COVID-19 and Your Skyline Wealth Investment

FAQs

Q: Which Skyline investment products are affected by this redemption limitation?  

A: All the Skyline investment products are affected.  At a joint meeting, the Trustees of Skyline Apartment REIT, Skyline Retail REIT, Skyline Commercial REIT and Skyline Clean Energy Fund (the “Funds”) all unanimously agreed on a temporary basis to strictly apply the monthly redemption limits of $50,000.00 that have always been provided for in their respective Declarations of Trust.  For the time being, the Funds will no longer facilitate redemption requests on an exception basis as had been the case since inception of each of the Funds.

 

Q: If I submit a redemption request, what does this mean for me?

A: Effective immediately, all redemption requests that are processed will be under the monthly limit provisions. An aggregate monthly cash payment of $50,000 per Fund will be paid on a pro-rata basis for all tendered requests for redemption for each Fund. In the case your pro-rata share of this cash payment is not equal to your redemption request, you will receive an interest-bearing Trust Note for the remaining balance.  Trust Notes will be for a term of 8 years (subject to Trustee approval to reduce the term from 10 years as provided in the Declarations of Trust) and bear interest at the rates provided for in the Declaration of Trust for your Fund which interest will be paid monthly in arrears on the 25th day of each month.  If you require more details on the applicable rate for your Fund, please speak with your Skyline Wealth Advisor.  Cash payments and the issuance of Trust Notes for redemptions will occur on the 25th day of each month for redemptions tendered in the prior month.  (i.e. on April 25, cash payment and Trust Notes for redemptions tendered in March will occur)

 

Q: What does pro-rata mean?

A: Pro-rata means that all investors who have tendered for redemption for a particular Fund will be paid proportionally based upon the number of Units they have requested to redeem against the total number of Units tendered for redemption in relation to that Fund.

 

Q: If I proceed with a redemption while the Monthly Limits are being strictly adhered to, when will I receive my full redemption amount?

A: As noted above in Q2, the Trust Notes will have a term of 8 years (subject to Trustee approval to reduce the term from 10 years as provided in the Declarations of Trust) which is the maximum amount of time before you would receive the remaining balance of your redemption value, subject to Board approval which is pending.  The Trust Notes are open for full or partial repayment at any time and it is the intention to ensure Trust Notes are paid off as quickly as possible as circumstances allow.  Senior Management as well as the Board of Trustees of each Fund are continually assessing the ongoing nature and sentiment of the financial markets and that of our investors. We are committed to reassessing this regularly and will send out communication regarding any updates as it relates to repayment of the outstanding notes.

 

Q: What if I want to change my mind after my redemption has been processed and I’ve received my cash payment and Trust Note?  

A: Trust Notes cannot be converted back to Units once the cash payment and Trust Note have been issued.

 

Q: Are there tax implications in choosing to move forward with my redemption and being issued a Trust Note?

A: Interest payments from the Trust Note are taxed as interest income.

For non-registered accounts, the conversion from an Equity Unitholder to a Debt Trust Note holder will trigger capital gains at the time of conversion.

For registered accounts (RRSP, TFSA, RRIF, etc.), the conversion from an Equity Unitholder to a Debt Trust Note will trigger registered plan taxes to be withheld at the time of the conversion as the Trust Note cannot be held in a registered plan as it does not meet the qualified investment criteria for registered plans under the Income Tax Act.

We recommend speaking with your accountant or tax advisor for more details.

 

Q: Do I still receive my distributions while I wait for my full redemption amount?

A: No. Any redemptions that are submitted under these conditions will not participate in any distributions, nor any applicable capital growth. The Fund Units that have been tendered for redemption are no longer an equity position, rather a debt position and are treated as such – see question 2 for interest payment information.

 

Q: When will ‘normal’ redemption procedures resume?

A: Senior Management as well as the Board of Trustees of each Trust are continually assessing the ongoing nature and sentiment of the financial markets and that of our investors. We are committed to reassessing this regularly and will send out communication regarding any updates as it relates to redemption procedures.

 

Q: I didn’t know that this was possible, why is this happening?

A: All redemption limitations are outlined in the Offering Memorandum and Declaration of Trust for each Fund.

The Board of Trustees voted to strictly apply this monthly maximum to help protect investors. It is our duty to protect the value of the existing assets within the Fund and the corresponding cash flows to offer stability to those wanting to remain invested. This is a protection measure to ensure the Funds remain stable during turbulent times.

 

Q: I want to continue and submit a redemption request, what do I do?

A: Please contact your Skyline Wealth Advisor and they will send you the required paperwork to do so.

 

Q: What do these redemption conditions mean for my estate should I pass away while they’re in place?

A: If an investor passes away and the account is registered in the investor’s name only (individual account) the estate of the deceased may choose to:
• continue to hold the Fund Units as the original Unitholder had; or
• transfer the Fund Units in kind to the beneficiary(ies); or
• the executors may tender for redemption, which will invoke the same provisions as all investors are currently now under.

 

Redemption Conditions Example:

There is $50,000 per Fund available monthly to facilitate all tendered redemptions for that Fund

If only one investor requested a $200,000 redemption in one Fund under these conditions, they would be paid $50,000 and receive a $150,000 Trust Note bearing interest at the applicable rate (promissory note bearing interest) due no later than 8 years (subject to Trustee approval to reduce the term from 10 years as provided in the Declarations of Trust) from the date of issuance.

If twenty investors came forward each requesting $200,000 redemptions from the same Fund under these conditions, they would each get paid $2,500 and be issued Trust Notes for $197,500 bearing interest at the applicable rate due no later than 8 years (subject to Trustee approval to reduce the term from 10 years as provided in the Declarations of Trust) from the date of issuance.

 

Have a Fund specific question? Click the appropriate link below.

Q: Is it still safe to be invested in multi-residential real estate at this time?

A: As Skyline Apartment REIT provides a basic need—shelter—in the most economical form, its management team believes that rental housing is one of the safest sectors in which to be invested at this time. Consumers are already cutting spending in many areas, but no matter what the economic climate, people will strive to fulfill their basic needs, including shelter.

 

Q: Has Skyline Apartment REIT taken any measures to mitigate against a reduction in rent being paid?

A: The federal and provincial governments has made changes to the waiting period for EI, and are issuing stimulus in a variety of forms to assist people facing temporary layoffs, reduced hours, as well as business aid. The Apartment REIT’s management team has communicated this information to tenants so that if needed, they can apply for assistants right away, helping to limit the Apartment REIT’s exposure to delinquency and bad debt. The information regarding financial aid is changing on a daily basis and we are keeping ourselves and our residence up to date and will be working with them on an individual basis throughout this crisis.

 

Q: Is Skyline Apartment REIT continuing to spend on capital expenditure projects at this time?

A: No. The Apartment REIT has put capital expenditure spending on hold until further notice. Instead, it will keep cash in hand to mitigate any potential business interruptions.

 

Q: What is Management’s outlook for the Skyline Apartment REIT?

A: The Apartment REIT’s management team is predicting a temporary rise in receivables, but its revenue remains intact with a 96% occupancy rate across more than 18,300 individual rental units. Income from tenants is diversified across the Apartment REIT due to the portfolio’s geographic and demographic diversity. Not all employment sectors have been affected by the current economic climate. Income for the Apartment REIT includes that which is coming from government pensions and permanent financial aid, as well as diversified employment sectors. The Apartment REIT’s management team is committed to working with its tenants to get through this difficult period.

 

Q: How are declining interest rates affecting Skyline Apartment REIT?

A: Low interest rates provide the potential to refinance at a lower debt servicing cost. The Apartment REIT is actively looking at financing and re-financing opportunities where they most make sense, in order to help lower the Apartment REIT’s weighted average interest rate. The Apartment REIT is actively reviewing and reallocating over $100 million in debt at lower rates than what was already within the portfolio. This practice will add additional income, which creates additional financial stability for the Apartment REIT.

Q: Is it still safe to be invested in the industrial commercial & distribution real estate sectors at this time?

A: The properties within the Commercial REIT are hard assets and remain essential to the long-term functionality of the Canadian economy. The Commercial REIT is comprised of a broad range of high-quality real estate that will continue to benefit from the ongoing evolution of market needs that favour these types of industrial assets. The Commercial REIT is well poised with a diverse tenant group including the food distribution, e-commerce, warehousing, and broader distribution logistics sectors–all industries that continue to grow amid heightened demand for these services.

 

Q: What do Skyline Commercial REIT’s Senior Management Team believe are the biggest risks at this time for the Commercial REIT?

A: To date, Skyline Commercial REIT has experienced minimal impact from the current COVID-19 pandemic. Being a focused industrial investment fund, the Commercial REIT is invested in a sector that should be reasonably insulated.

The Commercial REIT management team sees a degree of short-term rental deferment as the largest potential negative effect of the current COVID-19 outbreak. Management recognizes that current events may cause stress within the Commercial REIT’s tenant base as it moves through the next few quarters, but, like most, the team does not  envision this as a long-term systemic failure such as the risks posed in 2008—rather  as a “Black Swan” event that will pass through the economy.

The Commercial REIT has set aside substantial reserves and is very well positioned to address management’s conservative estimates of the potential impact of any required deferments or delinquencies. This will allow the Commercial REIT to maintain its priority of safeguarding income and continuing its commitment to investor distributions, while providing for measures to deal with these potential short-term challenges.

 

Q: Is Skyline Commercial REIT moving forward with planned acquisitions at this time?

A: Yes. The Commercial REIT is currently accepting investments to help fund a $132 million acquisition slated to close in late March. This transaction was originally underwritten with an expected financing interest rate of 3.4%. Due to the recent drop in the Canada Bond rates, the final rate will be only 2.4%. This represents an additional $850,000 per year of cashflow to the Commercial REIT than was expected.

 

Q: What is the Commercial REIT’s biggest strength during uncertain times like these?

A: The Commercial REIT is carefully structured; there are 492 tenants in multiple markets across Canada with leases that average close to nine years of remaining term. The portfolio is not dominated by any specific business sector; in fact, some of those sectors are benefiting strongly from the current market environment. For example, the Commercial REIT’s current largest tenant, Congebec Cold Storage, is experiencing an understandable surge in its frozen food logistics business to meet current demands.  The Commercial REIT’s top 25 tenants, arguably its strongest, represent 66% of its current income.

Q: Is it still safe to be invested in the retail sector at this time?
A: The Retail REIT’s management team believes that now is still an advantageous time to be invested in retail real estate. The majority of the Retail REIT’s income is derived from national grocery and pharmacy-anchored tenants who have remained open and fully operational during this time. It is important to remember that the Retail REIT is focused on nationally backed anchor tenants in industries that, in addition to grocery and pharmacy, include banks, medical suites, the Beer Store, LCBO, pet supply stores, and automotive services, all of which are seeing high demand at this time.

 

Q: Will retailers be required to pay rent during their shutdown?
A: Yes. With few exceptions, rent obligations of retailers and services located within Skyline Retail REIT’s portfolio continue during any unprecedented closures. However, Skyline Retail REIT understands the significance of the closures and the serious impact to retailers, especially smaller independent restauranteurs and service businesses, and will be working with the most vulnerable retailers over the next several weeks to ensure their long-term viability within the shopping centre—at the same time, protecting the Retail REIT’s investment in these shopping centres.

 

Q: Will imposed store closures affect the distribution or Unit value?
A:
 Unlike the stock market, the Retail REIT’s Unit price is directly correlated to the value of the real estate assets. The impact of store closures may have an impact on some smaller retailers’ ability to pay rent. However, the majority of Skyline Retail REIT’s income is derived from large national food, pharmacy and everyday essential retailers who have, for the most part, remained operational, and are expected to continue to do so.

The full impact of the closures on smaller retailers will likely be mitigated by the Government’s assistance plan for small businesses and any other aid programs that continue to be unveiled.

 

Q: Will lower interest rates affect the Retail REIT?
A:
 Yes. The reduction of borrowing costs will have a positive benefit to the Retail REIT as its management continues to review accretive opportunities to refinance, ladder the mortgage maturity dates, and extend the average weighted mortgage term of the Retail REIT.

 

Q: What is Skyline Retail REIT doing to assist smaller independent retailers through this difficult time?
A:
 Skyline Retail REIT is working directly with its tenants and retailers to ensure that they will be able to reopen any store closures and continue operations as soon as possible, as per public health and Government guidance. Where possible, Skyline Retail REIT is directing these tenants to seek out available government assistance. As the timeline for reopening becomes clear, Retail REIT Management will work with these retailers to ensure that they are able to successfully rebegin operations.

Properties continue to be fully maintained, and the Retail REIT’s property management staff are in regular communication with tenants about the latest news available affecting their locations.

 

Q: Is there Provincial or Federal government assistance available for retailers?
A:
 Yes.  The Provincial and Federal governments have both announced unprecedented government programs to assist business owners with payroll costs and tax deferrals, in addition to many other programs aimed toward individual workers to ensure that they remain able to maintain their financial position during periods of unemployment due to store and business closures. Skyline Retail REIT continues to work alongside its tenants to ensure that they understand the government assistance available to them, and to ensure that they avail themselves of the options available.

Q: Is it still safe to be invested in the green energy sector at this time?

A: Skyline Clean Energy Fund’s management team believes that it remains advantageous to be invested in the green energy sector at this time. SCEF has currently had no downside impact related to the global COVID-19 pandemic, nor related to the public market and social turmoil. As long as the sun continues to shine, your investment in SCEF is hard at work.

Every clean energy asset in SCEF’s portfolio is backed by the Ontario provincial government through the Independent Electricity System Operator (IESO). IESO is rated A (high) with a stable outlook by DBRS Morningstar, and Aa3 with a stable outlook by Moody’s, both global credit rating agencies that represent investment-grade ratings.

 

Q: Is SCEF’s revenue going to be affected by potential business closures?

A: SCEF’s revenue is generated through fixed long-term government contracts where the only variables are downtime (due to general maintenance or equipment failure) and weather-related events. Neither of these variables are correlated in any way to public market performance. Generally speaking, solar assets are passive investments that do not need frequent service. Normal annual scheduled visits will continue without interruption.

 

Q: Will declining interest rates affect SCEF?

A: SCEF is working diligently to take advantage of falling interest rates, as this presents an opportunity to finance currently unleveraged assets, and also to refinance currently leveraged assets at improved rates.

 

Q: What do SCEF’s Senior Management Team believe are the biggest risks at this time?

A: For now, the largest potential negative impact of coronavirus on SCEF would be from a delay in receiving materials (e.g. solar panels) from China and other countries. Most of the parts needed to operate SCEF’s assets are off-the-shelf electrical components that are readily available, and SCEF has sufficient materials on hand through to the end of 2020.

 

Q: Is SCEF moving forward with planned acquisitions in the near future?

A: SCEF is working to close four (4) renewable energy assets under contract before the summer season, with the objective of maximizing solar revenue before the prime generation months (June, July, August). These assets will be purchased with cash on hand and assumption of existing project level debt.

Addresses From Skyline Leadership Team

[March 19, 2020] by Wayne Byrd, CFO, Skyline Group of Companies

To our valued stakeholders,

First and foremost, the safety, health, and well-being of our staff, families, tenants, customers, suppliers, and investors is top priority for us at Skyline Group of Companies (Skyline).1 It remains at the forefront for myself and the other members of our Executive Leadership Team amid the constant change, and the significant impact on well-being and financial stability, that is resulting from the COVID-19 global outbreak.

Skyline is vigilantly monitoring and evaluating the evolving impact of COVID-19 through daily meetings with our Business Continuity Plan teams.

In addition, we have created an Economic Impact Assessment Committee (the “Committee”) that currently meets daily to discuss the virus’ impact specifically from an investment fund perspective. The Committee is comprised of key leaders within Skyline that bring their respective industry insights to ensure that we are well-positioned to handle the adversity and volatility of the marketplace, and that we maintain stable business operations amid government-imposed restrictions and rapidly changing public sentiment. In essence, the Committee’s objectives are to understand and assess the impact that the changing market conditions pose on Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, and Skyline Clean Energy Fund (the “Funds”), and to effectively communicate these assessments and outlooks to our investors through these volatile times.

Despite COVID-19’s significant impact on the economy, and what you may have experienced financially as a result, I encourage you to be resilient and patient through these times while the health industry, governments, and businesses determine their next steps. I believe that the Funds are very well-positioned to endure through this changing economic market and come out at the end even stronger. This being said, temporary down cycles remain a possibility. This risk factor is not unique to Skyline—it is a common risk factor across the Canadian marketplace—but our advantage lies in the strategic continuity plans that Skyline’s property managers, asset managers, and investment managers are taking. These strategies define how the Funds will endure these times.

While many of us experienced the economic crisis of 2008, and are comparing it to the crisis we face today, it is important to recognize that the 2008 economic crisis was caused by the financial/debt markets, whereas today’s economic crisis was caused by the COVID-19 global pandemic. In the case of the current crisis, all businesses are globally united in terms of the risks they face, and the economic pressure they are under. Because of the health-related nature of this crisis, Canada’s federal and provincial governments have stepped forward, committing financial relief to individuals and businesses to preserve the Canadian economy for the future.

We are diligently watching and listening for pre-emptive measurements to control the pandemic, and for further political announcements on financial relief action plans. On March 18, 2020, the federal government announced an $82 billion financial support initiative that represents more than three percent of Canada’s GDP. The purposes of this initiative are to support Canadian businesses and employees to endure the financial impact of the pandemic, and to ensure that Canada’s economy will rebound.

Within this initiative, there are a number of specific areas to which support is being directed; noteworthy areas include:

  • Elimination of wait periods for Employment Insurance
  • Extension of unemployment benefits beyond Employment Insurance
  • Income Support boost through Canada Child Benefit
  • Six-month, interest-free moratorium on Student Loan payments
  • Extended tax deadlines for personal returns (June 1) and business returns (July 31)

 

In summary, the announcement of this financial aid is a significant commitment from the government to support the population and to support our economy through these times.

In these turbulent times that are causing uncertainty, I am confident that the stability of the Funds has provided safety and comfort for many. We are still moving forward to close on key acquisitions in respective Funds and raising further investor equity. The Funds continue to build on their solid foundations of geographic and demographic/industry diversification. We believe it is a better time than ever to be invested in the Funds, with their historical stability, and their existence in sectors that are focused on real assets and infrastructure that is not easily affected by the emotional factors affecting the public markets.

We are committed to providing you regular communications on how Skyline and the Funds are navigating through these times. We appreciate your ongoing support of our investment objectives. If you have any questions, please contact the Skyline Wealth team.

Sincerely,

Wayne Byrd
Chief Financial Officer
Skyline Group of Companies

1. Skyline Group of Companies is the umbrella term used to generally refer to all associated entities including Skyline Wealth Management Inc. (Skyline Wealth)

[March 16, 2020] by Rob Stein, President, Skyline Energy

Dear valued Skyline Clean Energy Fund (SCEF) investor,

Thank you for your continued investment in SCEF (“the Fund”). The Fund has enjoyed a great start to 2020, with several accretive renewable energy assets under contract that we are working to close before the summer season, with the objective of maximizing solar generation.

At the same time, we recognize that we are all currently in the midst of public market and social turmoil, especially heightened with the global COVID-19 (coronavirus) pandemic. We want to explain the extent to which the Fund will be affected by these events and reassure you that regardless of the turbulent market environment, Skyline Energy’s1 team continues to spend 100% of its time optimizing and maximizing the Fund.

Every clean energy asset in SCEF’s portfolio is backed by the Ontario provincial government through the Independent Electricity System Operator (IESO). IESO is rated A (high) with a stable outlook by DBRS Morningstar, and Aa3 with a stable outlook by Moody’s, both global credit rating agencies that represent investment-grade ratings.

SCEF’s revenue is generated through fixed long-term government contracts where the only variables are downtime (due to general maintenance or equipment failure) and weather-related events. Neither of these variables are correlated in any way to public market performance.

The coronavirus outbreak has had a substantial impact on consumer habits. As consumers minimize their time in public places, they are spending less on both goods and services. The pandemic has also undoubtedly had a huge effect on the public markets, with governments implementing drastic monetary and fiscal policy measures across the globe (among which are cuts to interest rates). We have yet to see the virus’ impact on lagging macroeconomic indicators; this being said, falling interest rates are the only macroeconomic factor that could tangibly affect the Fund. In the case of the Fund, falling interest rates can be regarded as a positive, as this presents an opportunity to finance currently unleveraged assets, or even refinance currently leveraged assets at improved rates.

For now, the largest potential negative impact of coronavirus on the Fund would be from a delay in receiving materials (e.g. solar panels) from China and other countries. Delays in the delivery of materials could potentially delay our plans to optimize several assets in order to surface additional revenue, but by no means are we depending on these additional revenues to maintain our growth targets. In terms of general maintenance of the assets, SCEF has sufficient materials on hand through to the end of 2020.

With these very minimal factors causing a correlation between public market performance and your SCEF investment, Skyline Energy is confident that SCEF continues to be a safe and secure place for your investment. Growth is targeted at 7.5%+ year over year, with revenue tied to energy generation rather than market conditions. In other words, it’s “business as usual;” SCEF will continue to invest in accretive assets and ensure that they are operational when the sun is shining. As Jason Castellan, CEO of Skyline Group of Companies2 says, “We have to make hay when the sun is shining.” The sun continues to shine bright on SCEF.

Wishing you a happy and healthy spring,

Rob Stein
President, Skyline Energy

1. Skyline Energy is the legal trade name of Skyline Clean Energy Asset Management Inc.
2. Skyline Group of Companies is the umbrella term used to generally refer to all associated entities including Skyline Energy.

[March 13, 2020] by Jason Castellan, CEO, Skyline Group of Companies

To all of our valued Skyline investors,

In light of this time of uncertainty and information overload with the ever-evolving COVID-19 global pandemic, I want to communicate Skyline Group of Companies’1 (Skyline) stance on the extent to which our four investment funds— Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, and Skyline Clean Energy Fund (collectively, the “Funds”)—may be affected by these events.

Each of the Funds is invested in hard assets that will not be disappearing amid a volatile market landscape. All four Funds are in very strong financial health, with revenue based on long-term leases or long-term government contracts. It is possible that the COVID-19 pandemic will have a lagging microeconomic impact; at this time, neither we, nor anyone else, can effectively predict the exact extent to which the pandemic will have a lasting effect on the economy, the public markets, and private investments. While the pandemic is undoubtedly affecting businesses and investments, the Funds are well-insulated and have set aside reserves in preparation for unforeseen events. Skyline provides homes and workplaces for tens of thousands of residential tenants and retail and commercial/industrial businesses, provides electricity in many local areas, employs nearly 1,000 highly valued staff, and represents the investment of more than 4,000 investors. The safety and health of each of these stakeholders is our priority. We are taking immediate steps to ensure the well-being of each of our clients, staff, and the greater communities we serve:

  • Skyline Wealth investment seminar events: All upcoming investment seminar events are postponed until further notice.
  • Request of alternative arrangements re: in-person appointments with Skyline Wealth Advisors: We request that investors communicate with their Skyline Wealth Advisors via email or phone, rather than in person.
  • Remote workforce: Skyline is prepared to support a remote workforce across all areas of the business, including Skyline Wealth, to ensure that business continues uninterrupted.
  • Increased communications: Information updates pertinent to our stakeholders will be shared on SkylineWealth.ca, SkylineOnline.ca, and Skyline’s Twitter account @skylinegrp. Any important information will also continue to be distributed via email.

 

Your continued confidence in the Funds as investment vehicles of choice is being confirmed, both today and beyond, as together we meet these turbulent times head-on. We are taking this situation seriously and executing a systematic, practical approach that will ensure we emerge stronger than ever.

Jason Castellan
Co-Founder & CEO, Skyline Group of Companies

1. Skyline Group of Companies is the umbrella term used to generally refer to all associated entities including Skyline Wealth Management Inc. (Skyline Wealth)

The information provided within this Website is for general information purposes only, and does not constitute an offer of, or solicitation for, the purchase and sale of any securities, or advice under any circumstances. Skyline Wealth Management Inc. (“Skyline Wealth”) is an Exempt Market Dealer registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec, and Saskatchewan. Important information with respect to the funds are set out in their confidential offering documents, which should be reviewed prior to investing, as they include important information on fees and risk factors. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. Prospective investors must make an independent assessment of such matters in consultation with their own professional advisors. Sales of interests in any investments offered by Skyline Wealth are only made to certain eligible investors pursuant to regulatory requirements and available exemptions. Some of the investment products offered by Skyline Wealth are from related issuers. A full list of issuers related to Skyline Wealth and details of the relationship between them is available upon request. Information provided herein is current as at the date of publication and Skyline Wealth does not undertake to advise the reader of any changes.