Important Information: Fund Closure

Further to the suspension of the TM home investor fund and associated Feeder fund on 31st July 2023, Thesis Unit Trust Management Limited (Tutman) as the authorised fund manager (AFM) has confirmed on 30th October 2023 that a decision has been made to terminate the Funds. The termination of the funds will formally commence from 1st December 2023. This decision has been made following consultation with the Funds’ Depositary (NatWest Trustee and Depositary Services Limited) and Property Investment Manager (Hearthstone Asset Management Limited).

A copy of the formal Investor Notice which has been sent to investors on 30th October can be downloaded below

View investor notice

Fourth Capital Distribution - 29/11/2024

Another ad hoc capital distribution has been confirmed as £3 million and will be paid on 29th November 2024 at the rates per share detailed below. This distribution equates to approximately 4.8% of the bid-value of the fund in November 2023 immediately preceding termination, and will take the total distributions to 23.7%.

It is intended that capital distributions will be made on the income payment dates set out in the prospectus (end of February, May, October and November) subject to there being at least 5% cash available. They will be administered by reducing the price of each share held by an amount equivalent to the payment. For the forthcoming distribution, prices reduced on 13th November.

We expect the next distribution will now be in February.

Third Capital Distribution - 30/09/2024

Another ad hoc capital distribution has been confirmed as £3 million and will be paid on 30th September 2024 at the rates per share detailed below. This distribution equates to approximately 4.8% of the bid-value of the fund in November 2023 immediately preceding termination, and will take the total distributions to 18.9%.

It is intended that capital distributions will be made on the income payment dates set out in the prospectus (end of February, May, October and November) subject to there being at least 5% cash available. They will be administered by reducing the price of each share held by an amount equivalent to the payment. For the forthcoming distribution, prices reduced on 12th September.

We expect the next distribution will now be in November.

Second Capital Distribution - 31/05/2024

The next capital distribution has been confirmed as £3.1 million and will be paid on 31st May 2024 at the rates per share detailed below. This distribution equates to approximately 5% of the bid-value of the fund in November immediately preceding termination, and will take the total distributions to just over 14%.

It is intended that capital distributions will be made on the income payment dates set out in the prospectus (end of February, May, October and November) subject to there being at least 5% cash available. They will be administered by reducing the price of each share held by an amount equivalent to the payment. For the forthcoming distribution, prices reduced on 9th May for classes C to G, and 12th May for the Feeder).

First Capital Distribution - 12/12/2023

An initial capital distribution of approximately £5.7 million of cash held by the Fund was made to investors on 12th December 2023, equivalent to approximately 9% of net asset value. Since investors will continue to hold the same number of shares throughout the termination process until a final capital distribution is made, the share price correspondingly reduced by approximately 9% on 4th December (5th December in the case of the Feeder Fund) when the capital cash was removed from the fund pending payment.

As property sales complete, it is intended that further capital distributions will be made quarterly if the Fund holds at least 5% cash.

The amount of this first capital distribution in pence per share is set out below.