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SWIFT TV LTD Capital/Financing Update 2013

Mar 18, 2013

65874_rns_2013-03-18_291056ad-2933-4a6f-8b9a-f4e5226e61f6.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

19 March 2013

Sale of Stanfield Securities Limited

Stanfield Funds Management Limited (‘ Stanfield ’) (ASX: SFN) has today signed a term sheet for the sale of one of its subsidiary companies, Stanfield Securities Limited.

Stanfield Securities, an unlisted public company wholly owned by Stanfield Funds Management, holds an Australian Financial Services Licence and is responsible entity/trustee of 4 registered schemes/funds.

Stanfield Securities will be sold to Aquaint Properties, a group of property investment, property development and funds management businesses based in Singapore and Malaysia.

The terms of the sale of Stanfield Securities are:

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  • consideration of $100,000 for 51% of the existing issued share capital of Stanfield Securities;

  • replacement of $150,000 contributed by Stanfield Funds Management for NTA purposes under the Stanfield Securities ASFL;

  • a further $250,000 payable to Stanfield Funds Management for management services to Stanfield Securities over the next 12 months; and

  • the remaining 49% of Stanfield Securities will be distributed ‘in species’ to the existing shareholders of Stanfield, for an equivalent value of $500,000.

Legal documentation, and settlement of the payment of the consideration and NTA funds, is scheduled to occur by 28 March 2013.

Adrian Olney

Company Secretary