Change of Responsible Entity and IDPS Operator OneVue RE Services Limited to OneVue Wealth Services Limited
Information about the proposed change in Responsible Entity for the registered scheme OneVue Managed Account
What is happening?
It is proposed that OneVue Wealth Services Limited ABN 70 120 380 627 AFSL 308868 (OWS) will become the responsible entity of the OneVue Managed Account ARSN 112 517 656 (the Registered Scheme) in place of the current responsible entity OneVue RE Services Limited, ABN 94 101 103 011, AFSL 223271 (OVRE).
Why is this happening?
OVRE is the current responsible entity of the Registered Scheme. Its parent company, OneVue Holdings Limited (ASX: OVH) has entered into a Share Sale Agreement with EQT Holdings Limited ACN 607 797 615 (EQT) for the sale of all the issued shares in OVRE. This share sale is conditional upon the transfer of the Registered Scheme from OVRE to OWS. OWS is also a wholly owned subsidiary of OneVue Holdings Limited.
OVRE proposes to retire from the Registered Scheme and appoint OWS. This is because the Registered Scheme is not being sold to EQT as part of the sale of the shares in OVRE.
What will change?
From an investor’s viewpoint, very little will change with this proposal.
The proposed change of responsible entity will not affect the investments of the investors in the Registered Scheme or the way those investments are managed. By way of summary:
- the Registered Scheme’s choice of investments will not change;
- the existing team of external investment management professionals will continue to manage those investments;
- fees and costs will remain unchanged. The only change you may recognise is that reporting will be on OWS’s letterhead rather than OVRE’s;
- OWS’s board will oversee the Registered Scheme’s compliance activities; and
- the board of directors of both OVRE and OWS are the same. The directors have extensive financial services experience and will continue to be responsible for the Registered Scheme and so there will be continuity in the membership of the board of directors.
When will the RE change?
This will happen when ASIC updates its register to reflect the appointment of the new responsible entity of the Registered Scheme.
This is expected to occur immediately following the completion of the Share Sale Agreement on or about 29 March 2018. OVRE will lodge a notice with ASIC requesting an alteration to the record of the Registered Scheme’s registration to name OWS as the responsible entity.
However, if sufficient members of the registered scheme reply to the Notice of Change of Responsible Entity issued by post on 6 March 2018 to request a vote, a vote must then be held. If a vote is required, we will send members a voting form by post., which must then be returned to the nominated reply paid address by the nominated date. The outcome of the postal vote will determine whether the change in responsible entity occurs.
Information about the timing of the change in the responsible entity will be shared on onevue.com.au in the Newsroom.
For further information, contact:
1300 790 235