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Important Update on Sandalwood Projects and Appointment of KPMG

11 October 2023

Further to the June 2023 Update, Sandalwood Properties Ltd (SPL) would like to provide you with an important update regarding the status of your Sandalwood Project and an upcoming development that will impact the financial reporting for the fiscal year 2023.

As you are aware, SPL serves as the Responsible Entity (RE) for several Managed Investment Scheme (MIS) Sandalwood Projects. Our primary obligation is to act in the best interests of investors, and in light of the current market conditions and the outcomes observed in recent MIS Sandalwood tenders, SPL has engaged the services of KPMG, a highly experienced and independent professional services firm.

KPMG will be conducting an in-depth analysis of the MIS Sandalwood Projects from TFS 2007 to TFS 2016 inclusive and evaluating their prospects. This analysis is essential for us to gain an independent and clear understanding to chart the best outcome for investors going forward. We anticipate that KPMG will provide us with their comprehensive report by mid to late October. Once we have received and reviewed the report, we will promptly provide you with a detailed update.

Given the anticipated timeline for the delivery of the KPMG Report, the SPL Directors have made the decision to delay the finalisation of the FY23 financial statements for the Sandalwood Projects, to ensure the most accurate and up-to-date information is included.

Whilst we anticipate this may raise some questions, until we have received the KPMG Report, there is limited further information we can provide. Nevertheless, if you do have an immediate concern or query, in the first instance please lodge your query by completing the contact form below.

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