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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:

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 ( ) or on the Disclose Register ( ) under scheme number SCH12162.

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


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








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 •