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08 August 2019



Dear Investor



Canterbury Mortgage Trust Group Investment Fund (the "Fund") Progress Report

The purpose of this six monthly progress report is to update interested parties (being unitholders in the Fund, Trustees Executors Limited ("Supervisor") as the supervisor of the Fund and the Financial Markets Authority ("FMA")) on the progress of the winding up of the Fund.


Canterbury Fund Managers Ltd, as the manager of the Fund, is relying on a class exemption granted by the FMA that applies to Group Investment Funds in wind up which came into force on 14 July 2017 ("the Exemption"). Interested parties are updated by way of progress reports in accordance with the above Exemption.


The wind up plan is to maximise returns to unitholders and we believe the potential exists to provide further returns to unit holders on the resolution of the last remaining security referred to below.


Unitholders Funds

At 31 March 2019, the Fund moved to allocate a further $1.36m in undistributed income, bringing the total allocated income for the financial year to $9.36m. These amounts were added to unit holder investments by way of a re-investment transaction, net of any PIE tax payable, bringing the current value remaining in the Fund to $14.76m.


Mortgage Advances

The one security property remaining, comprising an earthquake damaged building in central Christchurch, which is the subject of on-going litigation, has been sold. The proceeds of sale from this property will not be available for distribution to investors until all matters relating to this security are resolved.


Since 31 March 2019, the High Court has heard an application for removal of the caveat and an extension of the interim injunction. Judgment was delivered in late May 2019 removing the caveat and preventing further caveats from being lodged. The interim injunction was also lifted. However, the lessee appealed that judgment. The Court of Appeal dismissed the appeal in late July. The appellant indicated that it would seek leave to appeal to the Supreme Court.


More detail is provided in CMT's Financial Statements and as covered in the Press by searching: https://www.stuff.co.nz/business/114586412/dave-henderson-loses-court-of-appeal-battle-over-sol-square-building


31 March 2019 Financial Statements

The Financial Statements for the year ended 31 March 2019 were mailed to unit holders and filed with the FMA in July 2019. These are available on CMT's website (www.cmt.co.nz ) or on the Disclose Register (https://disclose-register.companiesoffice.govt.nz ) under scheme number SCH12162.


The contact details for the Manager, Custodian, and Supervisor are as follows:

ManagerSupervisorCustodian

Canterbury Fund Managers Limited

Trustees Executors Limited

FM Custodians Limited
FSP582067 FSP37383 FSP39836

6a / 212 Antigua Street
Christchurch 8011
New Zealand

Level 5,
10 Customhouse Quay
Wellington 6011
New Zealand

Level 5
10 Customhouse Quay
Wellington 6011
New Zealand

PO Box 13229
Christchurch 8141
New Zealand




 

Yours faithfully

 

 

Colin Gower


 

For Canterbury Fund Managers Ltd

 
 

 

 

 

Financial Statements

 

 

Canterbury Mortgage Trust Annual Report 2019

 

Canterbury Mortgage Trust Annual Report 2018

 

Canterbury Mortgage Trust Annual Report 2017

 

Canterbury Mortgage Trust Annual Report 2016

CMT Annual Reports

 

Previous Annual Reports

 
 

 

 

 

Documents

 

 
 

Investment Transfer Policy

 

Trust Deeds & Wind-up Resolution

 

Previous Updates

 

 
 

Click here to access CMT transfer policy.


 

IRD Press Release 19 June 2019

 

Click here to view the IRD Press Release.

Click here to access deeds and resolution

Annual Report Aug 2019

 

July 2019

 

February 2019

 

November 2018

 

Report - 26 November 2018

 

August 2018

 

20 July 2018

 

21 March 2018

 

March 2018

 

Click here to access previous updates.

 
 

Canterbury Mortgage Trust Group Investment Fund, office of the Manager Canterbury Fund Managers Ltd

Unit 6a, 212 Antigua St, Christchurch 8011 • PO Box 13-229, Christchurch 8141
Phone 03 377 5201 • team@cmt.co.nz