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Macquarie Cash Management Trust

Proposal to transition to the Macquarie Cash Management Account (CMA)

The proposal
Key dates & documents
Conversion to CMA
About the Macquarie CMA
Voting results
FAQs

Macquarie CMT conversion completed - 31 July 2010

At a meeting on 22 April 2010, Macquarie Cash Management Trust (Macquarie CMT) unit holders approved the Proposal to convert their investments in the Macquarie CMT into an at-call Macquarie Cash Management Account (Macquarie CMA) with Macquarie Bank Limited.

The conversion was completed on the weekend of 31 July 2010.

Learn more

You can learn more about this Proposal and how it was implemented on this website. You can also view copies of all information sent to unit holders, including the Notice of Meeting and Explanatory Memorandum (see key dates and documents).

Further information for Excluded Unit Holders is available under the "Conversion to CMA" tab.

Key dates and documents for unit holders

Key steps:

1. Consider

2. Vote

3. Proposal Approved

4. Conversion

Click on the links or images below to open or download documents.

				WHAT YOU NEED TO DO
1 Consider	4 March 2010 Proposal announced by MIML Board	Official announcement Letter to unit holders	CMT Supplementary Product Disclosure Statement (SPDS) dated 4 March 2010	Please review all of the information provided to you. You can also learn more on this website.
	By end of March 2010 Information pack sent to unit holders	Letter to unit holders Information booklet Notice of meeting, Explanatory Memorandum and Supplemental Deed	Proxy form Appointment of body corporate representative form Macquarie CMA Product Information Statement (PIS)


				WHAT YOU NEED TO DO
2 Vote	20 April 2010, 2pm Proxy voting closes	Proxy form	Appointment of body corporate representative form	Option 1 Sign and return your proxy form before 2pm on 20 April 2010
	OR	OR		OR
	22 April 2010, 2pm Unit holders' meeting	Bayside Auditorium Sydney Convention and Exhibition Centre Darling Harbour Sydney		Option 2 Attend the unit holders' meeting to vote on the proposal.


				RESULT
3 Proposal approved	22 April 2010 Unit holders vote in favour of Proposal	Official announcement Notice to unit holders	CMT Supplementary Product Disclosure Statement (SPDS) dated 22 April 2010	Macquarie CMT unit holders voted in favour of the Proposal

				NEXT STEPS
4 Conversion	31 July - 1 August Conversion completed			We automatically converted your CMT to a CMA, keeping your existing account number and banking details
	Early August	Notice to Unit Holders		Final CMT statements issued
	By 6 August			Cheques mailed to Excluded Unit Holders who were unable to receive a CMA
	Early September			First CMA statements issued

The Conversion

Investments in the Macquarie CMT have now been converted into an at-call Cash Management Account (CMA) with Macquarie Bank Limited (MBL), as approved by Unit Holders. Your account has retained the same functionality, BSB and account number, so you can transact as normal and all your regular transactions (direct debits and credits) will continue. The Macquarie CMA is covered by the Australian Government's Retail Guarantee*.

The conversion process

We automatically converted your Macquarie CMT investment into a Macquarie CMA as follows:

Macquarie CMT

Your units in the CMT were redeemed
Each unit was valued at $1 plus accrued interest

Example:
CMT Units = 10,000
CMT Balance = $10,000 plus accrued interest

Convert

Macquarie CMA

Balance including accrued interest carried across from your CMT to your new Macquarie CMA

Example:
CMA Balance = $10,000 plus accrued interest

Excluded Unit Holders

As outlined in the Notice of Meeting and Explanatory Memorandum dated 4 March 2010, some unit holders were excluded from receiving a Macquarie CMA and will no longer be able to use their Macquarie CMT. These unit holders will receive a cheque in Australian dollars for the proceeds of the redemption of their units including accrued interest. The cheque will be sent to the Excluded Unit Holder or, if the Constitution or the law requires, to the relevant creditor or agency.

Macquarie Cash Management Account (CMA)

The next generation cash hub

A full service investment hub with a competitive interest rate of 4.50% pa^

Ideal for...

clients looking for a cash flow management system with a competitive interest rate, who want the same functionality as the CMT.

Set-up direct debits and periodical payments
Manage and monitor your investment cashflow online and easily act on investment opportunities
Effectively manage and administer your self managed super fund
Transfer funds electronically to nominated accounts
Automatically transfer your salary and dividend income
Write cheques
Make deposits through National Australia Bank using your personal deposit book

How does this compare with the Macquarie CMT?

	CMT	CMA	How does it compare?
Interest rate	3.74%pa#	4.50%pa^	Higher rate Macquarie has committed to mirror the RBA cash rate until March 2012, updating the CMA rate within one week of any change^
What's it for? Minimum Investment No transaction fees Competitive interest rate At call access to cash	Central cashflow management hub $5,000	Central cashflow management hub $5,000	Convenience Convenience of the same functionality, service and account details
Government Guaranteed*			Security Macquarie's CMA gives you the benefit of the Retail Guarantee* that applies to bank accounts, with the functionality of a cash hub.

Click to view a more detailed comparison of features

The following table compares the Macquarie CMA with the CMT.

	Macquarie CMT	Macquarie CMA
Structure	Managed Fund	Bank account
Covered by the Retail Government Guarantee	No	Aggregate deposits of up to $A1m with MBL are covered by the Retail Guarantee*
Nature of investment	Unit trust investing in Government securities, bank securities and deposits	Deposit with MBL
Minimum balance	$A5,000	$A5,000
Return (as at 29 July 2010)	3.74% p.a. - variable rate	4.50% p.a. - variable rate. Macquarie has committed to mirror the RBA cash rate until March 2012, updating the CMA rate within one week of any change^
Interest calculated	Daily	Daily
Interest paid	Quarterly	Monthly
Interest paid to nominated account	Yes	Yes
Access
Online funds transfer to nominated or other account	Yes	Yes
Online Bpay® payments	Yes	Yes
Online tax payments	Yes	Yes
Periodic Payments	Yes	Yes
Direct Debits	Yes	Yes
PhoneLink	Yes	Yes
Domestic Telegraphic transfer	Yes	Yes
Overseas payments	Yes	Yes
Cheque book	Yes	Yes
Deposits
Direct Credits	Yes	Yes
Deposit book	Yes	Yes
Bpay® deposits	Yes	Yes
Administration
Dedicated client service team	Yes	Yes
Statements and reporting
Statement frequency	Quarterly (or monthly if you transact in the month)	Monthly
Statement delivery	Printed or online	Printed or online
Online account balance and last five transactions	Yes	Yes
Online audit letters	Yes	Yes

Voting has closed

Macquarie CMT Unit holders approved the Proposal at a unit holders' meeting on 22 April 2010.

Voting results	For	Against
Resolution 1 - Amendment of the Constitution	97.28%	2.72%
Resolution 2 - Approval of the Proposal	97.37%	2.63%

Frequently Asked Questions

Q. Did the conversion take place as planned on the weekend of 31 July 2010?

A. Yes. The conversion of Macquarie Cash Management Trust (Macquarie CMT) accounts into Macquarie Cash Management Accounts (Macquarie CMAs) has now been completed. You will receive a notice confirming the conversion with your July Macquarie CMT statement. Please note that this conversion did not include Excluded Unit Holders.

Q. How was my account converted?

A. On the weekend of 31 July, the following conversion process was carried out:

Your units in the Macquarie CMT, including interest, were redeemed
The proceeds from your account were transferred to a Macquarie CMA, in full
You are now able to start transacting on your new Macquarie CMA account, which has the same account name, BSB and account numbers

It is important to note, there will be no withdrawal or credit transactions on your statement. You will simply see your interest payments. Your end of July statement will be for your Macquarie CMT account and your end of August statement will be for your new Macquarie CMA.

Q. Has my account changed?

A. On the weekend of 31 July 2010, the conversion of Macquarie CMT accounts into Macquarie CMAs was completed. Please note that this conversion did not include Excluded Unit Holders. Your account name, account number, BSB and authorities have not changed. The operational setup of your account has remained the same and all of your regular payments will remain active. You can also access and view your account as normal.

Q. Can I still use my current cheque book following the conversion?

A. Yes. You can continue using your current cheque book as the account and bank details remain the same.

Q. Will all my regular payments remain active?

A. Yes. All of your regular payments will remain active and you will not need to make any changes.

Q. My adviser signs off on all my accounts. Does my adviser still have authority?

A. Yes. Your account name, account number, BSB and authorities have not changed. The operational setup of your account has remained the same.

Q. Did I lose any interest over the weekend of the conversion?

A. No. You will have received interest at the Macquarie CMA rate over the weekend the conversion took place. As at 31 July 2010, the Macquarie CMA rate was 4.50 per cent per annum.

Q. What statements will I receive?

A. In early August you will be sent your final Macquarie CMT statement and a notice that your account has been converted to a Macquarie CMA. In early September you will receive your first Macquarie CMA statement. Macquarie CMA statements are issued monthly and your preferences for online or printed statements have been retained as part of the conversion.

Q. Can I still view historical statements for my CMT account online?

A. Yes. Historical Macquarie CMT statements will still be available online for converted accounts for a period of up to two years. Please login to transact@macquarie to obtain historical statements.

For Excluded Unit Holders, Macquarie CMT statements will be available online until 9 August 2010. After this time statements can be obtained by calling 1800 806 310 or +61 2 8245 4249.

Q. Where can I view a copy of the Macquarie CMA terms and conditions?

A. The Macquarie CMA terms and conditions are available at www.macquarie.com.au/cma.pdf.

Q. What are the benefits of the Macquarie CMA?

A. The benefits of the Macquarie CMA include:

Convenience - Your new Macquarie CMA has the same functionality, BSB and account number, and is supported by the same service teams as your previous Macquarie CMT account. Therefore you can continue to operate your account as normal
Government guaranteed - The Macquarie CMA is covered by the Australian Governments Retail Guarantee*
A competitive rate - Macquarie has committed to mirror the RBA cash rate until March 2012^.

Q. What is the process for Excluded Unit Holders?

A. As previously communicated to you, a Macquarie CMT account needed to have an Australian address on the unit holders register to be included in the conversion. We have now redeemed the Macquarie CMT units for all unit holders who were excluded from receiving a Macquarie CMA. If you are an Excluded Unit Holder, you will be sent a cheque for the proceeds of the redemption of your Macquarie CMT units. If there are, or were, uncleared funds in your Macquarie CMT, the cheque will be sent as soon as possible after these funds have cleared. We expect to have all cheques dispatched by 6 August 2010.

If you have any further questions please call 1800 614 378 or +61 2 8245 4249.

Q. What do I do if I have more questions?

A. If you have further questions about the conversion and have a financial adviser you may wish to contact them, or alternatively please call 1800 614 378 or +61 2 8245 4249.

Archived questions

Q. What happens after the unit holders meeting?

A. As the Proposal has now been approved by unit holders, the following process will be carried out, without any interruption of service expected:

On the weekend of 31 July 2010 units in the Macquarie CMT will be redeemed
On the weekend of 31 July 2010 the proceeds from the redemptions of units held by eligible unit holders will be deposited in full into individual Macquarie CMA accounts with the same name, BSB, account number and functionality
On Monday 2 August 2010 unit holders will be able to start transacting on their new CMA account
Subsequently, the Macquarie CMT will be wound up

Q. Will I be able to operate my account over the transition weekend?

A. Yes your account will operate as normal.

Q. Do I have to do anything during the transition?

A. No, the transition will take place automatically over the weekend of 31 July 2010.

Q. Monday 2 August 2010 is a bank holiday in NSW. What impact does that have?

A. The bank holiday will not impact your ability to access and use your accounts.

Q. What is in the information pack I will receive?

A. In the information pack you will receive:

Notice of Meeting, Explanatory Memorandum and Supplemental Deed – These are legal documents which set out the meeting details and explain the Proposal in more detail. The Supplemental Deed sets out the changes to be made to the CMT’s constitution to allow the Proposal to take place.
Information Booklet – This booklet explains the key aspects of the Proposal
Macquarie CMA Product Information Statement – This booklet will be sent to those in Australia only and explains the Macquarie CMA in more detail.
Proxy form, appointment of body corporate representative form and reply paid envelope – The proxy form allows you to cast your vote by post, fax or by scanning and emailing to MIML. The postage paid envelope has been provided for those who wish to return their proxy form by post (if posting within Australia).

Q. How do I vote?

A. It is important that you exercise your right to vote. You can either:

Complete and sign the proxy form and return it to MIML in the reply paid envelope provided, by fax to 02 9287 0309 or by scanning and emailing it to macquarie@linkmarketservices.com.au. Proxy forms must be received by MIML no later than 2pm on 20 April 2010. If you do not indicate how you wish to vote on the proxy form, the Chairman of the unit holders’ meeting will be able to decide this on your behalf
Sign the proxy form and give it to a person nominated by you to submit at the unit holders’ meeting. If you do not indicate how you wish to vote on the proxy form, your nominated person will be able to decide this on your behalf
Attend the unit holders’ meeting at 2pm on 22 April 2010 at the Bayside Auditorium, Sydney Convention and Exhibition Centre, Darling Harbour. Registration will commence from 1pm.

Q. When is the meeting?

A. The unit holders’ meeting will be held at the Bayside Auditorium, Sydney Convention and Exhibition Centre, Darling Harbour at 2pm on Thursday 22 April. Registration will commence from 1pm.

Q. What is a proxy?

A. A proxy is a voting form which allows you to cast your vote without being present at the meeting. You can cast your vote by completing and signing the proxy form and return it to MIML in the reply paid envelope provided, by fax to 02 9287 0309 or by scanning and emailing it to macquarie@linkmarketservices.com.au. Proxy forms must be received by MIML no later than 2pm on 20 April 2010.

Q. When is the deadline for sending in proxy forms?

A. All proxy forms must be received by MIML by fax, post or by scanning and emailing no later than 2pm on Tuesday 20 April.

Q. How many votes do I have?

A. You are provided with one opportunity to vote for each account you hold with the Macquarie CMT. However, that vote is worth the value of your units in the CMT. So if you have a balance of $10,000, this equates to 10,000 units in the trust and that is the value of your vote.

Q. I have multiple accounts, do I vote more than once?

A. You will receive an information pack for every account you hold. As such, if you have five accounts, please submit five votes.

Q. When and how will I find out the result of the vote?

A. MIML will write to all unit holders to inform them of the outcome. The results of the vote will be announced at the unit holders’ meeting on Thursday 22 April.

Contact us

Call: 1800 614 378
Overseas: + 612 8245 4249

Fax: 02 9287 0309
Overseas: + 612 9287 0309

Email:
cmtvote@macquarie.com

Quick links

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Investments in the Macquarie Cash Management Trust ARSN 086 886 606 ("Trust") are offered by Macquarie Investment Management Limited ABN 66 002 867 003 ("MIML").

Investments in the Trust are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 or of any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. None of Macquarie Bank Limited, MIML, or any other member company of the Macquarie Group guarantees the performance of the Trust or the repayment of capital from the Trust or any particular rate of return.

* The Australian Government has committed to maintaining the Retail Guarantee for aggregate deposits up to $A1 million for three years from 12 October 2008. The Retail Guarantee is the term we use to describe the Government's guarantee under the Financial Claims Scheme, which covers aggregate retail cash deposits of up to $A1 million held by any one account holder with Macquarie Bank Limited (MBL) without charge to MBL or the account holder. Further information about the Financial Claims Scheme can be obtained from the APRA website at www.apra.gov.au and the APRA hotline on 1300 131 060.

^ As at 29 July 2010 the Macquarie CMT rate was 3.74% p.a. (daily average annualised rate) and the Macquarie CMA rate was 4.50% p.a. Rates are variable and subject to change without notice. Until March 2012 MBL has committed that the Macquarie CMA rate will be adjusted to reflect any change in the RBA cash rate within one week of the change being announced by the RBA.