The Noontide Opportunities Fund invests in primarily small cap companies purchased at valuations that the manager believes offer a ‘margin of safety’. The fund’s focus is on special situations where the discount to underlying valuation is likely to be closed by a specific event. The objective of the fund is to generate absolute returns and not track a particular index.
The latest Noontide Opportunities Fund report can be viewed here: Opportunities Fund Report June 2018.
For more detail on the Noontide Opportunities Fund or to apply please download and read the Information Memorandum. New investors in the Fund must complete and sign the Application Form contained within the Information Memorandum.
Only “wholesale clients” can invest in the Fund.
The Corporations Act defines a wholesale client as follows: “A financial product or a financial service is provided to or acquired by a “wholesale client” if it is not provided to or acquired by a person as a retail client”.
If a financial product is not, or a financial service provided to a person does not, relate to general insurance, superannuation or an RSA product, then the product or service is provided to the person as a retail client unless one of the following criteria applies:
Where a financial service is provided to a retail investor via a wholesale intermediary, the retail investor is considered to be the investor, therefore, the underlying investor needs to be identified and the test as to whether the client is wholesale or retail is then applied to the underlying investor. The person who acquires the product or service must be identified for the purposes of satisfying the wholesale client test.
| For wholesale clients (who qualify as a wholesale client on a basis other than the “price or value test”) | $50,000 | The Initial Minimum Investment (and the Minimum Balance) is currently $A50,000 provided that the potential investor falls within the definition of a “wholesale client” as defined in the Corporations Act (other than under the “price or value test” as described below) and provides a “Sophisticated Investor Verification Certificate” (if qualifying as a wholesale client under the “wealth test”) before investing in the Fund. |
| For clients who fall within the small -scale offerings exemption | $10,000 | The Initial Minimum Investment (and the Minimum Balance) is currently $A10,000 provided the potential investor has received a personal offer and is one of not more than 20 persons who have invested in the Fund in any one year to a maximum total amount of not more than $2 million (the so-called “small scale offerings exemption”). |
| All other investors | $500,000 | The Initial Minimum Investment (and the Minimum Balance) for investors who will only qualify as a “wholesale client” under the “price or value” test is $500,000 |