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27 August 2018

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

The purpose of this 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, including the Fund, and came into force on 14 July 2017 ("Exemption"). While the winding up continues, unitholders will be updated by way of progress reports in accordance with the Exemption (which will also be provided to the Supervisor and the FMA). Progress under the wind up plan, to maximise returns to unitholders, while delayed by the collection process still has the potential to provide further returns to unit holders on the conclusion of the legal actions below.

Unitholders Funds

The Trust will this month make a further pro-rata repayment of capital to unitholders, being approximately 2% of unitholders original investment. This brings the total repayments to date to approximately 87.5c in the dollar of the original investment in the Trust when the wind up was commenced.

Mortgage Advances

There is one security remaining, being an earthquake damaged building in central Christchurch. Proceedings against an insurer on behalf of CMT in respect of the property over which CMT holds the first mortgage have been withdrawn after a confidential settlement was reached at mediation. These funds are still the subject of legal challenge from a number of parties, with CMT working to resolve these, but the circumstances prevent the funds being released to unit holders.

Litigation against the Prior Manager and Prior Auditor

This claim was settled at mediation in a confidential settlement and no further details can be released.

31 March 2018 Financial Statements

The release of the 2018 financial statements has been delayed while agreement is reached with the auditors over the presentation of the significant post balance date events described above. The release date now likely to be late September or October 2018.


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


Canterbury Fund Managers Ltd



Colin Gower





Financial Statements



Canterbury Mortgage Trust Annual Report 2017


Canterbury Mortgage Trust Annual Report 2016


Canterbury Mortgage Trust Annual Report 2015

CMT Annual Report 2014


Canterbury Mortgage Trust Annual Report 2014

CMT Annual Reports


Previous Annual Reports








Investment Transfer Policy


Trust Deeds & Wind-up Resolution


Previous Updates



Click here to access CMT transfer policy and form.

Click here to access deeds and resolution

20 July 2018


21 March 2018


March 2018


December 2017


October 2017


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 •