The deal will see four investment schemes merged into a single consolidated registered managed investment scheme
Piper Alderman has guided equity investment management company Lanyon RE Services Limited (Lanyon) on a deal that will see four investment schemes merged into a single consolidated registered managed investment scheme.
The Lanyon Investment Fund (ARSN 670 944 242) will consist of two registered managed investment schemes and two unregistered managed investment schemes. Once the scheme merger is implemented, the consolidated fund will have over $155m in net assets under management.
The merger’s benefits to the unitholders of each fund include a drop in management fees and expenses and a potential boost in performance, as well as greater liquidity, and opportunities for scale enhancement and cost savings. The transaction was largely approved by the unitholders of each scheme merger fund during meetings held on 19 April.
Piper Alderman’s team, which was led by partner James Dickson, helped Lanyon to prepare a merger implementation deed among Lanyon, Lanyon Asset Management (the trustee for the two unregistered managed investment schemes) and Perpetual (the responsible entity for the two registered managed investment schemes). The team also readied the booklets for the unitholders of the scheme merger funds; the booklets contained a notice of unitholders’ meeting and an explanatory statement to aid in the decision-making process.
Dickson worked alongside Bonnie Doyle and Ashleigh De Silva. The team will also assist in the implementation of the scheme merger.