prime retirement & aged care property trust pds 2003
TRANSCRIPT
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Australian ropertyCustodianHoldingsLimitedAB N 74 A95474436 FSRLic. No.226692Responsible ntity
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"a,titl l
.' a
Objectiveof thefrust
Th eTrusts a public ropertynit rust
dedicatedo a spec;ificsset lass, amely
retirementndagedcare acilities,he
objectives or he lust o provide onthlyincome istr ibr, t iono UnltHoldersnd o
maintainndaccruets eaL apitalalue. he
Trust i l lbe diversifd by hegeographic
locationnd ypeo1 acil i ty/propertyithinhe
r lec 'nna-ed sse- c lass The Trustwas
establ ishedn12001
Who should nvesll?
This nvestmentssuitedo prudentnvestors
seering 'org-terrpotentral lyigh erforming
p'operfynvestmertrom soundly anaged
nrnnertv-h:qad incnrre Stfeam.
Superarruatrorunis 'eel igibleo rvesI
TheMinimumnvestment^ ^ n r i ^ ^ ^ r ^ . . . i i l^ - . , ' " ^ , J n i t si n h e T r u s t .P P i l Udr r t J vv i l r d u 9 u i l g !
Appi icantsust nvest m inimurnmount
of$10000 0 lnvestmentsnexcess f
$10000 0wil l niy eacceptedn
$1000.00ncremenis
lncomeDistr ibut ions
lncome rstr ibut ionso LJnit olders i l l e
rnademonthly,i rect lyo a UnitHolder's
rrominatedank ccount y direct redtt.
t \ proport ionf hedistr i :ut iono UnitHoldersrvill e axadvantageds;ee art )
-l 'heProperties
-"heTrust ill nitialLyave, s tsprimary
. 1 ^^^+^ rh^ n rnna r { : ^n tnd secu r , t i es desc " i bed1 J J U I ) , L r U P r U V s r U V O o
inSect r 5 Howeverl 'eResporsiblent iLy
intentions or heTrusto acquire ver. \ a r i ^ . 1 ^ f t i m o f r r r t h a r n r n n o r t i o c n r c o n r r i t i o c
lvithinhe etirementndaged areasset
c;lass ndwillendeavouro do so on an
ongoing asis,
Iiiquityo be Raised nder his PDS
T'he esponsiblenti tys; eekingo raise
{i16mil l ionrom hesubscriptronf 16mil l ion
$;1 0Units hich i l l eappl iedtogetheri th
tre Trust'sorrowing)owardsheacquisition
of hePropertjess deiailedn Section ,
th eexpensesf administeringheTrust nd
th ecreationf hisPDS.However,he
Flesponsiblentityeserveshe ightoaccept versubscrrptions,
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TrustBorrowings
Th eTrust assignificantorrowingsecured
nnlvhv hePronertiesheFinanciersave o
right f recourseo UnitHolders, ferearen,c
guaranteesequiredromor providedy Unit
Holders.
Responsible ntity's ees
Th eResponsiblentitys entit ledo chargelre
Trust monthly anagementeeof up o 4.0%
ofgrossncome ndup o 0.25"/.f hegross
value f heTrust. heResponsiblentitys
alsoentit ledo charge thereeson he
happeningf specifiedontingencies
(seeSection for urthernformation).
Responsible ntityGovernancend
Compliance
TheResponsiblentity, ustralianroperty
Custodianoldingsimited'APCHf),s
also heTrusteef heTrust ndha sbeen
l icensedyASICo be heResponsible
Entityor heTrust.
TheConstitutionTrust eed) f heTrust
regulateshe elationshipetweenheUnit
Holders nd heResponsiblentity.
TheCompliancelan'outl inesheprinciples
andprocedureshich heResponsiblentity
will ollowo ensurehat t compliesn
all espects ith heprovisionsf he
Corporationsct ,ASIC olicy nd
theConstitution,
TheCompliancelanwillbeadministered
by heDirectorsndCompliancefficer f
the Responsiblentity.heCompliance
Committee'sole s o ensurehat he
Compliancelan s odged ithASIC sa n a r a + i n n a l a n r l + h n + - ^ n m n l i a n n o n r r l f r r au P U l d l l u l l d l d l l u L l o l o u v l I P l l a l l u s u u l L u l s
is prevalentn heResponsiblentity.
TheTrustincludingheConstituttonnd he
Compliancelan) asbeen egisteredit h
ASIC s a Managednvestmentcheme
(ARSN 9751 4746) nderPart Cof hel ' - n rnnra t i nnc A ntv v , v v , q ( , v ,
, u , \ v L .
OpenTrustThi^ ̂ ̂ ^ ̂ ^^^ ̂ ^,-.r^, -.rrustso here sno| i l D l D O t I V V E | r - s r r ugu r
closing ate or heOffer. owever,he
Responsiblentityeserveshe ight o close
th eOffer tany ime t deems ppropriate.
Therefore,rospectivepplicantshouldodge
theirApplicationssoonaspossible.
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:
="j-i=n .
reF{]:i'rti:r:lttit.il:::tt:'.:.9";' 1'1i.'1'..1:.,i;llll;l1i
What s the Objecllivef the Trust?-he
Trusras beerestabl isheosa plb ic
propety n lrLSt eocatedo the oecif 'c
accer c lass o f n 'onr l tv LSed ore t i rement and" r '
' J '
aged a'e+aci l i res.TheResoons;iblert i ty
considershat hs ciesignatederctorf he
property arket assolid rowth otential he
objectives or helrust
to provtde onthly
income istr ibut iono UnitHoldersnd o
maintainndaccruets eal apitalalue. he
Trust il l eek o milke urther cquisitionsver
timeand o bediversifieciy hegeograph
ocal ior nd ype f acl i ty/prope;r lyi thinhe! ^ ^ i ^ ^ ^ + ^ l ^ ^ ^ ^ + ^ l - a au u J r g r r d t u u d J ) u r u t o o D .
WhatCri teria i l lLheResponsibleEintity dopt?
It s he ntentionf heResponsiblenti tyo
have egaroo he 'oow'tgc' i ter ian eeting
f l-e bject ivesf h.: -st rr de'ermining
currentnd uture cquisi t ions.
. standardf bui ldlngsnd aci ies;
. rntegri tyndstandingf sui tablyual i f ied
facility perator;nd
. satisfactoryncome ield nd uture
nn*on-ial c:niral r^rrnr4l l l .
\Vhat s the Offer?
IhroughhisPDS rospectiveni tHoldersre
invitedo subscribeor Jnitsn heTrust t he
pr r e of $100perUnit -hemoniesaised y
theTrust nderhisPDSwil l eappLiedl r , . , a . z - J ^ - h n n r r n h r ^ n n . . o l ^ n n m n l o r o l h oI J Y V O L ) t l g P U I U I l O J s P r u v L U u v r r r v . v . u r r L
i,Lcquisitionf he Ne wPropertiesy heTrust
irno o rneerheorgoirgexpensesssociated
vvithheProperties,headmnistrationf he-liust
and hecreation f hisPDS
\Vhat s the valueof the Properties?-l-he
delai ls f each ropertyreselo:t i r' i l c , n r i n n A T h o n r r n h a c o n r i n o n f o a n h n r n n o r t v
i . :sr nnorpn i i nd-oneld entworn aual iors;re; ler
oSection for urrherelas).\Vhat ncomeand return an I expect?-l-he
pro.ecLedeLLrrso-rhe.ls l . ard the
irssumptionsnderlyinghose roject ions,. . . ^ - , , ^ i r ^Ar^ . ^^ . ,^ , " I inanc ia l dv iso" .UE 4 V O r O U r V I V r I y U U l
\A/ho i l lhold i t le o the Propert ies?
lhe Custodian,tate rusteesimited i l l oldj r i l o t n t h o P r n n o r t i a c t : n d a n v n t h o r a q q o r q n l
thr:Trust)n tsname s Cusiodiann behalf f
lheTrust ursuanto're Cuslody greenent.
| : :urtheretai lsoncerninghis rrangementrer.:cnLainednSecrion1
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,,,-s
What s APCHI-sole?A P ( - ! l i c l i n o n c o . l h r i A Q I C a c l h o R a c n n n c i h l r :
Fn i i i r r n f f ho Tr r r c i Tha Tr r r -+ h^ . h^^ - r aa i o rn ranrL r r u L y v r u r u i l u o r . | | r u i l u D L I r q D u E E l I l E g l - L g l l l u
hv ASle as a N,4an2ner^lnvestmenlCheme.
I I nnor -r a f - n rnarn i i nnc A n i t ho Roennnc i h l ou l l u E l t l Y v v i v v l q L l v l l o n u L . - r u I r e o v u r r o r u r u
Fnt i i r r i c r ocnnnc i h l o f n r t ho n rnnor n rnmnt i n r r
: n r j menenomoni n f i ho Tr r r o+ no . N / ^^ - ^^ / . 1G l l u I l q l l G v e l I v l l L v l L l v I I U J L O - 4 l v l d l I O 9 E U
Investmentcheme.PCHL asbeenr nnn^nn;h l n {nz o a n n + i n a i ho P rnnor i i oc an . jTY DP UT l D rV rY r9 l Dg Y ut i l 1 9 Lr u | . v l J u r L r u o u r ,u
n r o a q r i n n i h i c P T I Q l i c n n n n i n n r o c n n n c i h l i t i o < :
r r r i l i nn l r r e {o i nc r r r r o t i nn t ho [ - r c t n r ] i : n l " oon i nn
^^^^ I n+^ ^^ ^ r / { i n^ - i h^ enr l r l o t o rm i n i nnduLUUr r t J . u u - u r u i l d u r rg q r ru v e L s | i l r l r v
d'sLributionso UnitHoldersndpreparing
financialtatementsor heTrust,
Are he Propertiesoing o be mortgagecl?V o c T h o R o c n o n c i h l o F n l i l v h a c c o n r r r o . l
variousoan acilitieso assist it h hen r r n h e c o n f r h o N l o r n iP r n n o r l i o c
Assecuriryor heLoans.heFinarciersi l ln h t a i n e r o a i c t o r o r ] f i r e t m n r i n : n a n r r o r i h o
Prnner ' 'os he Finar^ciersi l lat at l imesaCt n
their wn nterest . nder he ermsof he
mor lgages.f a defaul t ccurs, he Financier : , ;
wi l lbe er t i ted to er force heir ecur i ly nd st : l l
t h e P r n n o r t i o c T h o F i n q n n i o r c h r r i o n n r i n h t n f
^ ^ ^ i ^ ^ + l l ^ i + L lrec(Jurse ga | rs . u i l . -o loers .
How ongdo I need o invest?
Ini t ial lyn nvestmentnUnitsn heTrusts
l i kehr n ne i l l in id her :a i l3s he Un i tSw i l l no t be
l i c t o 6 j n n r n r i c i n c k m n r l n t n w n l ^ r n n a - h ^ r ^ i -i l D L g U U r ' q r r y D t v v n | | o r n E t E U I L o l r g v , t l l E l E l D
r r n l i k o r r r n h n a c o n n n d a n i m e r l " a l f n r t h e I l n i i c
andUnitHoldersave o gh t o requireheirI l n i r c r n h o h n r r n h r h v t h p R o q n n n q i h l o F n i i t i r n r
Lo aveheirUnitsedeemed.
I r i tHoldersrenerni i tedo ransfe' theirI I n i t c n , , n r i r r a ta an r - :a { j 6p e i l he . IO Othe f Un i t
Holoersrnon-Unitolderseekifgo nvestjn th eTrustHowever,heResporsiblentity
willnotac tas a brokero procureuch
transfers.
Inaddit ion.heTrust Corrst i tut ionequi res
that heTrust e erminatedn heearlier f
a t i { t n a R o c o n n c i h l o F . ! : r " L ^ ^ ^ ^ + ^ ^ ^ ^ ^ ! ^o / r ' r r u I r u o v u r r o r u r v L r l i l l y l l d J l l U L P d J J U U d
resolut ionn orbefore 1July 007o seek
andapplyora l 'st go{ heUnits f he
Trust n an appropriatexchange- 31 Decembet007, r
h t c r r n h r j a l o h o i n n a 2 r l ^ t ^ t l - t n r t h r n l h a ^ a * ^U / o u v l I U G L U u v r l V u o r ' U l U l I O L E I L l 4 l I L l E U q t U
q n o n i [ i o r ] i n / : \ : h n y n , r o l h a D a o n n n o i l ^ ' l ao V U w i l r u u i l r \ u / u u u v V q - L l E I l s o P v l l D l U l E
Entitymaywith heconsent f heUnit
Holdersyspecial a.ori typpoint ,subjecLo hedatebei.rg ot aterhar
26December080
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Upon erminationf heTrustinal istribuiionswillbe made o UnitHoldersfter rderly
realisationf heassets f heTrust.
Whatminimum nvestments required?
Theminimumppl icat ions$10,000or
10,000 nits. pplicationsn excess f
$10,000 ust emadenmult iPlesf
$1,000or1,000Units ach.
Howdo I invest n the Trust?
Toapply o become UnitHolder,oumust
completeheApplicationorm etoutat heendof hisPDS r complete printedop yof
theApplicationorm ncludedn heelectronic
version f hisPDS.When ompletinghe
Applicationorm, lease arefullyead nd
followhe nstructionsoApplicantshat
accompanyheForm. ysending completed
Applicationorm ouar emaking n offero
become UnitHolder nd heoffer annot
be revoked.
Applicationsus tbe accompaniedya
chequenAustralianollars, ad epayableo"ThePrime etirementndAgedCareProperty
Trust' ' ndcrossedNo tNegotiable".
Completedpplicationsith equired
Application onies hould e deliveredy
handor sent o theCustodiant he ollowing
address:
ThePrimeRetirementndAged Care
PropertyTrust
Cl StateTrustees imited
16 8Exhibition treetMelbourneictoria 000
GPOBox1461N
Melbourneictoria 001
Ph:(03)96676444
Application oney il lbe depositedn
receiptntoa bankaccountontrolledy
theCustodian
lf aftereadinghis DS,ou onot ullyunderstandt or he ights ttachingo
theUnits ffered y t,yo ushould onsultyour tockbrokerr other rofessional
financialdvisor.
\lVhen ill applicationslose?11he esponsiblentity as he ight o close
tljreOfferat any rmeand t is herefore
irJnportanthat nvestorsontemplating
zicquiringnitsn heTrustorwardheir
l\pplicationss soonas possible.
15 herea minimum ubscriPtiono
tle raised?'llihe
Responsiblentity oesno t equire
rhinimumubscriptions hisPDS s seeking
to raise dditionalundswhichwillbe
{pplied ogether ith heTrust's orrowingstb acouireheNewPropertiesnd o finance
lfe lnvestmento meet hecosts f he
r\cquisitionndTrust xpenses,
Ilurthermore,heResponsiblentity as
llrocurednderwritingervicesn heeventha t
theres an nterimequirementora particular
propertycquisition.
trltVillversubscriptionse accepted?'{es.As his s an open-endedrust,he
llesponsiblentityma yaccept ubscriptionsriLtny ime.Oversubscriptionsil lbe heldon
iaccountf uture cquisitions.owever,he
Responsiblentity i l laim o ensurehat he
iacceptancef oversubscriptionsil lnot
icousenvdetrrmentalffecto UnitHolders'
loveralleturn.
'Whatare he tax consequences?
tlJnderustralianaxationawoperativet the
Uimef hi sPDS,heTrusts nota taxable ntity
hu t tsdistributionsillbe subjecto ax n he
llrandsf heUnitHolders.heTrust il lclaim
deductronsordepreciationo plant nd
bquipmentndallowancesor hecapital
expendituren hebui ldings.hedeductions
willbepassedhrougho UnitHolders,ausing
a componentf he ncomeeceivedo be"tax
advantaged"n hehands f UnitHolders.
GST oes ot pplyo hessuer ransferfl l-Jnitsn heTrust ordoes t apply o
distribuiionso UnitHolders, STwillapply o
certain osts ndexpensesncurredy he
Trust nd he inancialorecastseflecthe net
impact f anyapplicable ST o theTrust.
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l
':!.':.:i
. . . ]
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Historically,ccommodationor hesenior
market asbeen ategorisedccordingo
th e evel f health areprovided.hesi x
main evels f senior ccommodationn
Australiare :
a) lndependentiving nits "lLUs");
b) Servicedpartments"SAs");
c) Respite are;
d) Supported esidentialervices"SRS");
e) LowCare "Hostel");nd
f) HighCare "Nursingome").
Independentiving nits ndServiced
Apartmentsompriseheaccommodation
generallyvailablenRetirementillages.
Retirementillagesre egulatedy applicable
Stateegislationuchas heRetirement
Villages ct 986 (Vic) pplicablenVictoria.
ThisAct sdesignedo clarify ndprotecthe
rights f residentsy dealing ith heoverall
administrationf he etirementillageacilities
and he nformationequiredo be providedo
prospectiveesidents.
ooorted esidentialervicesrealso
by applicable tateActsand
ulations.heHealth ervicesct1988
Nic)
nd heHealth ervicesResidentialare)
ulations99 1 Vic) pplynVictoria
Care ndHighCare ccommodationre
referredo asHostel ndNursinq
facilitresespectivelyndar egenerally
ie dby residentsequiring highdegree
care. heCommonwealthepartmentf
h andAgedCares responsibleor he
ation f heseacilities.
brief escriptionf each evel f senior
mmodations setoutbelow.
LivingUnits "lLU's")
s aredesignedorseniors howant o
theirull ndependenceuthave ccess
thesecurity,ompanionship,acil i t iesnd
ofa seniorivingommunity.
acil i t ies eed o offerattractive. oacious
s within friendlyommunrtytmosphere.
residentsn1oy completely
lifestyle,heyhave heassurance
help s alwaysavailable t the touchof a
ttonby offeringhe keybenefit f 24 hour
d 5 5 t 5 L d t t u u
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Leisurendsocial ctiviiiesrealsoan
importantndpopular artof a senioriving
lifestylendoptionsor esidentso choose
from nclude:
Artsandcrafts;
Bowls;
Cinema utings
Libraries;
Gardening;
Outingso local hops ndeventsn hevillaLge
bus; nd
A range fvisi t ingervicesncludingdoctor.
pharmacisi,airdresserndmasseur.
External ainienancef heunitand
communityardenss he esponsibi l i tyf
facility taffThereforeesidentsave ime c
enjoy l l hesocial, ulturalnd ecreational
activitiesndprogramsvailable ithinhe
communityswellas outsidenterests.
Facilitiesreself-funded,hereforeweekly
serviceeecontributeso theoverall peration
of he acility his ee,which s ied o CPI
coversnsurancen heunitand tscontents,
al lexternal aintenance,l loperatingosts f
thevil lage nd n some asesmunicipalaters.
ServicedApartments
Servicedpartmentsredesignedorseniors
wh o equire xira are n heir ay{o-dayif eor
wh owish o free hemselvesf cooking,
cleaningndheavyaundryuties.
Residentsreable o reiainheirndependence
whilst avingmore ime o pursueheir wn
interestsndenjoy range f organised
activitiesndentertainmentlternatives.
A weekly erviceeecoversheprovisionf
a l lmeals, leaningervices,regularinen
service,ndmaintenance.om eee sareall
inclusive,it h heexceptionf private
telephoneharges hilst ome trata-tit led
facilitiesreseparatelyaterdormunicipal
charges ndmeteredorutility ervices.
Purchasingrrangementsreon hesame
basis s ndependentnits ndapartments.
Some ssistediving ervicedpartmentsan
provideental na short{erm r ong-term
basisnadditiono purchasingptions,
Respite ervices
Many ssistediving ervicedpartment
facilitiesrenowofferinghort o mediumerm
rental ervicesn additiono their ore evel f
care. his s often eferredo as respite,
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This nables eopleo adjusto anychange flifestylenvironmentr convalescefter
period f hospitalisati onna comfortablend
caring nvironmentithouthenormal
concerns f everydayife.
Home-basedarers, suallyamilymembers,
find hisserviceonvenienthen heyneed o
takea short reakro mcaringorseniors.
Quite ften eniors ecide, fter period f
respiteare, o movent oanassistedtving
servicedpartmentn a permanentasiso
alleviatehestressesf householdiving nd
for he ifestylendcompanionshipffered,
SupportedResidentialervices "SRS")
An SRS s designedorseniors ho
have imited apabilitieso copewith
day-to-dayiving
A weekly erviceeecovershe provision
of a higherevel f direct ar e ha n s
providednassistediving erviced
apartments,swellasallmeals, leaning
services, regularinen ervice,uilding
an dgardenmaintenance.urchasing
arrangementsregenerallyhesame s
forassistediving ervicedpartments,
Residentso not dquire n assessmentrom
AgedCareAssessmenterviceso enter
supportedesidentialccommodation.
Supportedesidentialervicesregoverned
by heHealth ervicesResidentialare) ct
1e88 Cth).
LowCare(Hostels)
Lowcare acil i t iesredesignedorseniors
who havebeenassessed yAgedCare
Assessmentervicesnddeemedo be
in need f owcareassistance.
Hostels rovide n excellentpecialistar e
andsupport tructure,s hostels repartial ly
government-funded,ntry osts r edependent
onmany actorsncludinghe ndividual's
assets,Most esidentsre equiredo pay
a bond o enter hostelacility. ostels
are equiredo havea percentagef
concessionallaces vailableo financially
disadvantagedeople.
Vt/eeklyccommodationeesareset by he
Ciommonwealtheparimentf Health nd
l{gedCare ndar ealsostructuredccording
trl he ndividual'sncome.
lr iadditiono theservicesrovidedn assisted
liiring ervicedpartmentsndsupported
residentialervices,ostels lsoprovide
plersonalar e uc hasdiet, ygiene,
rrhedicationndmobility ssistance.
tJighCare NursingHome)
l{ursing omes regovernment-fundednd
pjrovideuality ursingare upportor hose
vVho eed high evel f carean dassistance.
Flotentialesidentsreselected y heAged
QareAssessment ervicesndpaya weekly
feedeterminedy heCommonwealth
Departmentf Health ndAgedCare.
l-heAgedCareAssessmenterviceACAS)
iias he esponsibil i tyf deciding ho s
e)ligibleorhighand owcareaccommodation.
l\ person's hysical, ental ndsocial ituation
irs ssessed.
l legulatory ramework lndependent iving
tfnits and ServicedApartments
l-heprincipalegislationoverningenior
l iving ommunitieslndependentiving nits
and Serviced partments)revarious tate
l\ctswhich la rify ndprotecthe ights f
$ersons ho ive n,or wish o live n,senior
l iVingommunit ies.
llhese ctsdeal, mong ther hings, it h
rbsidents'ights,heoverall dministrationf
rbtirementillageacilitiesnd he nformation
l'Vhich ustbe providedo prospective
residentsf seniorivingacilities.
Government egulationsLow Carean d
tilighCareand Accreditation
In 1998,heCommonwealthovernment
introducednewquality ssuranceystem
for esidentialare, esignedo improve
thre uality f residentialare nAustralia
l i system f accreditation,hichmeasurestnequality f careandservicesrovidedo an
alged are esident,pplieso all esidential. , ^ ^ A ^ ^ / ^ ^ ^ v t , i ^ ^ ^C L U U U U d I E D E I V I U E - ,
* ,
.*
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Accreditatrons inkedo Governmentunding
andservicerovidersil lnot eceive
Governmentubsidiesnlessheyar eaccredited,ogainaccreditation,ach ervice
nas o:
. demonstraieighquality ersonalare;
. have a safe hr i l r^ l inr^lnd
o ho nnmmi f i ad i n n rn ion t i nn roe idan i i a l
rights.
TheAgedCareStandardsndAccreditation
Agency tarted perationn 1998o manage
theaccreditationrocess,romote nd
encourageetteruality
areand eferoor
qualityerviceso heCommonwealtho
ensure ppropriatections aken.
Certification
Th eCommonwealthlso ntroducedqualitv
improvementrocessocussedpecificallyn
thewidelyecognisedeed o improvehe
physicaltandard f residentialged are
buildings.hi sprocess,alled ertification,s
also inkedo heservice rovider'sevenue;
service rovidersha tar ecertif iedanask
residentso contributeccommodationpayments,nder ertain onditions.
Toachieveertification,residentialare
facilitys nspectedo determinef t meets
certain inimum uildingtandardselatingof i r n o n { n + r r n n a r r r i + , , . ^ ^ 6 a a h e z a r d c l i n h i i n nl i l E o 4 t E L y , D E U U r t L y , q U V V D D . I r q 4 q r U D , i l V r r U r1 9 .
heatirlg,ooling ndventi lation.
Legi$lationAged CareAc t 1997 Cth)
The esidentialar eprogramsadministeredr r n d a r i h o A n a d f ' a r a A n i 1 Q Q 7 / f l i h \ i h a f n a m o
in in a f f on t nn 1 An t nhor 1OO7 Tho An t nn r io rnc
allaspects f heprovrsionf residentialare,
flexiblearean dcommunityarepackageso
olderAustralians.heAc tclearlyetsout
matterselatingo th eplanning f services,
theapprovalf service rovidersndcareresidents aymentsf subsidies,nd
responsibilitiesf service roviders.here
areal$o number f setsof principles,
which rovideurther etail egarding
themattersetout n heAc t
Every rimelifeacility as eceivedhe
maxirhumeriod f accreditationrom
theCpmmonwealth'sgedCare
1 l
Stan{ards gency.
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OurAgeingPoprulat ion
I t swideLyecognisedhatAustraLia's
populat ionsagein13,ustral lanureauf
Stat ist icsABS prolect ionsnow hat ne
ageirg ' tre pol:r lat r. a, 'eady videri ,ssetto continue,he1999mecj ianopulat ionge
of 34.9 earssprojectedo ncreaseo
between36 and2f6,5earsn 2051Th eage;
str rc l 'eof hepop,; lat iori l l ot iceably
change it ha heavieroncentrationf peop :
rn heages 5years ndover ndonly smal l
i rcreaser evers ghtdecl i rer the ourge'
ageg'oups. sdetai led thegraprbelow.
Theproport ionf hepopulattonged 5and
over sexpectedo substantiallyncreaseronl21% n 1999o a most A%n2051The
prooort iorged 5ard overs expectedo^' ̂ ' ' r ' ̂ ̂ +"^- 1.3%n
]999lo/ l l i u D t 9 u d u / u P [ ] ,
i l u r l
approxir ralely"o r '2051as seer , r theg"apl '
PopulationProjections All Age Groups 2001-2051
below. hesize f he6ti+ ag egroupwt
lrr;reaseapidlyrom201 onwards hen he
1;ost o",dWar l oaby oo mers tart-Lrnirg
kl5. BSPopulat ionrojr:ct ionsustral ia999
'?_1A1G2224)
ll3aby oomers
t)ver henext 0years,heover 5'smarket' .v jroeco'ne heastest
! l 'ow gdemographic
sector s a result f hepostWorldWa rLl
BaoyBooners nf luer,;e.heexpressn
h:hv hnnmers s a re ' r l ref e to A-slra an'esidentswho were borrr n Australia r
n\ ,erseasr . i rn herrea[S 946 O1965 In he'yea'2001,the i rst f rhc; abybooners urred
r55ABS
Poput ion
Projr :ct ions997 o 2051
(Cat No 32220)
10000000
9000000
8000000
7000000
6000000
5000000
40000003000000
2000000
1000000
0
ir;ti:r
l : . , :
I'ili: , r
i . :: .:
: l::.:1
t t . : i
: l : r : a i . r: l i i r i l r ' .
2411
0-29
t , l .l r l i r , :
iti:
l
. l r
t _ .
2031 2041 2051
30-54 :r:-:55+
aai:lt, .
;i.iij:r::1,ir]rl
l lrl l i l: t : ' i , .
| i 1 : : . ..
li:irl ,.::
r:.:t l
ai l , l : ,, ' l:;i i i
2001
l
35oco0o Populationrojeciions55yearsndover
aoo,,oool
,.o,,oool il fl I il-"'":l,: l:l !, , liti ii!
200c000
1500000
" roooooo |:
5000(j0
0
'oo].,,ui?l' "o::,^
ltt,uuloot 3::'
:
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1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
Thebaby-boomenerations he esult f a
period f high ertilityndhigh evels f
immigrationhat ollowed orldWar l.
Because f his hebabyboomers av emade,
andwillcontinueo make, largempact n
theabsoluteize f a range f population
groups s heyprogresshroughheag e
structure.BSPopulationrojections99 7
to 2051 Cat.No .32220)
As seer n hegraph elowbabyboomers
formed prominentulge t heyoungerncl
of heagedistr ibut ional l hi ldrennder 5) n
1961At heother ndof hespectrum,n 2001
th e irst f hebabyboomerseachedheage
of 55 ABSPopulation997 o 2051(Cat. o 3222.0) .
Agedistributionf 1961
Australia'shanginggestructureas
implicationsot h or he evel f social
expenditureha tmight erequiredn he
future, nd he evel f resourceshatmight e
availableo fund t As hepopulationge d55
years ndover ncreasesn size, ssociated
social xpendituren ncome upport, are
an dhealth ervicesanbe expectedo
increase,BSPopulationrojections997
to 2051 Ca tNo.3222.0)
Theageing abyboomersreset o be he
healthiestenerationnAustralianistory,ot
to mentionhewealthiest an y ab yboomers
willbe n a better ositionha n hecurrent lder
generation,o provideora financiallyecurerelirementithoutelying n heagepension
fora palorcomponentf heirncome.
t
distribution
'illl1:, 11:,.1 '.::1;.;
t t ! - t
30-34 40-44 50-54 60-64 70-74 80-U4
Agegroup (years)
o- 4 10-14 60-64 70'74 A0-84
1 3
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4
Thecombinationfa rapidly geing
populationith ncreasedif eexpecta
better ealth, ubstantialealth nddisposablencome, nda significant
of spareime, asenormousmplicati
allAustralianusinesses.
MarketProfile
Accordingo surveysf iving
olderAustraliansndertakeny heAB
number f personsndproportionl
populationivingn senioriving
accommodationas ncreasedn
\iVithhechanging emographicsnd
c;hanginghoices eing fferedo enhance
s;eniorivingifestyles,stimatesased n
l\BSdata ndicatehat he baby oomer"
populationxpansion ay equire p o
198,000 nits o accommodaten additional
217700 0Australiansver henext10years, s
s;eenn he able bove. hepenetration,hich
irs proportionf senior ustraliansesidingn
c;omparableenioriving ommunities,s
based n 6%of personsver 5.
llhe Future
l-heneed or uture enioriving lanningas
beenhighlightedy a number f ssues,includinghehighdemandsndemergencef
th e"baby oomers"nt oa retired gedmarket,
rvhichs rapidly hanginghedemographic
structuref ourpopulation.
'l[helarger layersn he marketmuststriveor
brand ecognitions an mportantbjectiven
their usrnessodel. uch ompeti t ioni l l
provide etteracilitiesndserviceso meet
thedemandsndexpectationsf he
<;ver-growingve r 5'sdemographic.
years.
of heunentlvt s estimatedhat ess han
senior ustralianopulationiv en
senioriving ccommodation ,ompared
to 12o/on certaineoions f other
nations ith imilaremographtcs.
The ollowingable ndicateshesize f the
seniorivingmarket nd he uture
people ged55yearsandover.
The ollowing able ndicates he size
and the futuredemand orpeople
I The penetrationate s he proportion f senior2 B. Stimson.'Livingn a RethementVillage'999
the senior ivi,ngmarket
55 yearsand over.
168,690
60,000
60,000
52,460
108,690
37,471
77,635
224,920 60,000 164,920 '117,800
60,000 157,964
337,380 60,000 277,380 198,128
562,30060,00060,000
333,610
389,840
446,070502,300
278,457
J t6,02
358,785
residing n comparable enior ivingcommunities
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6
lntroduction
The ollowingection utl ines descriptionf
th evarious ropertieslreadywned r
contractedoracquisitiony heTrustrlcluding
those ropertieswned y heAPNRetirement
Propertiesun d nwhich heTrust il lhold
Units ywayof nvestment.
1. Heathqlen etirement illaqe
Heathglenetirementillages ocatedn
Werribeen heCityof Wyndham etwebn
Victoria'swo arg est rban entres, elbourne
andGeelong. erribeesapproximatel5i5
kilometresouthwestof heMelbourneBD,
Heathglenil lage omprises14 wobedroom
independentiving nits nd37 supportedresidentialerviceSRS) partments
The37bedSRS acilitys or esidentsho
requireurther ssistanceithpersonaleeds
It s ocatedna separate-storey uilding
A,ll ropertieswned y heTrust re hesubjecl
of swornndependentaluationeports nd
detailedropertyeports reavailableor
inspection.
A,l l ropertiesre hesubject f ong erm
nranagementnd ease ontractsetween
Frimelifeorporationtdas manager nd
lelsseend heResponsiblentity.
l<nown s "The ndne" lt is the intention f the-l iust
to convert Th eLodge intoa 60 bed
licensed Commonwealth overnment
l\pproved)NursingHome.
l 'he rustettledhis cquisitionnDecember1100'1or hepurchaserice f$7 million lu s
associatedostswrih commencingnnualtree f$700,000erannum subjecto
annualeview)
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2. Riverwood ostel
Riverwoodostels ocated ithinhe
Riverwoodetirementillage ndHostelcomplex nd s approximatelykilometres
from heAlbury it yCentreNewSouthWales).
TheRivenryoodostel omprises 29 bed cw
care acil i ty nd hebody orporatewned
Communityentre.
3. CumberlandView Nu194g_Ho11e
Th eCunrberlandie wNursing ome spart,cf
theCumberlandie wRetirementillage nd
is ocated t Wheelers i l l nVictoria,
approxirnately4 kilometresrom he
MelbourneBD.
Th eCunrberlandie wNursing omesa
Commonwealthovernmentpproved 0 be;dnursing ome acil i ty rovidrngigh evel an:
to its esidents.
Th e Home onsists f 4 slngle ed
and13double edwards longwith
ve generalmenitiesndspecialist
rooms ocated bovea basement
ua l
Th ^I t g settledhisacquisitionnOctober
th epurchaserice f$3 million001prus tedcostswitha commencing
Feeof $300,000erannum
TheTrfustettledhisacquisitionnOctober
200.1or hepurchaserice f$3.5million lu ste dcostswitha commencinonnual
Feeof$385,000erannumsubjecio
to annual eview)
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4.Thnnoch raeRetirement illaqe
Tannoch rae s ocated t StAlbans ar k
which s approximatelykilometresor.Ithas t
of heGeelongVictoria)BD
TheTannoch raeRetirementillage
comprises4 oneand wobedroom
independentiving nits, communityentre
an d an dwrth ermitsor heconstructipnf 74
additionalnits. heManagerPrimelife)as
5. TannochBrae Hos;tel
TheTannoch raeHostelsa 50bed ioensed
(Commonwealthovernmentpproved)ow^^"^ ^^ir i+.,i+,,^r^-r;racentto heTannocho r u rou i l t t y J t t udLULr q u j r
BraeRetirementillage.TheTrust ettledhisacquisitionn November
2002or hepurchaserice f$5.5million lu s
r:ontractedo build headditionalnits ndhas
commencedonstructionf hese nits t ts
rlwncost.
-fheTrust ettledhisacquisitionnAugust
:2002or hepurchaserice f$4million
plusassociatedostswitha commencing
,Annualeeof $400,000erannum subjecto
rannualeview),
iassociatedostswitha commencingnnualF O O n t \ h / / h t I I n a r t n n r r m I c r r n r a ^ t t nI v v v ' v v l l , v
iennualeview).
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6,LittleParaHostel
TheLittle ar aHostelssituatednSalisuburb f Adeiaidepproximately0 kinorth f heAdelaideBD
Little ar aHostel omprises 62 bedlow care acilitywithnorthan d south esiden
wrngs eparatedy a centralommon rea,administrattonndservicesore.
Summerwoodsan ntegratedged arefacilityomprising30 bed icensedowcarean d30bed icensedigh are acitityogethelwitha medicalentre ontainingdaysurgerfr,
Th eTrust ettledhi sacquisitionnJune 00 3fo r hepurchaserlce f$6.5million lusassociatedostswitha commencingnnualFe eof$6 1 ,500 erannum subjectoannuaieview).
doctors onsultinguites, edicalmagingfacility ndpathologyooms nd aboratory.
Th eTrustsdue o settlehisacquisitiont he
endof August 003 or hepurchaserice f$10mil l ionlus ssociatedosts i thcommencingnnual eeof$950,000er
annum subjecto annualeview).
7. Summerwood eniorLivingand
Summerwoods ocatednLilydaleVictoria)
approximately5 kilomeiresastof heMelbourneBD.
t 9
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8. SunburySeniorLivingand Health
GareFacilitv
Th eSunburyacil i tys ocated 0 kilometres
northwestof heMelbourneBD.
The acility i llcomprise 60be d icensedow
care acilrty, edicalentre nddoctors
consult inguites, edicalmagingnd
pathologynits.
9. Montclaire
Montclaires situatedn heprestigious
Melbourneayside uburb f Brighton bout
12kilometresouth rom heMelbourneBD.
Montclaireffers6star" ccommodationnd
amenitiessa 39be d icensedostel ndextraservicesacility
fh e Trust ascontractedoacquirehis acility
florhepurchaserice f$9.5mill ion lusicquisitionostswitha commencingnnual
fe e of $902,500erannum subjecto
flnnualeview).
fhis acquisitions due o seti len
December003.
llheTrustntendso acquirehi s acilityor he
purchaserice f$13mil l ion i th
commencingnnual ee f$1.17mil l ion
f,his cquisitions ntendedo settlen
December003.
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1O . Heathglen Nursing Home
The30-bed RS uitdinghat orms artof he
Heathglenetirementillages o be convQrtedand efurbishedo become 60-bedicensr:dhigh-careacilityorapproximatelV36 mil l ionplus osts uringhe2004 inancialear.
11.APNReilrement ropertiesFund(APNFund)
TheAPNFundwasestabtishednMarch Q9 9and s a closedun dunit rust ha townsmodernMelbourneased etirementillagei;managednderong-termontracts ithPrimelifeorporationto .
TheTrustntendso make noffero purchqseunjts n heAPNFund ursuanto the ssuinr;of hisPDS. heTrust il loffertsunitsnconsiderationorunits n heAPNFund asg:don heResponsiblentity'sssessmentf hir
value f heAPNFund.
Theproperty aspurchasedor97.' la commencingental f$7i0,000.
ii . PortPhillip Altona
Comprises26 ndependentiving nits nd i3servrcedpartments.
Th eproperty aspurchasedor95.4mill iont
i i i.ViewBank Gardens - Rosanna
Comprises2 ndependentrvingnits
lhepropertyaspurchasedor$1.5millionta commencingental f $150,000.
iv.l(oorootangillage Mt Martha
Comprises8 ndependentiving nits nd31servicedpartmentsnd2 studio partments.
Th epropertyas
purchasedor94.45mill ionat a commencingental f$aa5,000.
v. Meadowvale illage Pakenham
Comprises43 ndependentiving nits nd53servicedpartments.
Theproperty aspurchasedorgZ45mill ionat a commencingental f $745,000
Tlrepropertiesn heAPNFund reheldunderlegalitle y tscustodiannd heAPNFundsanASIC egisteredanagednvestment
Scheme.heTrust'snvestmentn heAp NFund annot epredeterminedndwillbedependentpo n he evel f acceptancesytheAPNFund's ni tHolders.
' ) l
A summary f he ive etrrementi l lages
owned y heAPNFundssetoutbelow
i. TheVillage Williamstown
Comprises6 ndependentiving nits,34condominiumpartmentsnd gservrcedpartments.
a commencingental f$540,000
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22
Each f hepropertieswned r due o be
acquiredeither y heTrust r heAPNFund)
areoccupiedyPrimelifenderong{erm20
or25years)Managementeeds r Leases.
Primelifes a publiclyisted ompany hich s
Australia'seadingifestylerovidern he
seniorivingmarket nd s oneof a select
number f publiclyisted ompaniesn his
growingector
Thephilosophyf Primelife'snvolvemenin
seniorivings o adopt caring et
commercialpproacho corporatevolution,
with he ocus nquality f ifestyle ommunity
facilitiesndsupportiveare ervicesncluding
governmentundedowan dhigh are,
Investorshould ote hatPrimelifeil loccupy
an doperatehe acilitiesocated t he
Properties,owever,hi sPDS s notan offeror
an yshares r other ecuritynterestnPrimelife
(o r tssubsidiaries)ndanApplication ad e
underhi sPDS oesnotgive heApplicantny
interestn Primelifeor tssubsidiaries).
accordanceith he erms f he
t Deeds r Leases, rimelife ust
and operate achProperty nd
ted business i thdi l iqence nd
iency nd n a proper usinesslikeanner.
fe mustpa yal loutgoingsndcosts
sociated ith hebusinessesexcluding
hose hatar epayabley residentsnderheir
alResidentgreements)ncluding
intenancend epairs.
lifewillpay heResponsiblentity n
Feeor rental y monthlynstalments
arrearsoreachProperty
Th eAnnual eeor rentals subjecto
justmentywayof annualeview y
referenceo CPIexcept n hesth,1Oth, th
20th eviewateswhen he eview hall e
by referenceo market alue
Residentgreementsovernhepaymenl
to Primelifey residentsor heuse/occupation
th eorooertiesf Primelifeefaults nderhe
tractualgreementsit h heResponsible
Entity,heResponsiblentity an ak eover he
benefit f he Residentgreementsnd he
residentsil lbe bound o pa ydirectlyo he
Responsiblentity.
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--.i
- '
,,,:,,,-', '
, , ' . 1
'{#''
@
23
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-;a::
TheResponsiblenti tys; ppointednderhe
Trust's onstitutiono mzlnageheTrusi n
behalf f al lof heUnitHolders,
APCHLsa single urposeubl ic
ompanythatha sbeen icensedyASICo be he
Responsiblentity f heTrust. nderhe
Corporationsct, heResponsiblentitys
responsibleor heproper romotion,
managementndcompliancef heTrust s
a registeredanagednvestmentcheme.
The Directors f th e Rersponsiblentity
JohnDeans 8
Chaimanand Non-Exec:utive ector
John asbeen mployedn he inancial
servicesndustryor n e.xcessf40years, nd
bringso heBoard fAPCHL wealth f
experiencen bothbankingnd inancial
p rannrng.
During is ong areer i th heNational
Austral iaank NAB John eld heposit n
of Senior/Region alana:gernVictoriand
Western ustralia,nd arasenior ice
Presidentor2 yearsn ' lewYorkWhilsthe
NAB epresentativen n,Conesia,oh nalsc
held directorshipfa oint entureon-
bankinginancialnsi i tut ionPT ndonvest)
Prioro his etirementro m heNAB, ohnwa s
secondedo theAustralianankers'
Associationsprojecteader ndse tup an
radministration/researchrogramorbanking
relationsith19Asian ountries.fter isretirementohn pent periodnVanuatu
underheauspices f heAustralianxecutive
Services verseaso implementnd estore
bank endingontrolsnd elatedecoveriesf
irregularebts i the ndigenousationalan k
of Vanuatu,
'WilliamLionelLewski 6
ManagingDirector
WilliamBill) ewskis an Executiveirectorf
theResponsiblenti ty nd esponsibleor he
day-to-dayperationf heTrust. e s alsoa
member f heComplianceommittee.
Billhasgraduatendpost-graduate
qual i f icat ionsncommerce,ccounting,
taxationnd inance. eha sover 0years
experiencen he inancialervicesndustry
during hichimeBil l asbeen rincipalf a
n lh t in annnr n l innnr :c i i6e and a consu l tan l o r
a "ange f businessesrovidingroperty
syndicationndmanagementervlces.
Billhasexperiencen heaged are ndusiry.
Bi l l sa sole irectorf anassociatednti ty
that s registeredy heCommonwealth24
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Governments anapproved rovidernderTh eAgedCareAc t1997. ince 997Biilhas;been irectlynvolvedn propertyyndicateswitha gross yndicatealuen
excess f$200mil l ion.
Billha spreviouslyeen egisteredyASIC{sa proper uthorityolder. il l sa registeredTaxationgentanda Fellow f the nstituteffCertified ractisingccountanis.il l san
3::H:::I;fiT:l,[:,:l?l"reds'li'lu'iePf
CedricRichardPalmerBeck59ExecutiveDirector
Richardasa distinguishedareer istory la senior ropertyndustryndpropertyund$managementxecutive.ehasbuilt ourmajorbusinessesro m nception,omprisingollieisJardinenWesternustralla,JHookerAustralia ide ollowing ooker orporation,$restructure,nationalorporateovernance
consultingractice ithKPMG ndmorerecently estpointundsManagementimit$d
UnderRichard'seadership,estpoint
achieved30 0million ndermanagement
withinwoyears nddevelopmentrojectsnMelbourne,ydney ndPerth owexceed
$500mil l ion.
Richardashada wide ange f corporategovernancexperiencenternationallyndha sbeena director { ivepublic ompanies.e s
currentlyransitioningro m ul l imeexecutiveroleso non-executiveirectorships.ehasastrong onsultativeeadershiptylewith heabilityo selecthe ight eople ndcreateheright nvironmento retain nddeveloptrongexecutiveeams.He sa clear trategichinkerwith ision ndproven bilityo implement,Hehaswide ontactst hemost eniorevelthroughoutustraliandcandrive orporatees;tablishmentndgrowth sing ragmaticndwellproven usinessevelopmentkills.
AmongRichard's any ualificationsndmemberships,e sa pastCouncillorf hePropertyouncil fAustralia,ustraiian
InstitutefCompany irectors,ealEstateInstitutef Westernustralia,erth hamberfCommercenda trustee f heCommitteeorth eEconomic evelopmentfAustralia.
25
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Kinsman amuel aques55
Non Exe utiveD ecto
KinsmanKim) asextensivexperiencen
property anagementn hecommercialnd
retail reas.
Kim's xperiencenpropertyegann 1970
whenhewas hemanagerf a suburbanea l
estate ffice.Shortly fter, immovednto
commercialnd ndustrialropertyales nd
leasingnd n 1983 ebegan pecial is ingn
commercialropertynvestment.ore ecently
Kimheld heposiiion fVictorianevelopment
Manageror7 Eleventoresor10yearswith
responsibilityor hepurchasend easing f
th e7 Elevenonveniencetores, asNational
Managerf Urbis -PropertyUrbis as
formerly TCocksConsulting)nd spresently
th eDevelopmentanageror heBensons
Property roupPtyLtd nwhich isposition
involveshe dentificationndacquisitionf
potentialevelopmentroperty. imhashe;ld
a Victorianea lEstate gent'sicence
since 974,
MarkFrederick utler 3
Non-Executive ector
Mark asbeen nvolvednplanningnd
implemeniingan y ommercialropertyacquisitionsndhasextensivexperiencen
managementf commercialropertles.ark s
a oint ounder f Butler ComPanY
underiakingommercial,esidentialnd ural
sales, cquisitionndmanagement,ar k as
previouslyeen egisteredit hASIC sa
proper uthorityolder ndha shelda
Victorianstate gent 'sicenceince 991.
Entity'sFees
accordanceith heConsiitution,he
sponsible ntitys entitledo receivero m
Trust:
managementeepayable onthlyn arrears
as heaggregatef
4.0% erannum alculatedna daily asis
of hegrossncome f heTrust sat he
lastdayof eachmonth; nd
0.25% erannum alculatedn a daily
basis f hegross sset alue f heTrust;
exit eepayablen heearlier f
th edisposal f hemainAssets nd
undertakingf heTrust I 2.5% f hene t
saleproceedsf hesale; r
. th edeterminationf heTrust f2.5% f hegross sset alue f heTrust alculateds
at hedateof determinationf heTrust;
pxcept hereheResponsiblentitys
pntitledo receiven exit ee ,a sale eeon
fh ecompletionf hesaleofanymainAsset
bf heTrust I 2.5% f henetsaleproceeds
Df hesale; nd
a takeoveree n heevent f anyacquisitionf
Units yan acquirerhat:
(a) s subjecto the akeoverrovisionsnChapter of heCorporationsct;or
(b) ncreasesheacquirer'soting owern he
Trustrom:
(l ) 20 %or belowo more han20%; r
(ii)a starting oint hat s above20%and
below 0%;
the eebeing .5% f hegross rice aid
by heacquireror hesaidacquisiitonf
thoseUnits
TheConstitution
llowsheResponsiblentity
in tsdiscretiono determinelesser ayment
of heaboveeesand/orowaive r deferhe
paymento it
ana
zo
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aTheResponsiblentitysalsoentit ledorermbursementr paymentrom heTrustora, ,
charges,osts ndexpensesroperlyncurredby heResponsiblentitynestablishingndadministeringheTrust,ncludingutno tlimitedo anyaccounting,egistryr ncomedisiributionervices.
Management xpenseRatio
TheManagementxpense atio "MER")sthe atio, xpressedsa percentage,f hemanagementees o heaverageross alueof heTrusi ssets. heMER f heTrustssr;tat a modest .65% er
annum.Brokerage, ommissionsnd MarketingCosts
TheResponsiblentity i llpay orcosts ndfeesassocratedit h hepromoting,arketingandselling f heUnitsn heTrust. hisma yalso nclude rokeragendcommissionspayable y heTrusto icensedecuritydealersnd o personso whoma proper
authorityasbeen ssued ndotherinancialadvisors,ccountants,onsultantsr
service roviders,
TrustExpenses
Expenseshatar eproperlyncurredy he
Responsiblentityn relationo theTrust(butnot heusual verheadxpensesf heResponsiblentity)repaid orby heTrust.These xpensesnclude utar eno t imitedoth ecostsncurrednacquiring,olding ndsel l ingssetsncludingutnot imitedostamp uty, ustodianee sandbrokerage,
commissionsndmarketingosts,ee spaid otheauditor nd eespaid or axationnd egal
advrce,hecosts f printing,ostage,ouriersandstationery,xpensesncurredn
maintajningccountingnd egistryecords,
borrowingosts ndbank hargesncluding
rnterest,ocumentationxpensesndaccountand ransactionee s ncludinghecostof directelectronicayments,hecosts ssociatedit hthepreparationnd egistrationf he
Consti tut ion,ompl iancelan nd hisPDS,
thecosts ssociatedit h heconveningndconductingf UnitHoldermeetingsndcostsof registeringheTrust sa Managed
Investmentcheme,
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TheTrust
TheTrusts a public nit rust. public ni t
trust s an nvestmenttructurehatallows
individualni tholders ccesso nvestments
whichmayotherwiseave ee n ifficultor
them o access.t does hisby poolinghe
capital ubscribedy ndividualni tholdersand nvestingn assets f the ypepermitted y
th eConstitutionf heTrust. ni t olders ay
benaturalersons,orporations,amilyrusts,
privatenit rusts ndsuperannuationunds
as examples.
Applicantsreallocated nitshenumber f
which epresentsheir nterestn heTrust
anddeterminesheir haren he ncome
distributedy heTrust nd he ncreaser
decreasen heunderlyingalue f he
Trust'sssets.
Broadly,heResponsiblentity i lldetermine
th eUnitHolders'haren hedistributionsf
income ndcapitalro m heTrustn
accordanceit h heConstitutionf heTrust'
Generally,hedistributionerUnit s calculated
by dividingheamounihat heResponsible
Entity eterminess o bedistributedor he
particularistributioneriod y henumber f
Units n ssue.
Th eTrust's onstitutioninconjunctionit h he
Corporationsct )governshe elationship
betweenheUnitHoldersndAPCHL s he
Responsiblentity f heTrust. summaryt
theprincipalerms f heTrust's onstitutions
containedn heAdditionalnformationn
Section'1.
TheCustodian ndCustodyAgreement
UnderheCustodYgreement,he
Responsiblentity asengaged tate rustees
Limitedo actas heCustodianf heTrust.TheCustodianillhold heProperttesnd
otherTrust ssets n behalf f theTrust
underhe erms f heCustody greement.
A summaryf heCustody greements
includedn heAdditionalnformation
Sect ion1.
Compliance la n
TheResponsiblentity asprepared,nd
ASIC as egistered,Compliancelanwhich
setsou tproceduresha t heResponsiblentitywillapplyn operatingheTrusto ensure
complianceith heCorporationsctand
theTrust's onstitution.summaryf he
principalerms f heCompliancelan s set
outbelow
TheResponsiblentitys requiredo adhere
to theCompliancelan hat eekso ensure
compliancey heResponsiblentity ith he
Corporationsctand heConstitutiony
prescribingrinciplesndproceduresor he
Responsiblentityo adoptn hemanagement
of theTrust.
Th eCompliancela ndentif ieshepersonnel,
th estructurend heduties f heResponsible
Entity s a wholeaswellas heduties f
eachofficer.
TheCompliancelan lsodescribes
proceduresndsystemsor heResponsible
Entityo implementoncerningarious spects
of hemanagementunction.
These spectsnclude:
. meetingsnd eports f heCompliance
Committee;. thesafekeepingnd nspectionf records;
. valuationf heProperttes;
. engagementf externalervice roviders;
. paymentf ees;
. receipt f subscriptiononey nd tsuse o
purchaseheproPerties;
. maintenancendaudit f books faccount;
. reportingo UnitHolders;
. handling,ollectingnddealing ithmoney
receivedor heTrust;
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. allstaff f heResponsiblentity rerequiredo becomeamiljar ith, ndcomply ith, heCompliancelan;and
. theResponsiblentitys equiredomaintainnappropriate
evel fprofessional
indemnitynd idelitynsurancesn respectof tsoperations.
Compliance ommittee
A Complianceommitteeasbeenestablishedo monitorompliancey heResponsiblentity ith heCompliancela n
an d eport nybreacheso heResponsibleEntity ndotheruviseeporto heResponsibleEntity n a regular asis,
Th eComplianceommittees o reporto ASICif heResponsiblentity oesnotaddress nyjssuesraisednan adverseeportssuedo th eResponsiblentity.heComplianceommitteemembers ustdisclose ll heir nterests(i fany) elatingo theTrust.
Themembersf heComplianceommitteeare:
WilliamRobertWilson
ErternalMember
WilliamBill)Wilson as,untitecenily,he
Operationsirectorf Custodialimited,having ome o thatcompany ith ,|6years
experiencen hebuildingervicesield. rior
to that,Billworkedncommercialankingor15years.
Billholds Bachelorf BusinessAccounting)(Monash niversity)nd san Associate f theAustralianociety f Certif iedractising
Accountants.e sanAffiliatef heSecuritiesInstitutef AustraliandFinanciallanning
AssociationfAustralia,la n RichardBond
ErternalMember
la nBondhasbeen practisinghartered
accountantor25years. xperiencednmanagementccountingor eportingystemsand nternaluditor,anwa s heSenior artnerof Burke on dPartnersccountingroup ntil.1997
and henbecame ChairmanndCEOof Burke on dSecuritiesimited ndBurkeBondLimited pproved orporaterusteeso
prescribednterestmanagednvestment)schemesy heAustralianecurities
Commissionor 15years.
UnderheManagednvestmentsct , an sno wa specialistompliancendmanagedinvestmentsonsultantndholds roper
authorityuaiifications.an s heVictorian
Committeemanor heAssociationfCompliancerofessionalsf Australra.
lan sa member f he nstitutef CharteredAccountantsf Australia,ustralianociety f
Ceriif iedractisingccountantsnd heAssoclationfCompliancerofessionalsfAustralia.e s anAffiliatef heSecuritiesInstjtutefAustraliandFinanciallanning
Associationf Australianda registered
companyuditorinternaludit pecialist).
WilliamionelLewskiInternalMember
Refero Mr Lewski'srofile n page 4.
TheComplianceommitteeil lassess
th eCompliancela n t east uarterlyodetermrnehethert sadequate,eportothe Responsiblentity n heassessment
andmake ecommendationso theResponsiblentity bout nychangesotheCompliancelan.
Complaints esolution
Th eResponsiblentity asestablished
formal omplaintsesolutionrocess singheservicesf heFinancialndustry omplaints
Service heResponsiblentity il lprompfly
acknowledgenycomplainteceivedromaUnitHolder,nvestigatet anddecidena timelymanner nyactionhatneedso be aken.
RegistryConsultant
StateTrusteesimited"STt')hasbeen
appointeds Registry onsultantndwill
establishnddevelophe egisterssrequiredy heCorporationsctan d
th eCompliancelan.
ST Lwillprovideegistryervicesuringhe
applicationeriodo managehe eceipt ndprocessingf Applicationorms nd eport
to theResponsiblentity.naddition,TLwillprovideegistryervicesollowingettlement
of he NewPropertiesuchasprocessing
distributions,reparingeports,ndattending
to UnitHolder ontact.
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An nvestmentn heTrust as iskswhichcouldmpact n hevalue f hepropertiesandUnits. hese isksnclude,utarenot imitedto , he ollowing:
Generalnvestment isks. Changingocal rworld conomic
condit ions;. Interestate luctuationsutsidehose
assumedn hisPDS,. Changesnproperty arket onditions,
includinghevalue f and evel f demandfo rnursing ome nd etirementillageaccommodationn heareasnwhichhePropertiesre ocated;
. Legislativehanges,ncludingnrelationo
taxationndaccountingreatmentndagedcare ndustryegulation;
. lnflation;nd
. Naturalisasters,ncludingarthquakes,socral nrest, ctsof errorismrwar nAustraliandoverseas.
Risks pecific o the Properties
Perfomance f the Licensees- Ifpaymentof he ental ndoutgoingsy heLicenseesrenotmadena timelyashion, ni tHoiders il lnotreceiveheir eturns,rat eastmaynot eceive
themon ime. heResponsiblentitysnotrequiredodistributeoneyo UnitHoldersftheres nsufficientash vailablen hebankaccounto make istributions.owever,fPrimelifeefaultsnderheDeeds,heResponsiblentityan akeoverhebenefitf heResidentgreementsnd he esidentsil lbeboundopaydirectlyo heResponsibtentity,Vacancy- The icenses il lexpireafler 0yearsromcommencementndma yno tberenewed.f sucha vacancy ccurs,heTrust's
Incomema ydecreasend hevalue f hePropertiesight eaffected.heResponsibleEntitymight ave o pa ycommissionsoagents ho ntroducerospectiveicenseesor providencentiveso attract ew icensees,Alternatively,he Responsiblentityma yresoiveo conducthebusinessnwhich asetheres noassurancehat he ncomegeneratedro m hebusiness illbeequal othe ental reviouslyaidby heLicensee,Al lof hese xpensesillbepaid rom heTrust'sunds.
llliquidmarket or Units Until uc h imeastheUnits re isted n heASX heUnits il lberelativelylliquid nd, houldUnitHolders ishto selltheirnterest,he ymight ave ifficuity
findingbuyer. ni tHoldersave orightorequireheirnteresto bebought y he
Responsiblentity ranyother erson, r havetheir nterestn heTrustedeemed.nvestmentin hi sTrust hould econsidereds ong erm,Borrowing bligations An ncreaseninterestateswillhavean adverse ffect n heamount f ncome vailableo pay he ntereston heLoans.f heTrust's inanciersncreasethe nterestat e n heLoans,hen heperformancef theTrustmaydecrease ndmaynot
achieveheperformanceorecastnthisPDS.f here renotsufficientundsomeet he nterestaymentsf heLoans,heFinanciersaywant o enforceheir ecurityan dsell heProperties.owever,heFinancierswillno tbe able o askUnitHoldersocontributenymore han heir nitial
investment.heResponsiblentitymanagesthis nterestat e is kby monitoringhe nterestrateon heLoans nddetermininghe n nd fthe nterestate hould e variabler ixed.Selling he Properties
nd market aluesBeforenvesting,oushouldak e ntoaccountany iskof a declinen hevalue f hePropertiesr marketents. n hesale f heProperties,heResponsiblentityannotaccuratelyredict hat heselling rice f hePropertiesighibeat heendof heTrustHowever,heResponsiblentityonsidershatth ePropertiesrean excellentnvestmentorth eTrust ue o hequality f heexisting
tenant nd hevalue f he and.
Noguarantee
f incomeor capital Thislnvestmentsan nvestmentrustwhich asasit sprimaryssetsnvestmentsnreal state,' Ihe
Responsiblentity oe sno twarrant rguaranteehe ncome r he epaymentfcapital y nvestingn hisTrust.'fhe
Responsiblentity oesnotwarrantrguaranteehat herewillbe a capital ainorthat hePropertiesil lnotdecreasenvalue.
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Material Gontrac;ts
The Constitution
UnitHolders'ights;sholdersf heUnits nd
the ights { heResponsiblentity f heTrust
ar ese tou t n fh ePrime etirementndAged
CarePropertyrust onstitution
The erms ndconditionsf heConstitution
arebindingn UnitHoldersnd he
Responsiblentity sTrusteef heTrust
A summaryf hemore mportanteaturesj
th eConstitutionhich reno tadequately
covered lsewheren hePD S reset
out lelow,
Duration f theTtustTheConstitutionetsout hecircumstancesn
whichheTrust i l l e erminated.nsummary,
theTrust i l l ont inuerom hecommenceme;nt
date nti lheearl ierrf :
. 31December00 7 nlessheResponsib
Entity as esolvedn or before 1July
2007o seek ndapplyo have heUnits f
theTrustisted nan appropriatexchang;e
(such s heA[iX); r. 80yearsrom hecommencementate i. e
26DecemberOB0);r. suchearliera1.es heResponsiblentity
ma ydetermineith heconsent f heUrit
holdersYsPecial aioritY
Distr ibut ionponTermination
Upon erminationf heTrust,heResponsible
Entitymust ell heAssets f heTrust ndafter
paymentfallproper osts ndexpenses,
divideheproceedsmongheUnitHoldersnproport iono henumber f Units eld
Units
Thebeneficialnterestsn heTrust redivided
intoUnits.nvestorshowish o purchase
Unitsmust pplynwri t ing n heAppl icat ion
Form ogether it hpaymentor henumber f
Units ppl iedor
Application rice
TheAppl icat ionrice fa Unit s$100 or he
fundraisingnderhisPDS, nd orany urtherfundraisingsequalo hesumof heNetAsset
Value f heFund nd heTransactionosts
divided y henumber f Units n ssue
Certif icates
TheResponsiblenti ty i l l ssue ni t
Certificateso evidencehenumber f Units
heldbyeachUnitHolder,
Withdrawalof ights
Subjecto heCorporationsct, here re
nowithdrawalights nderheConstjtuttonavailableo UnitHolders. owever,nit
Holders ay ell heirUnitsn accordance
with heConstitution
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Transfer f Units
A UnitHolderma y ransferisor herUnits ydeliveringo theResponsiblentityheUnitCertificateogether it ha writtennstrumentcl ftransfer.he nstrumentf ransfer us tbesigned y he ransferornd he ransfereendstampedifnecessary)
Th eConstitutionls oha sprovisionsealing
with he ransmissionf Unitsn heevent fth edeath, ankruptcy,nsanityr other
disabilityf heUnitHolder.
Appointment nd Removal f Responsible
Entity
TheResponsiblentityan etirerom ts ole
as Responsiblentity po ngiving t east nr;month's ot iceo al lUnitHolders,he
retirementoesnot akeeffect nti iheUnitHoldersav e ppointed ne wResponsible
Entity. pon etirementheResponsiblentityis releasedromany urther bligationnder
th eConstitution,
TheResponsiblentitysdisqualifiedrom
holding ffice s Responsiblentityf tsuffers
an nsolvencyvent sdescribedn he
Constitutionr sotherwiseisqualifiedrremovednaccordanceith heCorporationsAc t UnitHolders ayappoint ne w
Responsiblentityn hese ircumstancesypassing specialmajorityesolution.
Powers f Responsible ntity
TheResponsiblentity asevery ower s f twere heabsolutendbeneficialwner f he
entireiy f heTrust und. heResponsible
Entity aswidepowerso invest nddealwith
theassets f theTrust, ut subject lwayso
the equiremento invest irectly r ndirectlynthedesignatedsset lass f propertysed orretirementndaged are acil i t ies.
Saleof the Properties
Th eResponsiblentitysgivenheabsolute
discretiono sellan yassets f heTrust nd
reinvestheproceedsf hesale nanother
investmentuthorisedy heConstitution.
Indemnity nd Liabil i ty
Subjecto heCorporationsct , he
Constitutionimitshe iabil i tyf he
Responsiblentityn respect f any ossor
damage ccasionedy heexercisef any
discretionr power y heResponsiblentity
iactingngood aith ndwithout egligence.-[he
Responsiblentity asa broad ight f
indemnityutof heassets f heTrustoral ll iabi l i t iest ncursnacting s Responsible
l-ntity f heTrust. he ndemnityxtendso
ilnyactions, roceedings,osts, laims nddemandsoncerningheTrust.
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Protection f UnitHolders
Th eConstitutionimitshe iabilityf Unit
Holderso moneys aidor payablenrespecl.of heUnitHolder's nits.
lncomeDistribution
TheResponsiblentitymustdistributellof lre
incomeo heUnitHolders it hdistributionsn
a monthlyasisn accordanceith he iming
an d ormula escribedn heConstitution.
Payment f exPenses
Th eResponsiblentitymayuse heTrust un d
to payallapplicableosts ndexpenses
includinghose elatlngo:
. th eacquisition,ale r maintenance
of heProperties;. insuringheProperties;. applicableaxes ndstamp uty;
. the emunerationf heResponsiblentity;
. valuers,olicitorsndother xperts;
. meetingsf heUnitHolders:nd
. record eeping
Meetings f the UnitHolders
TheConstitutionet sou t hemannernwhich
meetingsf UnitHolders re o be called nd
held, nd hebasis ponwhich otesma ybe;
taken. heResponsiblentitymust onvene n
extraordinaryeneral eeting po n equisition
of UnitHolders olding etweenhemat east
twenty ercent 20%) t the ssuedUnits r if
reouiredursuanto Part G.4 f he
-Corporationsct .Th equorumora general
meetings iv e 5)UnitHoldersolding
betweenhemat least enpercent 10%) f
al lUnits.Gomplaints andling
Theprocedureshatwillbeadopted y he
Responsiblentityn handlingnycomplaint
submittedya UnitHolder represcribedn
th eConstitution,
TheResponsiblentitys a member f he
Financialndustry omplaintervice.
PLCManagementDeed Lease
("Management eed")
Theacquisitionndsettlementf eachof he
Propertiesasbeenorwillbe (in hecaseof
the Ne wProperties)onditionaln he
executionf a PLCManagementeed
between rimelrfend heResponsiblentity.
Th eManagementee d ntitles rimelifeo
occupy achPropertyndoperatehe
associatedusinessn returnorpayment
of heaoplicablennual eeor rent o he
Responsiblentity.heprincipalrovisionsf
theManagementeed resummarisedelow
Primelifeil lbeappointedo operatehebusinessesn eachPropertyora termof
20years r, n some ases, 5Years.
Primelifeil lhave heoptiono extendhe
termof heDeed y 10yearsrom he
expirationf he nitialtermtwhich ime he
commencingnnual ee or heextended
termwillbe reviewed.
Primelife ustmanage ndoperateach
business ithdiligencendefficiencynd n
a proper usinesslikeanner.
Primelifei llpay heResponsiblentity n
Annual eeor rental y monthlynstalments.
TheAnnual eeor rentals subjecto
adjustmentach earbyreferenceo CPI
except n heSth, Oth, st hand20th eview
dateswhen hereview hallbe by referenceo
marketalue.
Primelifeustpayall heoutgoingsndcosts
associatedith hebusinessesexcluding
those hatarepayableyresidentsnderheir
Residentgreements)ncludingepairsnd
maintenance.
Th eoutgoingsayable yPrimelifeo not
includehose f a structuralr capital ature
and heResponsiblentitys obligedo
maintainhestructuralntegrityf hebusiness
premisess requiredy heResident
Agreementsnd/orheAgedCareAct,
Primelifes entit ledo terminateheDeed y
givingheResponsiblenttty neyear's ritten
noticef heResponstblentityails o meet
thisobligation.4
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ji::.!l:!::1]i':i::1iL=i*t
Primelifeannot mendhestandardormResrdentgreementsf heamendmentil lmaterjallyffectheResponsibtentity,sinterestsnrespect f hebusinesses,ithoutth econsent f heResponsiblentity.
TheResponsiblentitymust efrainromanyact,unlessequiredy aw,ha twillprejudice
Primelife'sntit lemento the eespayableoPrimeljfenderhe Residentgreements,
TheResponsiblentitysentitledo erminatetheDeedf Primelifeails o remedy defaultwithin14
days if hedefaultelateso henon-paymentf money) rwithin 0 days(inanyother ase) rom hedateof serviceof a default otice y heResponsiblentity.
TheResponsiblentity itlbe ndefault f heDeed f t ailso payanymoney ue o
PrimelifenderheDeed, uffersn nsolvencyevent r s nbreach f anessentialermof heDeed.Primelifean erminateheDeedf he
Responsiblentityailso remedy defaultwithin 0 daysof servicefa defauit otice yPrimelife.f heDeed s erminatedy primelife,
it mayelect o buy herelevant roperty(includinghe mprovementshereon).
tf,n he erminationf heDeed otherhanasia esult f a default y heResponsiblentity)Irrimelifeust ransferllof ts ightsn hebusinesselatingo ha tDeedo theIlesponsiblentityor hesu mof $i 00.
lf heResponsiblentityntendsellingtsinterestn hePropertyhosenterests ustfirst eofferedo Primelrfe,
OustodyAgreement
l-heCustody greementovernshe erms ywhich heCustodianoldsegaliile o thePropertiess agentor heResponsiblentityl-heCustodian'sesponsibilitiesrese tout ntlreAgreementnd nclude:
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. carryingut hepurchaser ransferf he
Propertiest the nstructionf the
ResponsiblentitY;. holdinghePropertiesn hename f he
Custodian;
. keepingaf e ustody fall itle ocumentsrwherehose ocumentsrenotheldby
a Financier;. receivingentalncomerom heProperties;
. payingncome istributionso UnitHolders,
interestaymentso Financiersnd ees
andexpenseso theResponsiblentity nd
other ervice rovidersnaccordanceit h
the Responsiblentity'snstructions;nd
' keeping roperecords f account.
TheCustodian us t omply ithal l awful
directionsf heResponsiblentity.he
Custodian ustpermitheResponsible
Entityo supervisend eviewhe
Custodian'sctivities.
TheResponsiblentityndemnifieshe
Custodiannrespect fany iabilityhe
Custodian ay ncur yreason f tsacting
in accordanceit h hedirectionsf he
Responsiblentity r performingtsother
duties nderheAgreements agent f
theResponsiblentitY.
TheCustodians entitledo be remuneratedt
an annualateequalo ivebasis oints with
minimumearly harge f$10,000)n he
marketalue f hePortfoliof heTrust hich
includeshe Propertiesndanyother ssets
of heTrust, alculatedn a daily asis
after osting ny ransactions,lu sGST
asapplicable.
TheAgreementontinuesora minimumerrn
of hree ears, ubjecto terminationyeitherparty, n hreemonth's ritten otice. he
Agreement ayalsobe erminatedherehe
other artys nsolventr has ailedo comply
witha 14daynoticeo remedy breach f he
Agreementrha sotherwiseommitted
breach f heAgreementhichs not
capable f being emedied'
Disclosing ntitY
As a disclosingntityheTrusts subjecto
regulareportingnddisclosurebligations
andcopies fdocumentsodged it hASICn
relationo theTrustmaybe obtainedrom,
or nspectedt,anASIC fficeFurther,nitHoldersave righto obtain
copies f half-yearndannualinancialeports
an dan ycontinuousisclosureotices f he
Trust ycontactingheResponsiblentity.
Consents
State rusteesimited asgivenandhasnot
beforeodgementf hisPDSwithdrawnts
writtenonsento being amedn hisPDS s
theCustodiannd heRegistry onsultant.
Staterusteesimited asnotauthorisedr
causedhe ssue f an ypartof hisPDS
la nRichard ondandWilliam obertWilson
have iven ndhave otbeforeodgementf
thisPDSwithdrawnheirwrittenonsento
being amedn hi sPDS smembersf he
ComplianceommitteeanRichard on d nd
William obertWilson ave otauthorisedr
causedhe ssue fan ypartof hi sPDS.
Primelifeorporationimited asgiven ndnot
beforeodgementf hisPD Swithdrawnts
consento being amedn hisPDS n he or m
andcontextnwhicht s named. rimeli{eas
notauthorisedrcausedhe ssue fanypart
of hisPDS
Dlsclosure of Interests
Responsible ntitY
As at hedateof hisPDS nd n he woyears
beforehi sPDSwas odged ith heASIC,he
Responsiblentity idnothave nddoesno t
have ny nterestn hepromotion
f orn any
assets roposedo be acquiredy heTrust
No amount asbeenpaidor agreedo bepaid
in he as t woyearso theResponsiblentityn
cashorotherwiseYan YPerson
. to nduceheResponsiblentityo ac t n he
capacity f trustee f theTrust r anyother
capacity; r
. forother ervicesenderedy he
Responsiblentityn connectionith
theTrust;
otherha n heResponsiblentity'sntitlement
to remunerationr reimbursementorexpenses
in accordanceith heConstitutionndas
describedn hisPDS,
36
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Exceptor he nitial umof$100 aid o he
Responsiblentityor hesubscriptionf he
nominalumber f Units 100) sa result f
establishingheTrust,o amount asbeenpaidor agreedo bepaid n he
ast woyears
to theResponsiblentityncashor otherwise
by anypersono procureubscriptionsor,n r n r r r n h a a a ^ + I l ^ ; + ^ur Purr/r aD Eur ut i l tJ.
Directors f the Responsible ntity
Except s disclosedelow hedirectorsf
th eResponsiblentity o nothave, nd
throughoutheprecedingwoyears ave ot
had,any nterestn hepromotionf,or nproperty roposedo be acquiredor, heTrust
otherhan, n hecaseof eachdirectorf he
Responsiblentity,hedirector'see sandan yother molumentse sentitledo receivero m
th eResponsiblentity.
Except sdisclosedelow, oamount as
beenpaidor agreedo bepaid n he ast wtyears o anysuchdirector,roposed irector,promoter r expertn cashor otheruuisey
an yperson:
. in relationo anydirectorr proposed
directoro induce im o become, r o
qualify imas,director;r. forother ervicesenderedy himor he r n
connectionit h hepromotionr nception
of theTrust.
TheNon-executiveirectorsf heResponsible
EntityJohnDeans, imJaques ndMark
Butler) ill eceivero m heResponsiblentity:
. directors'eeswherehe otal irectors'ee s
for heResponsiblentity recurrentlyn
aggregateotal f$20,000erannum;
. annual onuses nder performanceincentiverrangementased n hegross
asset alue f heTrust; nd. consultingeeswhichma y nclude
commissionsor ntroducingpplicantsia
intermediariessuch s icensedecurity
dealers,inanciallannersndaccountants)
whosubscribeorUnitsn heTrust, f up o
6.0% f heamount ubscribed.
Such eesandbonusesrenotpayable
from heTrust.
TheResponsiblentitysowned yentities
associatedit hWilliam ewski ho s a
director f heResponsiblentity.
Australianommercialropertyyndications
PtyLtd(ACN 55117765), company
asisociatedit han dcontrolledyWilliamLerwski,ct sas agentor heResponsible
Entityn relationo theprocurementf
contractsor heacquisitionf heProperties
arrdanyotherproperty ssets cquired y he
Trust. ustralianommercialroperty
Sy'ndicationstyLt dor tsnominee ill eceive
a fee rom heResponsiblentitywhich il lbe
reimbursedo theResponsiblentity y he
Trust)or hese gency ervicesf up o 5.0%
of heacqursitionos tof hePropertiesr other
pnrperty cquired y heTrust.
37
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AustralianommercialnderwritingtyLt d
(ACN 55 117934), company ssociated
withan dcontrolledyWilliam ewski, ay
underwritenyshortfallf capitalrom ime o
time nrespect facquisitionettlements,nd
it or tsnominee il l eceiveees or he
provisionf tsunderwritingervices.
William ewski aspreviouslyeenand s
currentlynvolvedn syndicationnd
consultancyrrangementsithPrimelife
Corporationimited nderwhich eor his
associatedompany ave eceivedeesand
ma ycontinueo receiveees.
Kebbel imited company ssociateditlt
Richard eck, asbeen ngaged y he
Responsiblentity s an ssue ndDistributtion
Consultant.ebbel imited ill eceive
wholesale arketingeeof up o 4 0%of he
equityunds aised y heTrust.
Experts
As at hedateof hisPDS nd hroughouthe
precedingwoyearsno expert, orany irmor
company ssociated ithanysuchexpert, as
or ha sha dany nterestn hepromotionf,or
in anypropertyroposedo beacquired v,
theTrust, xcept s ollows.
Madgwicksasacted s egal dvisoro the
Responsiblentityn connectionith hi s
PDS, btaining Dealer's icence,heTrus;t,ConstitutionndComPliancelan
documentationnd n connectionith he
acquisitionf he Properties.heResponsible
Entity aspaidor agreedo pay orwork rt
connectionith heacqutsittonf he
Propertiesees o Madgwicksor egal ervices
to heTrustn accordanceithMadgwicks'
normalimebased harges.
tGeneral
lithical onsiderationsThesocial, thical,
dnvironmentalr abour tandard
gonsiderationssprovidedor n he
Corporationscthavenotbeen aken nto
dccount s heyaredeemed otapplicable.
Oooling ff Theresno cooling-offeriodhat
is applicableo Applicantsnrespect f
investmentn heTrust.
DisclosingntityThis chemes subjecto
tegulareportingnddisclosurebligations,
hndcopies f documentsodgedwithASICn
ielationo theschememaybeobtainedrom,
br nspectedtanASIC ffice.
AvailablenformationInformationetailedn
thisPDS scontainedn documentsha tcan
be accessed y prospectivepplicantsr
their dvisorsndmadeavailableo he mby
ContactingheResponsiblentity t tsoffice
includingheannualinancialeport.
3B
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TheDirectorstate hat heyhavemade l l easonablenquiriesndhave
reasonableroundso believehatall stateipentsy Australian roperty
Custodianoldings td n hisPDS re ruean dno tmisleading.
EachDirectorasconsentednwritingo hp odgemerrtf hisPDSwith
ASIC ndhasno twithdrawnhat onsent.
ThisPDS sdated15August 003 nd s signedoranrJ n behalf f
Australianropertyustodian oldings imited y:
z 1z 2/ /W://'Z*-
/ / // r .
JOHNDEANS
CHAIRMAN
WILLIAM IONELLEWSKI
MANAGINGIRECTOR
CEDRICRICHARDPALMER ECK
EXECUTIVEIRECTOR
tuINSMANAMUELAQUES
NON-EXECUTIVEIRECTOR
MARKFREDERICK UTLER
NON-EXECUTIVEIRECTOR
'2c }
l
l
l
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Primelife and/ortssubsidiariesnd/or
APCHL
AnnualFee
APNFund
ASIC
ASX
Businesses
CommitteePlan
Constitution
Custodian
Custody greement th eCustody
Custodranelatinqo
Deed
Directors
Dollarsor $
Financiers
Licensees
Loans
lnvestment cheme nASIC
Offer
Primelifeorporation
Related ntities
ctot I
the ionof he res
Australian todian Limited 095474
th eannualeeor rent Licensees
th eAPNRetirement Fund
wh obubmitsn tionForm nderhisPDS
tion or he of Units nderhisPD S
anApplicationorm to hisPDS
d t I NI IO
Australianecurities lnvestmentsommission
AustraliantockExcha Ltd
the etirementnd care acilitv usinessesonductedt he
Propertiesnd th eLicensees
rance omml for heTrustiance la n n of theTrust
th econstitutionf he
State rusteesimited
rUSI
)01
theth e
ertions ctne
Deed r enterednto Primelifeor ionLtd
th edirectorsf he ibleEn
dollarsnAustralianu
means ny enoer r nkinonstitutionhose erms ndconditions
of inancere to he Enti
Primelife ation itssubsidiariesnd/or elated ntities
th e oans btarnedy
facrlitateeitlement f
ResoonsiblentitvromFinancierso
of the
betweenheResponsiblentity nd he
Trust
investment
the offer o subscr ibe Uni tsn heTrust etou t n hi sPDS
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Properties Heathglenetirement'illageRiveruvoodlostel
Cumberlan( ie wNursing om eTannochraeRetiremerrtillageTannochrqeHostel
LittleParaHkrstelSummenivoodenior irringndHealthcareacilitySunbury enior iving ndHealth areFacility
An d
APN Retirement Properties Fund (ApN ftnd) which owns:
TheVillageWilliamstown
PortPhillipAltona
ViewBankQardensRosannaKoorootang/illage Mt MarthaMeadowvaleillage Perkenham
PD S thisProductJisclosureStatement
Responsible ntity Australianrppertyustodian oldingsimitedACN 95474 436)sibleE:ntitvf heTrust
Resident greement an agreementetweenhe esidentf a Propertynd he elevantLrcensee
Trust,Scheme r UnitTrust theunit rust onstitutednderheConstrtutionnown s Theprime
RetirementhdAgedCeue ropertvrust, RSN 9751 4746
Unit Holder a personegjstereds a unitholder nderheTrust onstitution
+ I
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InstructionsoApplicants& Applicationorrn
.r.i i
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Please ompletell elevantectionsf heApplicationorm singBLOCK ETTERS.Thesenstructionsrecross-referencedo eiachSection f heApplicationorm.
A Enterhe ullname/s f all egal ntit iesfratare o be recordedsregisterednitholders. p o hreeointapplicants ayregister.oushould efero the ableovefpage or hecorrectorm/sof registrablenames. pplicationssinghewrongorrir fnamewillbe rejected.
B Please nter ourpostal ddressoraj lcorrespondence.l lcommunicationsoyoufrom heTrust i llbe mailedo th eUnitHolder(s)t headdresshown, or oint
Applicantsnl yon eaddressanbe enteied
C Please nter our elephoneumber(s),e-mail ddress ndcontact ame ncasN
ffi:i.oiff:ilactYouin erationo
D Insertheamounts f Units ouwish oacquire nd heamount f Application
Money.heminimumnvestments$iO,0p0fo r10,000 nits nd hereafterultiplesf
$1,0001,000 nits).
E Yo umust eturn cheque ayableo "Th{
PrimeRetirementndAgedCarepropert5i
Trust"n heamount hownn D.Theche$uemustbedrawn n anAustralianan k ndmustbe crossedNotNegotiable" etait$f
th echeque hould e nserted hereindicated.ufficientlearedunds hould eheld nyouraccount, schequeseturnefunpaid ill esultnyourApplicationeingrejected.taple ou r heque(s)o heApplicationor mwherendicatedn hetop right orner,
F Account etailsmustbe providedorpayment f Trust istributionsydirect re]ditto youraccount it hanAustralianank,
buildingociety rcredit nion.G Enter our ax ilenumber(s)TFN) r
exemptionategory. here pplicable,please nterheTFN oreachApplicant
Collectionf TFN'ssauthorisedy axati{n
iaws,QuotationfyourTFN snot
compulsory,owever,fyouchoose ot odiscloseou rTFNor exemptionn heApplicationorm axmaybe deductedroman y nterestarned nyourApplicationMoney nd/or rust istributionst hehighest arginalax ateplusMedicareevy.
H You hould arefullyea dandunderstand
theDeclarationnSection .
I Youmust ignhere nd f heresmore ha noneApplicant,heneachApplicant us t
sign.
Applicationya companyhould esignedby twodirectors r a director nd a
secretary.ora single irectorompany,heForm hould esigned y hesoledirector.Th edateof signing hould e nserted.
Pleraseeturnyour completedApplicationFonmwith your cheque(s) o:
ThePrimeRetirement nd AgedCarePropertyTrust
C/- StateTrusteesLimited
16{}ExhibitionStreet
MelbourneVictoria3000
GPOBox1461NMelbourne 00 1
Telephone: 03)96676444
Contact:Mr JonathanCrayl 2
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lndividual MrThornasPeterSnlith T P Smith
Usegivennames, ot nitials
Company ABCPtYLtdABCP/LorABCCo
Usecompany ame,
not abbreviations
JointHoldings MrPeterrobertWillibms PeterRobert&
use ull andcomplete ames MsLouise usanwilliams LouiseS williams
Trusts MrRicfrard mith Richard mithFamily rust
Use rustee(s)ersonal ames, <RicherdSmithFarfilyTrustVC>
do not usenameof he rust
Deceased states Mr HaroldSmith Estate f he atePeterSmith
Useexecutor(s)ersonal ames, <EstPeterSmithVp> or PeterSmithDeceased
do not usenameof he deceased
Minor MrRichard mith MasterPeterSmith
(aperson nderhe ageof 18) <PeterSmithVC>
Use henameof a responsibledult
with he appropriateesignation
Partnerships MrJohnRobertSmlthand JohnSmith& Son
Use hepartners ersonal ames Mr Michael dward
<JohnSmith ndSiony'C>
LongNames Mr Jol'rnWilliam kfander Mr JohnW A Robertson-Smith
Robertson-Smith
Clubs/lncorporated Mr DavidPeterSmiJh ABCSwimming ssociaiion
Bodies/BusinessamesUseofficebearer's ames,
notnameof club etc
<ABCSwimminglssociation>
Superannuationunds T &H David tyLtcf Tom& Helen avid
Usenameof rustee f und, <Tom& HelenDavid Superannuationund
not nameof undATF Superannuationuftd>
(asTrusteeor)
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ATTACH HEQUEHERE
Tomeet he requirementsf theCorporationsaw, hismustnotbe distributed r usedunless ttached o this
. ThisProductDisclosuretatement houldbe read n its
. Follownstructionsn page43 of the ProductDisclosure
. Prlntclearlyn CAPITALETTERSsingblueor black nk
A. ApplicantDetailsFull ame includingABNf applicable)Refero instructionsor corect form of registerableitle/s
B. Postal Address Details
E, ChequeDetails
ThePrimeRetirement
(PDS)
'ootNsW
ADVISOB/BBOKEBTAMP
G. TaxFile Number IFN)
ENIERFNOREXEI\,4PTIONATEGOBY}
ENTEBFNOR XEMPTIONATEGORY)
ENTERFNOBEXEMPTIONATEGORY)
C. ContactDetails
NAME:
WORKH: )
H0ME H: )
E-MAIL:
FormDiscrosureStatement
Or PostOfficeBoxor otherMailBoxdetails ifapplicable)
D. lnvestmentAmount
(minimum f 10,000and ncrementsf 1,000 units n he or such esser umber f units hat maybe allocatedo me/us
Lodge ouapplicationorm s soonas . Chequeshouldbe crossedNotNegotiable"ndmadepayableo:
details elow:nd ued CarePropertyrust. nsert
F: Requestfor Direct Credit of Distributions
Please reditall payment fTrust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:
H. Declaration
1,4ffeereby pplyor units n ThePrimeRetirementndAged Propertyrust. liVeacknowledge,gree nd understandhat /VVeave eceived
theattachedPDS, nd his Applications completed nd accordingo the PDS. A/Vegreeo beboundby he ermsand conditionsf he
Constitutionf theTrust asmaybe amendedrom ime o Neitherhe Responsiblentity oranyof ts associatesr o{ficers rpersons amed n
thisPDS uaranteeshe performancef heTrust r he of capital r anypafticularateof capital r ncomeetum. hecontract ithme/us
lawofVictoria.f thisApplications signed nderpower f attorney n my/our ehallarisingtom he acceptancef this uplicationwill begovernedy
the Attorney tates hat he has no noticeof revocation f that of attorney
!. Signingtuea
Individua/s igned y he Applicant: R
Company igned n behalf f thecompanyn accordance
SINGLE/JOINTPPLICANT: GIVEN AIVE(S)B C0MPANYAIVE
JOINT PPLICANT: GIVEN AI\A {S) R COMPANYAIVE
J0INTAPPLICANT: GIVEN AIVE{S)R C0l\iPANY AME
UNIT O. STREETO. STBEETAME
SUBUBB/CIW STATE
IAVEAPPLYOR: UMBEROFUNITS:
.OOAT$1.00 ER NITIAVE ODGEPPLICATIONI]NITSOL
APPLICATI0N0NIES:U$
DBAWER:
BANK:
BSB:
BSB:
ACCOUNTUIVBER
FINANCIALNSTITUT]ONNDBBANCH:
POSTALDDRESS:
NAMENWHICH CCOUNTS HELD:
JOINT PPLICANI/DIRECIR/SFCRETARY
its Constitutionnd/or . I27 of tneCorporationsaw n he presencef:
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: f i . i r : ,1."tj u j : i
- , ^ . ' , - ; ' - i . . i \ : '' . : ' ' . . ' . . l r \
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ATTACH HEQUEHERE
To meet the requirementsof the CorporationsLaw, this
must not be distributed or used unless attached to this
. ThisProductDisclosuretatement houldbe read n ts
. Follownstructionsn page43 of the ProductDisclosure
. Printclearlyn CAPITALEfiERSusingblueor black nk
Constitutionf theTrust asmaybe amendedrom ime o
Form
Dlsc/osureStatement
CODE
Kebbel
ADVISOR/BBOKEBTAIVP
G.Tax FileNumber IFN)
A. ApplicantDetailsFull ame includingABNf applicable)
Refer o instructionsor correctorm of reglsterableitle/s
ENTEBFNOBEXEMPTIONATEGORY)
ENTERFNOR XEIVPTIONATEGOBY)
ENTEBFNOREXEMPTIONATEGORY)
B. Postal Address Details C.ContactDetails
NAME:
W0BK H: )
HOMEH: )
E-MAIL:
Or PostOfficeBoxor otherMailBoxdetails if
D. lnvestmentAmount
(minimum f 10,000and ncrementsf l-,000unitsn he or such esser umber f units hat maybe allocatedo me/us
E. ChequeDetails Lodge ouapplicationorm s soonas ChequeshouldbecrossedNotNegotiable"ndmadepayableo:
ThePrimeRetirementndAgedCarePropertyrust. nsed details elow:
E Request or DirectCreditof Distributions
Please redit ll payment fTrust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:
H, DeclarationlAiVeereby pplyor units n ThePrimeRetirementndAged Propertyrust.AVe cknowledge,gree ndunderstandhat ^/Ve ave eceived
the attached DS, nd hisApplications completed nd accordingo the PDS.A/Vegreeo be boundby he ermsandconditions f he
. NeithertheResponsiblentlty oranyof ts associatesr officers rpersons amed n
thisPDS uaranteeshe performancef heTrust r he of capital ranyparticularateof capital r ncomeetum. hecontract ithmdus
arisingfomhe acceptancef hisApplicationillbegovemed the awofVictoria.f thisApplications signed nderpower f attorney n my/our ehalf,
theAttorney tates hat he has no noticeof revocation f that of attorney.
l. SieningArea
Individua/s igned y he Applicant: R
Company igned n behalf f the companyn accordance its Constitutionnd/or . L27 oflhe Corporationsaw n he presencef:
SINGLE/JOINTPPLICANT: GIVEN AIVE(S)R C0IVPANYAIVE
JOINT PPLICANT: GIVEN AME(S)R COMPANYAIVE
JOINT PPLICANT: GIVEN AIT4E(S)R C0l\iPANY AME
UNIT O. STBEETO- STREETAIVE
SUBURB/CITY SIATE
IAVEAPPLYOR: UMBEROFUNITS:
.(l() AT$T,()(lERUNITIAVE ODGEPPLICATIONONIES F
APPIICATI0N0NIES:U$
DRAWER:
BANK:
BSB:
BSB:
ACCOUNTUMBER
FINANCIALNSTITUTIONNDBBANCH:
POSTALDDRESS:
NAI\,IENWHICH CCOUNTSHELD:
NAME{PBINT) DATEJOINT PPLICANTiDIRECTOR/SECBETABY
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"+**'-Y'! i
ii-.'.jr,j3} i
Thispagehasbeen
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ATTACHHEQUEERE
To meet the requirements of the Corporations Law, this
mustnot be distributedor used unlessattached to this
. ThisProductDisclosuretatement houldbe read n ts
. Follownstructionsn page43of the ProductDisclosure
. Printclearlyn CAPITALITTERSusingblueor black nk
A. ApplicantDetailsFull ame includingABNf applicable)Refero instructionsor correct orm of registerableitle/s
B. Postal AddressDetails
Form
Disc/osu/eStatement
CODE
Kebbel
ADVISOB/BBOKERTAMP
G.TaxFile Number IFN)
ENTEBFNOR XEIVPTIONATEGORY)
ENTERFNOREXEIVPTIONATEGOBY)
ENTEBFNOBEXEIVPTIONATEGORY)
C, Contact Details
NAME:
WORKH: )
H0ME H: )
E-MAIL:
Or PostOfficeBoxor otherMailBoxdetails if
D. InvestmentAmount
(minimumf 10,000and ncrementsf 1,000units n he or such esser umber f units hat maybeallocatedo me/us
E. ChequeDetails- Lodgeouapplicationorm s soonas Chequeshould ecrossedNotNegotiable"nd madepayableo:
ThePrimeRetirementndAgedCarePropertyrust.nsert details elow:
F. Requestfor Direct Credit of Distributions
Please reditall payment f Trust istributionsirectlyo accountwith he ollowing ustralianank,buildingociety r creditunion:
H. Declaration
l/irVeereby pplyor units n ThePrimeRetirementndAged Property rust. AMe cknowledge,gee andunderstandhat llNe have eceived
the attachedPDS, nd hisApplications completed nd accordingo the PDS. ̂ /Ve gree o be boundby he ermsand conditionsf the
. Neitherhe Responsiblentity oranyof ts associatesrofficers r personsamed nConstitutionf theTrust asmaybe amendedrom ime o
this PDSguaranteeshe performancef theTrustor the of capital ranyparticularateof capital r ncomeetum. heconvact ithme/us
lawofvictoria.f thisApplications signed nderpower f attomey n mylour ehalf,arisingrom he acceptancef hisApplicationillbegoverned
the Attomevstates hat he has no noticeof revocation f that of attorney.
l. SigningArea
IndMdua/sSigned y he Applicant: R
Company igned n behalf f the companyn accordance its Constitutionnd/or . !27 of theCorporationsaw n he presencef:
SINGLE/JOINTPPLICANT: GIVEN AI\iE{S) R COIVPANYAI\A
J0INTAPPLICANT: GIVEN AME{S)RC0IVIPANYAIVE
JOINIAPPLICANT:GIVEN AME(S)B COMPANYAIVE
UNIT O, STBEETO. STBEETAIVE
SUBUBB/CITY STATE
IAVEAPPLYOB: UMBEROTUNITS:
.ll(l AT$1.00 ERUNITIAVE ODGEPPLICATIONONIESF:
APPLICATI0N0NIES:U$
DRAWEB:
BANK:
BSB:
BSB:
ACCOUNTUMBER
FINANCIALNSTITUTIONNDBRANCH:
POSTALDDBESS:
NAIMENWH]CH CCOUNTS HELD:
NAIVE(PBINT) DATEJOINT PPLICANT/DIRECIOB/SECRETARY
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r, r,tF-'ii".11,i,_,' I
ir*r.::ii:.,1x
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Responsible ntity
Australianropertyustodian oldings td
(ABN74 095474 436)
Unit5/3Myrtle treetRr i nh tnn \ / i n t n r i c Q-1QA
Telephone;03) 592 511Facsimi le:03) 593 116
Directorsof the ResponsibleEntity
JohnDeans
Chairman
Wil l iamionel ewsk,A,4 n e n i n r-tD i rcr,.f r' * - Y "
Cedric ichard almer eck
Executive irector
KinsmanamuelaquesNon Exec tiveD recto
Ma'kFredericktt ler
NonExec tiveD ecto
Compliance ommittee
Wil l iam obert i lson
ExternalMember
lanRichard ond
ExternalMember
William ionel ewski
lnternal ember
Custodian
State rusteesimited
(ABN 8064593148)
168Exhibi t iontreet
Melbourneictoria000
Auditorof the Responsible ntityand he
Trust nd,Compliancelan'PitcherPartners
Level
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