The Everest Alternative Investment Trust (the Fund) was terminated on 11 February 2011. From that date, One Managed Investment Funds Limited commenced making pro rata capital returns to unit holders. These will continue until no further assets remain.
The Fund has no redemption rights in the underlying funds to be able to demand or force payment of the outstanding balances. As such, it is at the mercy of the liquidity timelines of the underlying managers and the underlying assets. We note a number of the funds are expected to have multiple years remaining, including specifically the Fund’s largest remaining asset, Axon, which has underlying exposures to Indian land. To liquidate the portfolio would require that it be sold on the secondary market at a significant discount to its net asset value. Once the swap is unwound the Fund will be in a position to better consider and execute any secondary sales.
The PDS, relating to the Exchange Offer which closed on 20 January 2009, is provided for information purposes only.