Exiting your Liontamer fund early

It is important to remember that your unitholding in a Liontamer trust is a hold-to-maturity investment and the benefit of any applicable capital protection and the formula of returns only apply at the end of the investment term. However, early repayments are available on a regular basis. Please note that a 2% exit fee applies to all early withdrawal requests.

As capital protection only applies at maturity, choosing to leave the fund early can result in you receiving back less than your investment amount (due to the break costs of the underlying investments held by the fund) as well as paying the exit fee.

The rules in brief are:

• All early exits are at Liontamer’s discretion
  
  
• Capital protection only applies at maturity. The value of the Units prior to maturity will be based on the value of the corresponding assets of the fund, known as the Net Asset Value (NAV), which is capped at $1.00 for Trusts 1-33 (see below). The NAV is the current indicative unit price for the Units and is calculated at the end of each month. The NAV does not take into account the 2% exit fee.
  
  
• Before deciding to exit your Liontamer investment you should request the latest indicative NAV for the relevant fund so that you understand the approximate value you will receive per Unit upon early withdrawal. To request the latest NAV for your investment, please talk to your financial adviser or contact Liontamer on 0800 210 451 or email info@liontamer.com.
  
  
• Trusts 1-33: exits are possible on the last business day of each of the following quarters: 31 January, 30 April, 31 July and 31 October. Liontamer needs to receive the early exit request in writing at least five business days prior to the end of the relevant quarter.
  
  
• The early repayment value of the units will mirror the value of the assets of the fund, capped at a maximum value of $1.00, less a 2% exit fee. If the value of the assets of the fund is less than $1.00 then you will receive that lesser amount less a 2% exit fee. By withdrawing early you will get back less than you invested.
  
  
• For investors with exceptional circumstances (as decided by Liontamer), the early repayment value will mirror the assets of the fund, less a 2% exit fee. The value could be above or below $1.00. Examples of exceptional circumstances include death, serious ill health or severe financial hardship.
  
  
• There is an exception for investors in the Unprotected Units of Trusts 32 and 33, who can request an early repayment for any reason based on the current value of the assets of the relevant fund (which could be above or below $1.00) less a 2% exit fee.
  
  
• Trusts 34 onwards: Unitholders may request early repayment five business days prior to the end of any month for any reason. Early repayments of units are not subject to a maximum value per unit prior to maturity.
  
  
• The value of the Units prior to maturity will be based on the value of the corresponding assets of the fund, known as the Net Asset Value (NAV). The NAV is the current indicative unit price for the Units and is calculated at the end of each month. The NAV could be above or below $1.00 and does not take into account the 2% exit fee. If the value of the assets of the fund is less than $1.00 then you will receive that lesser amount less a 2% exit fee. By withdrawing early you may get back less than you invested.

For full details, please refer to the relevant Investment Statement and registered Prospectus. If you have any questions, please talk to your financial adviser.

To request an early withdrawal from a Liontamer fund, simply download and complete a Withdrawal Request Form and send it back to us.

Click here to download the form in PDF format: Liontamer Withdrawal Request Form

1. Send the completed form to Liontamer:

Fax to +64 9 522 8841, or
Scan to PDF and send by e-mail to withdrawals@liontamer.com.

2. Send the original in the post to:

Liontamer Withdrawal Request
PO Box 2002, Shortland Street
Auckland 1140, New Zealand

For identification purposes and in order to verify your signature, include a photocopy of either your driver licence or relevant page of your passport.

3. The request must be received by Liontamer no later than five business days prior to the end of the relevant month.

4. The early repayment proceeds will be paid to you within 10 business days of the end of the relevant month by direct credit to your nominated bank account. Please remember these proceeds may differ from the indicative price you were given by your adviser or broker. They may also be significantly below the price you paid for the units, due to break costs and the exit fee.

Important notes: Liontamer may in its absolute discretion refuse to action any early repayment request without giving a reason. Early repayment requests must be for at least 4,850 units and thereafter in multiples of 1,000 units and must be a complete disposal or result in a unitholder holding at least 4,850 units, unless otherwise approved by Liontamer. If Liontamer receives early repayment requests that relate in aggregate to more than 5% of units on issue in the Trust, Liontamer may elect to repay only 5% of the units of that class on a pro rata basis. The percentage figures may be altered by Liontamer upon notification to unitholders. Any units that are not repaid will be carried forward to the next repayment date and will receive first priority. If any early repayment would cause any material prejudice to remaining unitholders, to the Trust or to Liontamer, Liontamer may, in its entire discretion, decline to action the early repayment request. If Liontamer is unable or unwilling to purchase units because of unacceptable (to Liontamer) costs, including tax, which it may have to bear from purchasing and redeeming units, it may instead redeem the relevant units.