Aspect Fund Report Q4 2024

4QFY24

• We are still waiting for the change of management entity to finalize, with the following issues pending:
  • Investor KYC- GOC has collected KYC documents from all investors. The new compliance partner is now onboard, the KYC process has resume.
  • Change of Custodian bank- Bison bank opening: GOC has finalized all procedure regarding bank opening, waiting for the final approval from the bank.

3QFY24

• During 2QFY24, we hosted annual fund shareholder's meeting. On the meeting, shareholders approved the results of FY23 for project CAN and approved the change of fund management entity to Greenone Capital (GOC).
• We are still waiting for the change of management entity to finalize, with the following issues pending:
  • Investor KYC- GOC has collected KYC documents from all investors. Since GOC is in the process of changing their compliance partner, the KYC process is on hold until this change is finalized.
  • Change of Custodian bank- Bison bank opening: GOC has finalized all procedure regarding bank opening, waiting for the final approval from the bank.

1QFY24

• During 1QFY24, we are preparing for the annual fund meeting on April 24, 2024. The meeting will address the result of 2023 as well as several changes to be made in year 2024, including proposal to change new fund management entity.
• No additional capital was raised.

4QFY23

• During 4QFY23, we are moving ahead with zoning change of Canidelo Project. The Madalena softcost loan has not been executed yet.
• No additional capital was raised.

3QFY23

• During 3QFY23, we were able to agree and negotiate with Heed Capital the borrow of €1.0M trough a mezzanine loan that will be used to finance Madalena's plot acquisition and further expenses related to licensing process. The junior loan provided will have a duration of 1 year with 8% of interest rate.
• No additional capital was raised.

2QFY23

• Heed Capital has rejected the equity investment in Project Madalena based on the tax concerns of acquiring shares of an existing company. We are since working on a plan to borrow debt financing from Aspect Fund I. The terms are being negotiated.

1QFY23

• We've finalized the due diligence and transaction for PROJECT CAN and the project is currently in licensing stage developed by the design and engineering teams.
• On the first shareholder's meeting (on the 31st of January, 2023), a capital increase is suggested and approved by shareholders to access other opportunities, and further diversify fund’s portfolio. Since the Capital Increase, we have confirmed fundraising of 600.000€ to add to the fund.