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02 March 2018


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


The purpose of this progress report is to updated 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

In December 2017 the supervisor approved the repayment of a further 2.5 cents in the dollar of unitholders funds held at the commencement of the wind up, bringing the total repaid to 85.5 cents in the dollar. With approx $120,000 unclaimed from repayments to unitholders, any unitholders who have not received this payment should contact the Manager.


Mortgage Advances

There is one security remaining, being an earthquake damaged building in central Christchurch. Proceedings have been issued against an insurer on behalf of CMT in respect of a property over which CMT holds the first mortgage. CMT’s claim has been set down for a hearing in the High Court at Christchurch in May/June 2018. An interim payment received from the insurer is being held separately pending a resolution of CMT’s claim. The payment has not been applied to the loan secured over the property.


Litigation against the Prior Manager and Prior Auditor

A statement of claim by Trustees Executors Ltd (Plaintiff) against Fund Managers Canterbury Ltd (First Defendant); and Deloitte (Second Defendant); and Deloitte Ltd (Third Defendant); and Graeme Main (Fourth Defendant); and Alexander Donald McBeath, Paul Ernest McEwan, Alan William Prescott, Geoffrey Read Thomas, Andrew Hendra Young, Oliver Roderick Matson (Fifth Defendants) was filed at the High Court on 31 March 2014 (claim number CIV-2014-485-4040). AIG New Zealand Ltd has been subsequently joined as a third party to the proceedings


The litigation remains in the discovery phase and its outcome is therefore unknown.


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


ManagerSupervisorCustodian

Canterbury Fund Managers Limited

Trustees Executors Limited

FM Custodians Limited
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 Limited


 
 

 

 

 

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

 
 

 

 

 

Documents

 

 
 

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

December 2017

 

October 2017

 

December 2016

 

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