Merlin Trust - General FAQs
Who are the appointed trustees to the Merlin Trust
The appointed Trustees are Trident Trust Company (Malta) Limited who is authorised by the Malta Financial Services Authority to act as a trustee and to provide other fiduciary services in terms of the Trusts and Trustees Act. For further information email tmaltrustfundinfo@tridenttrust.com
Who is my primary point of contact going forward?
For general product information or estimated valuation enquiries please refer to the online updates posted at www.bestaccess.co.uk/merlin-trust which will be updated with the most up to date information available.
For general administration queries please contact:
Best Administration Services Limited
Email address: info@bestadmin.co.uk
Telephone number: +44 (0) 1565 656315
For questions about the operation of the trust please contact:
Trident Trust Company (Malta) Limited
Email address: tmaltrustfundinfo@tridenttrust.com
Telephone number: 00356 23715156
How can I update my bank details or anti money laundering information?
The Trustees can be contacted directly to facilitate the change on the following details:
Trident Trust Company (Malta) Limited
Email address: tmaltrustfundinfo@tridenttrust.com
Telephone number: 00356 23715156
How can I update my personal contact details?
The administrator can be contacted directly on the following details:
Best Administration Services Limited
Email address: info@bestadmin.co.uk
Telephone number: +44 (0) 1565 656315
What Assets are held by the Trust?
The trusts three significant assets are Real Estate assets in the form of operational care homes.
I received a communication in February telling me I was redeeming, is this the case?
In one of it’s final acts as the administrator of the regulated sub-fund, Estera issued a communication to Merlin Shareholders on 24th February titled ‘Merlin Secure Yielding Care Home Fund - Redemption Contact’.
It informed you that your shareholding in the regulated fund was redeeming at that time, as the only way to close that regulated sub-fund was by redeeming its shareholders. However, that communication did also go on to explain (see opening paragraph) that the redemption was NOT being settled in the form of an immediate cash payment to shareholders at that time, but was redeeming as part of a process to convert the fund into a Unit Trust. Therefore, the redemption was being paid to each shareholder in the form of units in that Trust, corresponding with the value of each shareholding and that at this time this is not a cash redemption.
I understand that I have been redeemed in the form of Units in a Trust, not cash. So what happens now?
The Trust is the owner of Care Home assets, for which a sale has already been agreed and contracted. The buyer of those Care Home assets has already paid a significant amount of the agreed contracts and is incentivised to complete prompt payment of the remaining balance.
Once 100% of the agreed contracts have been paid by the buyer, a process will be triggered shortly thereafter to redeem all beneficiaries in the Trust in cash to conclude their original investments.
How Much return will I get? The Contract note I received looks like less than I invested.
The total amount you receive will be your share from the net sale proceeds of the three Care Homes under the contract that was signed in February 2019 (less any costs associated). So, if the three properties in total sell for €110, and the costs of sale are €10, then you will get €1 for every 1% of the total share capital of the Fund you owned at the end of January 2020. The contract has a number of clauses designed to make it more attractive for the buyer to pay early, so depending on how quickly they pay, the total amount in Euros that they pay will change. Then, it is important to note that as you will be paid in Sterling, the amount you get paid will be affected by interest rates. When Estera sent you the Contract Notes explaining that you have now been converted to beneficiaries of the Trust, they used the published accounts relating to the year ended June 2019 to estimate the contract value, and an exchange rate for January 2020 (just as we were exiting the Eurozone). The accounts recorded the minimum that could possibly be paid by the buyer under the contract. Given the passage of time already, the amount due is already substantially more than this, and increases each month. However, given the variables in time and exchange rates, a meaningful estimate is all but impossible.
Our approach, now that we are able to communicate more informally, will be to give some rough estimates on a regular basis for guidance only.
Whilst a defining factor on the actual value will be the timing and the exchange rate at the time of transaction the estimated amount per share, if the sale were to close on 14th April 2020, would be £1,505 per share.
I used to hold shares through a professional nominee. Do I now hold the equivalent unit trust value in my own name or the name of my pension scheme?
The beneficial interest in the trust is now held in the name of the individual or their pension scheme directly, with no professional nominee service necessary.
Can I transfer, sell or redeem my beneficial interest?
The beneficiary can assign their rights to the beneficial interest, including for value to a third party if they wish to do so. This transaction would be a private transaction between the parties involved and once completed the trustee would be informed to amend the beneficiary details.