Capital Return and Investor Update

  • 5-4-2016

Dear Investor

Good progress has been made in disposing of most of the remaining assets of the Fund. There are only three loans outstanding and whilst it is still too early to give a definitive date, there are good prospects for these to be repaid in the coming months.

Accordingly, the Board of Directors has determined to make a further capital return of 25% of all account balances for the quarter ending 31 May, 2016. This payment will be made on Thursday 26 May, 2016. Cleared funds will be in your nominated bank account the next day. If you wish to change your bank account details, we kindly ask that you forward your written request to do so before 25 may, 2016. 

Once this payment is made, the balance of funds under management will be just $12.6 million. This represents a return of 95.6% of all investor funds since the Northern Investment Trust Fund was frozen.

The Board remains hopeful of returning 100% of investors' capital. However, the value of the remaining units in the Fund will continue to fluctuate as any change to a sale price, no matter how small, will have an effect on the small balance of funds still under management. Given that 95.6% of capital has already been repatriated, if the remaining funds were returned at the current unaudited unit value of $0.95, the final payment to investors would represent the return of 99.78% of their investment.

We will continue to make capital returns on a quarterly basis, however it is envisaged that the money received from the sale of the last of the remaining assets will be returned as soon as possible.

Investors will receive a statement for the financial year, ending 30 June, 2016 detailing this and previous capital returns made during the course of the year. We will also send investors a final statement and newsletter upon the last return of capital. We look forward to doing so as soon as possible.

Greg Andersen CEO                                                                                                                                       

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