Freehold Income Authorised Fund a sub-fund of ARC TIME:Funds together with its dedicated feeder trust, Freehold Income Authorised Feeder Trust, a sub-fund of ARC TIME:Feeder Trusts (together the “Fund”)
From 28 January 2016, Alpha Real Capital LLP, the Alternative Investment Fund Manager (“Manager”) to the Fund, will be initiating a Manager’s Book (the “Manager’s Book”) as described below. TIME Investments will administer the Manager’s Book on behalf of the Manager.
What is the Manager’s Book?
The Manager’s Book is a process by which the Manager will generally seek to match redemptions in the Fund with applicants for the Manager’s Book and indeed, in the event of excess net redemptions, the Manager may use its own money to buy Shares or Units in the Fund in certain circumstances. The Manager’s Book is intended to enhance the liquidity management of the Fund, as part of the Manager’s wider duties as Alternative Investment Fund Manager.
All rights and procedures set out in the Prospectus to the Fund regarding subscriptions and redemptions continue to apply and are wholly unfettered by this mechanism. All documents relating to the Fund are available from time-investments.com/document-library or on request by calling the Client Services Team on 0845 600 1213.
How does the Manager’s Book work?
The Manager will now generally route all redemption requests from investors through the Manager’s Book, however the Manager is under no obligation to operate the Manager’s Book on any given Dealing Day. The Manager will generally seek to match applications via the Manager’s Book, as described below, with redemptions received for the relevant Dealing Day. To the extent redemptions exceed the applications submitted through the Manager’s Book, the Manager may choose at its absolute discretion to hold some or all of the excess on its own balance sheet to facilitate liquidity at a subsequent Dealing Day instead of automatically cancelling the Shares or Units with the Fund. The Manager may decide that it will not hold any Shares or Units at any given time. Decisions regarding the extent of the Manager’s balance sheet which is available for the Manager’s Book shall rest with the Risk Committee of the Manager exclusively. Otherwise the excess shall be cancelled in the ordinary manner.
Please note applications for the Shares or Units via the Manager’s Book are separate from the normal process for subscriptions under the terms of the Prospectus, which remain unchanged. Only applicants who are able to meet the ackowledements and representations (the “Conditions”), as set out in the Manager’s Book Form, will be able to apply for Shares or Units via the Manager’s Book.
Applications via the Manager’s Book shall be dealt with strictly on a date and time received basis being the receipt of a complete and validly executed Manager's Book Form. Any applications via the Manager’s Book not completed in whole or part on the first Dealing Day requested shall be automatically deferred to the next Dealing Day. An applicant may subsequently choose to withdraw their application or determine to proceed to the next Dealing Day. A Dealing Day is as defined in the Prospectus for the Fund.
The Manager shall review the operation of the Manager’s Book regularly. The Manager’s Book is not operated to create a profit for the Manager but to the extent any such profit is created the Manager is entitled to retain this.
Applicants for the Manager’s Book should note Initial Fees, as defined and set out in the Prospectus, apply equally to applications for Shares or Units via the Manager’s Book.
What are the Conditions for using the Manager’s Book?
An application for Shares or Units via the Manager’s Book must meet the following Conditions to be accepted by the Manager. A full list of Conditions are set out in the Manager’s Book Form:
- A validly completed Manager's Book Form must be completed within 10 business days prior to Dealing Day of the 12th day (or next business day) each month;
- The minimum subscription sum for eligibility for the Manager’s Book shall be £500,000. The Manager may accept a lower amount at its sole discretion;
- Application proceeds are required be submitted and cleared into the designated client account of the Fund’s collection agent by close of business 5 business days prior to the relevant Dealing Day;
- The applicant, by close of business 5 business days prior to the relevant Dealing Day, shall have completed requisite “Know Your Customer” and anti-money laundering requirements as set out in the Prospectus and this shall additionally include disclosure of the ultimate beneficial owner;
- No application may be accepted for ISA Class Shares;
- The price paid by an applicant shall be the prevailing Net Asset Value per Share or Unit for the relevant Class on the relevant Dealing Day without any dilution levy or adjustment other than any applicable Initial Fee;
- The Manager may accept or reject in whole or part at its absolute discretion the subscription through the Manager’s Book at any time should any Condition be unfulfilled. This will not affect the applicant’s ability to subscribe for Shares or Units in the Fund in the usual way as set out in the Prospectus.
For investors unable or unwilling to accept the Conditions, they may subscribe using the usual Application Form for the Fund. Application Forms are available at www.time‑investments.com.
Manager’s Book Forms for the Manager’s Book are available on request from the Manager or from TIME Investments during normal business hours. Please call Blake Sand on 020 7391 4754 for further information.