Frequently asked questions
- A brief history of ARL
ARL was incorporated on 8 August 2012 as an unlisted public company. On 4 September 2012, ARL was assigned various mortgage assets by the Premium Income Fund ARSN 090 687 577 (PIF). ARL was also assigned PIF's interest in the benefit of the Proof of Debt in Octaviar Limited and Octaviar Administration Pty Ltd.
In consideration for the assignment of the above noted assets and associated liabilities ARL issued 830,532,768 shares to PIF, which then made an in specie distribution of the ARL Shares to PIF unit holders.
On 18 December 2012, PIF assigned to ARL the remaining 40% debt and charges over six companies referred to as The Forest Resort companies. In consideration for these assigned assets, ARL issued a further 150,025,399 Shares to PIF.
Between 2012 and 2015, ARL realised the security associated with all of its mortgage assets. These asset sales as well as money received from Octaviar Administration Pty Ltd, enabled ARL to make capital returns of approximately $9.8m in December 2014 and $8.8m in July 2015.
On 11 September 2015, the Board of ARL was replaced at an Extraordinary General Meeting of ARL Shareholders. The Board has been working with third parties to complete the realisation of the assets of ARL.
On 8 December 2015, ARL consolidated its Shares on the basis that 200 old Shares were consolidated into 1 new Share. Following that consolidation, ARL now has 4,905,441 Shares on issue.
On November 2016, ARL was listed on the National Stock Exchange of Australia (NSX)
- Is ARL a listed Company?
ARL is listed on the National Stock Exchange of Australia (NSX)
- Did the Premium Income Fund receive any money from the sale of any ARL assets?
No, ARL acquired, via an assignment, select assets owned by the Premium Income Fund on 4 September 2012 therefore the proceeds from sale of these assets belongs to ARL not the PIF.
- Will ARL pay a distribution and when?
ARL does not intent to make any further distributions, this position may change in the future.
- What do I do to change my details?
Should you need to change your contact details, please inform Link Market Services.
LINK MARKET SERVICES
Locked Bag A14
Sydney South NSW 1235
P: 1300 963 991 F: +612 9287 0303
- What has happened to the Premium Income Fund?
What happens to the Premium Income Fund is a matter for Wellington Capital Limited as responsible entity for the Premium Income Fund. Please contact Wellington Capital Limited if you have any Premium Income Fund queries
- Can I sell my shares in ARL?
Yes, shares can be sold trough the NSX using a financial broker.
- How will I know how many shares I have?
Holding statements have been sent to each Shareholder.
- What are my shares worth?
The Net Asset Backing of ARL shares can be found on the home page.
The market price is on the NSX, our trading code is ASS.
On 5 September 2012, Premium Income Fund (PIF) assigned certain assets and liabilities to ARL. The value of the liabilities transferred was based on accrued liabilities as at 4 September 2012 and related to unpaid council rates, water and other statutory liabilities . In return for the assets and liabilities, ARL issued to PIF 830,532,768 shares in ARL. PIF subsequently distributed these shares to PIF unit holders. Following is a link to the marketing announcement of the transaction made by Wellington Capital Limited, responsible entity of the PIF:
On 11 December 2012, Wellington Capital issued correspondence to ARL stating that the Net Asset Backing of shares in ARL, based on PIF's 30 June 2012 accounts, is 5.3 cents.