On 22 July 2008 the Manager of the Fund (Fund Managers Canterbury Ltd (FMC)) advised investors
that all withdrawals from the Fund had been suspended for 90 days and would then be followed by
the 90 business day redemption period making the effective date for the payment of redemptions
March 2009. This action was taken to secure and protect the Fund from an unprecedented level of
withdrawal requests from unitholders.
On 11 February 2009 the Manager (FMC) resolved that the Fund should be wound‐up and the assets
realised to permit the pro‐rata repayment of capital to unitholders. Since the decision to wind up
the Fund, the realisation of the Fund's assets has been supervised by the Trustee, who has
contracted a third party credit consultant to manage the realisation process. At 31 December 2012
capital repayments of 83% of the unitholder balances at suspension have been made to all
While these actions resulted in the suspension of all withdrawals from the Fund, transfers between
unitholders or to new unitholders in the Fund have continued to be processed.
CMT’s transfer policy is:
- Transfers are permitted where the party is exiting/joining a PIP (PIE investor Proxy or wrap
fund), between existing unit holders or on distribution of an estate, trust or other entity.
With the funds moving to an existing or new investor within the Fund.
- At the time of suspension the minimum investment in the Fund was $500. As at 31
December 2012, as a result of the reduced fund size the minimum new investment in the
fund is $85.00.
- Further repayments of capital will see this threshold reduce, based on the percentage of unit
holders funds returned.
- For the transfer to be recognised, the seller and the recipient of the transferred units must
supply the minimum information outlined in the form below. This form is a guide only and
any securities transfer form is acceptable, provided all the requested information is
To view the full transfer policy document, click here.