Trading Units in CD Private Equity Fund IV (CD4)

Low Volume Market

The 2024 market can be viewed here.

On the 2nd of July 2024, K2 Asset Management Ltd (K2), as Responsible Entity of CD4, was granted permission by ASIC to operate a Special Market called a Low Volume Market (LVM), to facilitate the trading of the Units in the Fund. The conditions of this market are set out below.

Special Market Condition Notices – Low Volume Market (LVM)

K2 Asset Management Ltd (K2), as Responsible Entity (RE) for CD Private Equity Fund IV (CD4, or Fund) does not hold a license to operate a financial market and is not subject to market obligations, in particular the obligation to ensure that the market is fair, transparent, and orderly. The market is covered by an exemption under section 791C of the Corporations Act. K2 does not provide a settlement service for trading in the market – it is the responsibility of the parties to a transaction to arrange payment between themselves.

Click on the following link to download a copy of the Corporations (Low Volume Financial Markets) Instrument 2016/888 in PDF format from the ASIC website: https://www.legislation.gov.au/Details/F2016L01501.

Directors of the Board of K2 Asset Management Ltd have the right to refuse to register any transfer of Units in their unlimited discretion.

Special Characteristics of the Purchase and Sale of CD4 Units:

• The Responsible Entity may not permit the transaction of Units which exceeds either 100 individual transactions, or $1.5 million (measured by sale price), in each 12-month period.
• Thereafter, if a transaction would cause either the total volume or value of all transactions entered into in any 12-month period to exceed either of those limits, the Responsible Entity may not approve the transaction or suspend the market to the start of the subsequent 12 month period. In such a case interested Sellers and Buyers would have the option of either waiting for the next 12-month period to commence or find counterparty themselves (i.e. a party that is not on the Register).
• The Low Volume Market provides you with one way to potentially locate a buyer or seller for units in the Fund. You may still find your own buyer for shares outside of the market at any point, including if the market closes for the 12-months.
• The market operates on a price-time priority basis.
  
  • Buyers submit bids (the highest bid reflects strongest demand).
  • Sellers submit offers (the lowest offer reflects strongest supply).
  • A trade occurs when a bid equals or exceeds an ask — this intersection determines the market-clearing or match price.
• The Off-Market Transfer form must be signed by both Buyer and Seller within 30 days of a transaction being agreed to, with the original signed document provided to the Unit Registry for processing. It is possible to complete these forms electronically.
• Settlement of the transaction must be completed by the Buyer and Seller, with a recommendation that the Seller request for the Buyer to provide a bank cheque, money order or execute a settlement agreement provided by the Responsible Entity to facilitate the settlement of the transaction.
• Funds paid by direct credit or electronic transfer will need to be received into the account which the Unitholder has on file with the Unit Registry.
• Stamp duty payable by the purchaser on the transfer of shares in the Company is no longer applicable in any State/Territory. It would however be prudent for the purchaser to confirm the current situation with the State or Territory Revenue Office where the Company was incorporated.

CD4: NTA per Unit

2025 Transaction History