Continuous Disclosure

In June 2009, the Australian Securities and Investment Commission (ASIC) released new disclosure guidelines for unlisted 'disclosing entities' such as Mayne Investments Limited.

The guidelines allow the Fund to meet its continuous disclosure obligations to you via our website (www.mayneinvest.com.au) rather than lodging the information with ASIC.

This has been done because website disclosure is now generally considered the most effective means of disclosing the new material information in a timely and efficient manner.


Final Capital Return

Investors are advised that the expected sale of the last remaining security property has been delayed by one month. Whilst we remain confident that the sale will progress to settlement, at this stage, we are unable to advise when the final capital return will be made.

We will write to investors with a detailed report and the date on which the final payment will be made as soon as settlemnt proceeds have been received.


Capital Return

Under Clause 8.5 of the Trust's Constitution, the Board determined and paid in cash, a return of capital of 15 cents per unit on all units in the Fund on 27 April, 2017.

Under Clause 2.8 of the Trust's Constitution, the Board resolved to consolidate the unit holding of members by reducing pro-rata, the number of units by 15%.


Unit Value

As at the 28 February 2017, the unaudited value of a unit in the Fund was $0.9653.

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of 15 cents per unit on all units in the Fund on 2 February, 2017.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro rata, the number of units by 15%.

 

Unit Value

As at 31 November 2016, the value of a unit in the Fund was $0.9888.

 

Unit Value

As at 31 August 2016, the unaudited value of a unit in the Fund was $0.9649.


Capital Return - 29 August 2016

Under Clause 8.5 of the Trust's Constitution, the Board determined and paid in cash, a return of capital of 20 cents per unit on all units in the Fund on 29 August, 2016.

Under Clause 2.8 of the Trust's Constitution, the Board resolved to consolidate the unit holding of members by reducing, pro rata, the number of units by 20%.

 

Unit Value

As at 31 May 2016, the audited value of a unit in the Fund was $0.949.

 

Capital Return - 26 May 2016

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of 25 cents per unit on all units in the Fund on 26 May, 2016.

Under Clause 2.8  of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro rata, the number of units by 25%.

 

Unit Value

As at 29 February 2016, the unaudited value of a unit in the Fund was $0.9486.

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of 25 cents per unit on all units in the Fund on 25 February 2016.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro rata, the number of units by 25%.

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of 25 cents per unit on all units in the Fund, on 26 November 2015.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 25%.

 

Unit Value

As at 30 November 2015, the value of a unit in the Find was $0.9633.

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the manager determined and paid in cash, a return of capital of 15 cents per unit on all units in the Fund, on 27 August 2015.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 15%.

 

Unit Value

As at 30 June 2015, the audited value of of a unit in the Fund was assessed at $0.98.

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 15 cents per unit on all units in the Fund, on 27 May 2015.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 15%.

 

Unit Value

As at 30 April, 2015, the unaudited value of a unit in the NITF was assesses at $0.9953

 

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of ten cents per unit on all units in the Fund, on 27 February, 2015.

Under Clause 2.8 ofthe Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of issued units by 10%. 

 

 

Unit Value

As at 9 February, 2015, the unaudited value of a unit in the Fund was assessed at $0.99.

 

Unit Value

As at 30 November 2015 thge unit value was $0.9633

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of ten cents per unit on all units in the Fund, on 28 November, 2014.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of issued units by 10%.

 

14 October 2014

Unit Value

As at 14 October 2014, the unaudited value of a unit in the Fund was $0.9933

 

Unit Value

As at 31 May 2014, the value of a unit in the Fund was $1.00

 

28 February 2014

Capital Return

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of ten cents per unit on all units in the Fund, on 28 February 2014.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of issued units by 10%.

 

4 February 2014

Unit Value

As at 4 February, 2014, the unaudited value of a unit in the Fund was $0.9939


10 December 2013

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of ten cents per unit on all units in the Fund, 28 November, 2013.

Under Clause 2.8 of the Trust's Constitution, ther Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of issued by 10%.

 

29 May 2013

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of ten cents per unit on all units in the Fund, on 29 May 2013.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 10%.

Unit Value

As at 31 May 2013 and pending audit confirmation, the value of a Fund unit was estimated $0.98.

 

28 February 2013

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash, a return of capital of ten cents per unit on all units in the Fund, on 27 February 2013.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 10%.

 

Unit Value

As at 30 November 2012, the value of a Fund unit was $0.99.

 

30 November 2012

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 7 cents per unit on all units in the Fund, on 28 November, 2012.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 7%.

31 August 2012

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 5 cents per unit on all units in the fund, on 31 August 2012.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 5%.

 

15 June 2012

Chairman Announces Fund Wind Down

Chairman, Barry Wappett has announced the Boards decision to wind down the Northern Investment Trust Fund.

He also took the opportunity to announce his retirement and resignation from the Board of Directors.  The position of Chairman will be filled by long serving director and Deputy Chairman, Kevin McGregor.

A copy of the report to investors can be viewed in the 'News' section of our website.

 

31 May 2012

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 15 cents per unit on all units in the fund, on 31 May 2012.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 15%.

 

13 April 2012

Due to continued ill health, Mr K.J. Dalton, a Director since 1994 has retired from the Board of Mayne Investments Limited.

 

 

29 February 2012

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 7 cents per unit on all units in the fund, on 29 February 2012.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 7%.

 

30 November 2011

The following resolution of the Directors of Mayne Investments Limited as the Responsible Entity for the Northern Investment Trust Fund, was adopted unanimously on the 30th of November 2011, and is signed by all available directors of Mayne Investments Limited ACN 000 339 221, pursuant to section 248A of the Corporations Act 2001.

"Under Clause 8.5 of the Trust's Constitution, to make a return of capital of 7 cents per unit on all units in the fund.

Under Clause 2.8 of the Trust's Constitution, to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 7%."

 

8 November 2011

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a return of capital of 7 cents per unit on all units in the fund, on 2 September 2011.

Under Clause 2.8 of the Trust's Constitution, the Manager resolved to consolidate the unit holding of members by reducing, pro-rata, the number of units issued by 7%.

 

7 September 2011

Investor Meeting

A meeting of investors was held on 7 September 2011 at the Star Court Theatre, Lismore, commencing at 5pm. The meeting was attended by an estimated 250 investors, the Board of Directors of Mayne and the CEO.

The meeting opened with a brief introduction by Chairman Barry Wappett who outlined the agenda for the evening. The main feature was a comprehensive outline of developments to date and likely developments for the future, to be followed by a question and answer session.

CEO, Greg Andersen then gave investors a brief fund update, covering funds under management, distribution history, loans by security and geographic type and loans in arrears.

The Chairman commenced his address by referring to his three previous reports to investors. Investors were then given detailed information as to the reasons for the Fund’s current difficulties with two major borrowers, and the steps taken to recover their debts. He affirmed that all loans were originally written within long established policy, and that their effect on the Fund had been exacerbated by the fact that the Fund is now half the size it was at the time the loans were written.

The Chairman explained that the Fund was unable to make distributions following receipt of updated valuations and stress testing of the relevant loan securities which resulted in impairments having to be made. These impairments, which must be taken up in the quarter in which they are identified, meant that Fund was unable to pay a distribution for the May and August quarters and will likely be unable to do so for at least two, possibly three more quarters. In taking these impairments into account, the Board estimates that the Unit value has fallen from $1.00 to $0.97. It is expected that the Unit value should be restored to $1 during the current financial year.

The meeting was advised that until security property is sold, no actual loss has been incurred. It is possible that some sales will obtain a higher price than valuation. This would result in a smaller loss than has been allowed for, resulting in a speedier return to profit. At the end of August no other likely impairment had been identified.

The meeting was advised that Mayne had taken steps to reduce operating costs, including greatly reduced management fees, a freeze on salaries, closing our Ballina office and a reduction in staff numbers. The meeting was reminded that director fees are not paid by the Fund.

The Chairman summarised his address by stating that it was too early to know the future of the Fund. The Board was determined to continue to work hard to protect investor capital, which, at present, was not considered to be at risk. He reaffirmed that there would likely be no distribution for some time, and that the Fund would continue to make regular returns of capital. As well, the Fund would continue to evaluate and pay hardship claims (having already paid $5 million since the Fund was granted relief by ASIC) and Directors undertook to keep investors informed of all new developments.

The Chairman then explained that a number of written questions had been received from members prior to the meeting; many of which had been answered in his opening address. He then proceeded to answer the balance of those questions that had not yet been addressed. This included questions on the bank guarantee, deceased estates, the safety of investors’ funds, capitalised interest loans and when investors can expect to get their capital back. The question of whether members can vote to wind up the Fund was also addressed, as was the action being taken by Mayne to recover money from the developers who have defaulted.

This was then followed by a large number of questions from the floor which sought clarification of much of what had already been discussed. The Chairman, CEO and directors gave appropriate answers.

Investors wanted to know and were assured that defaulting borrowers were being actively pursued for payment of their debt and that all proceeds from the sale of distressed assets were paid to the Fund as first mortgagee. Investors were advised that whilst wanting to reduce the problem loans as soon as possible, the Board had determined that distressed assets would not be put to a fire sale. This meant that Mayne would look to make the properties as saleable as possible which would in some instances, require Mayne to spend additional funds to bring them to market condition. The Chairman assured investors that Mayne would meet market expectations once the properties were listed for sale. Assurances were also given that the Board had in place policies and procedures to ensure that any potential conflicts of interest were properly noted and dealt with so as not to influence, in any way, Board decisions.

In response to a number of questions from an investor, the Chairman explained that until the Fund was unfrozen, the Fund Constitution and the Managed Investments Act did not allow investments held by deceased estates to be treated any differently to other member investments.

There being no further questions, the meeting closed at 6.10 pm.

 

 

2 September 2011

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a 7% return of capital on 2 September 2011. This was paid pro rata on the number of units held as at 2 September 2011.

 

31 August 2011

Following a loan impairment of $8.7m the value of a unit in the Northern Investment Trust Fund has been assessed at $0.97. It is expected that the value of the unit will be restored by retaining earnings over the coming quarters.

 

24 June 2011

Return of Capital

Under Clause 8.5 of the Trust's Constitution, the Manager determined and paid in cash a 7% return of capital on 15 June 2011. This was paid pro rata on the number of units held as at 15 June 2011.

As a result, the number of unts issued remained the same but the value of each unit reduced to $0.93 per unit.

The Board resolved, under Clause 2.8 of the Trust's Constitution to consolidate the unit holding of members by reducing the number of units issued pro-rata to restate the value of units back to $1.00.

For example: Consolidate the holding of members units from say 100 units at $0.93 per unit to 93 units at $1.00 per unit.

 

30 May 2011

Following a lower than expected valuation of the security for the Slipway loan, the Board have determined that there will be no quarterly distribution at the end of May. All investors wil receive a 7% return of capital to be paid 15 June 2011.

 

19 May 2011

Having reviewed its current loan book in light of recent developments, and in the absence of any unforseen circumstances, Mayne has another $29 million in loans that may move into arrears in the coming months. In the circumstances the board has determined that until it has properly assessed the impact of these arrears (if any) it is appropriate that the Fund cease accepting new investments.

4 May 2011

Slipway Properties Pty Ltd, who have the largest single loan in the Fund, entered into voluntary administration on 13 December 2010 having defaulted on their loan with Mayne Investments.

On 20 December 2010, the Board appointed PPB Advisory as receivers. They are currently assessing the situation.

14 December 2010

The Board of Mayne Investments confirms that here has been a default on a loan relating to a property owned by Slipway Properties P/L in Ballina. It does not expect that this will impact materially on the overall performance of the Fund. The Board is closely monitoring the situation and will keep unit holders informed of key developments relating to this property.

17 November 2009

New Chairman: Pat Rummery announced his resignation as chairman of the Board on 17 November 2009, after having filled the role for almost fifteen years. Long standing director and former General Manager Barry Wappett was elected as the new chairman. Mr Rummery remains on the Board.

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