28 June 2012

During June 2012, investors in the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 were advised that Cromwell Property Securities Limited ACN 079 147 809 AFSL 238 052 (CPS) intended to retire as Responsible Entity (RE) of the Fund and appoint a related company, Cromwell Funds Management Limited ACN 114 782 777 AFSL 333 214 (CFM), as the replacement RE.  Both CPS and CFM are wholly owned subsidiaries of Cromwell Property Group (ASX:CMW). Investors were sent a Notice which explained the proposed change and were given the opportunity to request a vote on the change.

As at 22 June 2012, CPS had not received the required number of requests from investors to necessitate a meeting to consider the change.  As a result, CPS intends to lodge a notice with ASIC advising of the change of RE to CFM on or before 26 June 2012.

As explained in the Notice the change does not affect the legal rights of investors in the Fund and will not adversely affect the operation of the Fund. 

Please do not hesitate to contact the Cromwell Investor Services Team on 1300 276 693 or invest@cromwell.com.au if you have any queries or require further clarification.