360 Capital Total Return Fund

Capital management

The Fund completed a restructure, IPO and $40.0 million capital raise in April 2015 with raised funds fully committed for deployment.

Prior to 30 June 2015, the Fund repaid its bank debt and is debt free.

During FY16, the Fund successfully negotiated the sale of the French Forest properties for $26.0 million and subsequently completed the sale with settlement occurring on 30 September 2015.

Upon completion of the sale, A Class units were fully redeemed leaving the Fund with a simplified capital structure of only one class of Security.

On 7 October 2015, Securityholder approval was obtained for the buyback of 15% of the Fund’s Securities on issue. The buyback was initiated on 12 October 2015 and was subsequently completed on 11 January 2016. The average buyback price was $1.14 per Security which represents an 11.6% discount to NTA per Security of $1.29 at the time.

Given the Fund’s trading price on the ASX, the Responsible Entity obtained Securityholder approval on the 14 March 2016 to buy back a further 5.1 million Securities. This buyback was completed on 15 April 2016 increasing the total buyback of Securities to 9.0 million Securities, representing 22.7% of the Fund’s issued capital at an average price of $1.14 versus the Fund’s 30 June 2016 NTA of $1.33 per Security.