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27 February 2019

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 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.

The financial statements for 31 March 2018 were delayed while significant litigation matters were settled, with the majority of the outcomes not reflected in the 2018 result as they were considered non-adjusting post balance date events. There is limited disclosure of these events in note 2 of the financial statements, but as both settlements at mediation included confidentiality clauses, this has limited the details that can be disclosed.

Unitholders Funds

In August 2018 the Fund repaid a further 2 cents in the dollar of the amount invested in the Fund as at February 2009, when the wind up commenced. To date the Fund has repaid 87.5 cents of that original investment.

In November 2018 the Fund moved to allocate $7.998m in undistributed income, resulting from the settlement of two legal matters. This amount was 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 $13.64m

Mortgage Advances

There is one security property remaining, comprising an earthquake damaged building in central Christchurch. The insurance claim has been settled but an injunction prevents CMT from selling, leasing or demolishing the building. The proceeds of this property will not be available for distribution to investors until this is resolved.

31 March 2018 Financial Statement

In November 2018 the Financial Statements for the year ended 31 March 2018 were finalised and filed with the FMA. 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 2018


Canterbury Mortgage Trust Annual Report 2017


Canterbury Mortgage Trust Annual Report 2016


Canterbury Mortgage Trust Annual Report 2015

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

November 2018


Report - 26 November 2018


August 2018


20 July 2018


21 March 2018


March 2018


December 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 •