Pritchard Equities Limited entered into an agreement to acquire certain loans associated with notes from SIV Asset Management Limited.

Pritchard Equities Limited entered into an agreement to acquire certain loans associated with notes from SIV Asset Management Limited (ASX:SAM) on March 10, 2017. The loans will be transferred at their face value. The proceeds will be used by SIV Asset Management Limited to repay the notes.

Pritchard Equities Limited agreed that the cash component of the transaction proceed by way of set off so no net cash transfer will occur in relation to the transfer of the loans. The net financial effect of the transaction is that SIV Asset Management Limited will reduce its liabilities and assets by corresponding amounts with no change to the net position. The transaction is subject to approval of the shareholders of SIV Asset Management Limited and completion of due diligence by Pritchard Equities Limited.

As of April 10, 2017, the transaction was approved by the shareholders of SIV Asset Management Limited. SIV Asset Management Limited agreed to pay a net fee of AUD 0.11 million to the manager of SIV Investment Fund and the Orion Investment Options Fund for arranging the transaction.