 18 of this PDS.
This Benchmark is met.
N/R
Made with FlippingBook - Online catalogs