2016-08-23 Read Article | TrustSetup.com.hk
Published by Jakal Intel
AGL Trust Announcement to Members
Published on August 23, 2016 11:29
Dear AGL Trust Member,
In order for you to understand the current situation of the AGL Trust, along with your personal AGL Trust accounts, we would like to provide the following update:
- The AGL Trust has completed the sign-up phase, and over 99% of beneficiaries have been verified and able to access their accounts.
- We apologize to Members for the delays in sorting out data systems; as well, much of the data submitted to the Trustee required substantial editing.
- As Members will remember, there is a 2% Assets Under Administration (AUA) fee to be charged on assets sold which are held under the Trust.
An example follows: Assume 10,000 shares are sold, and the shares have a market value of US2.00/share. The AUA fee calculation would be:
AUA: 10,000 x $2 = $20,000
AUA fee: $20,000 x 2% = $400
As Members do not currently have access to trade their shares, a US $20.00 monthly advance on the AUA fee is being charged, billable every six months, or USD 120.00 on a half-yearly basis.
Upon the achieving liquidity, Members will be billed the AUA of 2% on total value of sold assets, less the AUA payments already advanced.
- Invoices for this fee have just been issued.
- The balance of the AUA fee which has been accumulated will be charged once there is liquidity in the Members’ share accounts. Members will be offered the option to pay this balance in cash, or have the Trustee liquidate shares to cover it at that time.
- A new on-line interface system – to be implemented next month - will give the Members access to their personal profile, as well as to access the cash and share accounts, initially for balances only. Once this new system is implemented, we will be emailing all members asking them to review and if necessary update their personal information. Clients will be able to correct any information on their personal profiles as necessary.
Important Information for Trust Members
- The Trustee is not an affiliate of the Sponsor AGL, and its role in this Trust is to hold title to assets belonging to the Members, and to facilitate the delivery of shares through the securities placed in our Trust.
- The Trustee is not responsible for trading or dealing in the underlying shares, and is responsible primarily for ensuring that the title to your property is secure.
- The Trustee cannot offer any guarantee as to the value of your shares. Our Fiduciary Duty is to act in the best interest of our Members.
progress of the NYSE Project
- The process is taking longer than we would like, and the Sponsor assures us that the processes are on track: they also have been frustrated by the delays.
- Each step of the process is subject to regulatory approval by the New York Stock Exchange. As well, the US Securities and Exchange Commission requires support for all independent valuations.
- Once again, the Trustee cautions all Members to refrain from publishing materials on internet sites, as well as to ignore any unofficial communications which may be circulated.
- The most important news is that the first of a series of asset injections was completed recently, and there are more asset injections on the way.
As information is finalized, we will publish it. When this occurs, you will see it first on the AGL Trust Website.
Sincerely,
Legacy Trust Company Limited
FAQ
Why do we need to pay?
A Trust is a legal entity that owns assets on behalf of Members for safekeeping. The Trustee manages the assets that are in the trust and provides services to the Trust Member. The Trustee charges fees to cover overall expenses for administering the Trust, which are set out in the Membership Agreement. The Trustee had previously announced a "fee holiday" for AGL Trust Members until April 1st, 2016, and is just now starting to collect the Maintenance Fee that will be credited towards any AUA Payments in the future.
What is the Account Maintenance Fee and how is the 2% AUA fee calculated and when will I be charged?
An example follows: Assume 10,000 shares are sold, and the shares have a market value of US2.00/share. The AUA fee calculation would be:
AUA: 10,000 x $2 = $20,000
AUA fee: $20,000 x 2% = $400
As Members do not currently have access to trade their shares, a US $20.00 monthly advance on the AUA fee is being charged, and is the Account Maintenance Fee. This Fee is billable every six months, or USD 120.00 on a half-yearly basis.
Upon the achieving liquidity, Members will be billed the AUA of 2% on total value of sold assets, less the AUA payments already advanced.
When will the shares be sold?
The date at which shares be sold has not been announced yet.
What will happen to the members if not pay the fee?
Your Trust account will be suspended and access to services will be limited.
What specific services do you provide?
The services provided by the Trustee include: the collection and receipt of Member contributions; exercising control over the investments and any accrued benefits; receiving and dealing with inquiries and complaints by scheme members; keeping and retaining records in respect of Trust Members; preparing statements of accounts; providing AML and KYC compliance services; and Fiduciary Duties of Trustees relating to the governing rules of Trust.
IMPORTANT NOTICE: PLEASE READ
Legacy Fiduciary Services Limited ("LFS") is solely to act as the Trustee of AGL Trust, whose role is to hold title to assets on Members’ behalf and to ensure that such title to Members’ property is secure. LFS does not give advice on investments, nor does it give advice on investments within or without AGL Trust. The decision to proceed with any investment is yours and yours alone. LFS expressly disclaims any liability whatsoever for any loss, howsoever arising from any investment made by your own decision.
It has come to our attention that a series of announcements (the "Announcements") were made by an entity called "The Shareholders Committee" to our AGL members through a website (http://www.sharenews2u.com/) recently. Please note that LFS does not work with The Shareholders Committee and is not now, nor ever has been an affiliate of The Shareholders Committee. LFS has no involvement in any activities stated in their Announcements nor their proposed share offering plan to you. LFS take no responsibility for the contents of its Announcements, makes no representation as to their accuracy or completeness, and expressly disclaims any liability whatsoever for any loss howsoever arising from, or in reliance upon the whole or any part of the contents of their Announcements to you. We suggest that you seek professional investment advice before making any investment with The Shareholders Committee. LFS will take no responsibility for any Member’s decision on investments, including purchasing shares from any entity or platform provided, introduced by or associated with The Shareholders Committee.
