Investor Update

  • 11-15-2016

Dear Investor

The Board of Mayne continues to work towards the complete wind up of The Northern Investment Trust Fund:

  • Of the $287,433,051 in funds under management at the time the Fund was frozen, Mayne Investments Limited, as the Responsible Entity, has returned $277,336,999 or 96.5% of investor funds. Since the Board adopted the policy of compulsory capital returns to investors, Mayne has managed to make 21 consecutive quarterly payments.
  • Of the three remaining properties to be disposed of as outlined in our last newsletter, one property consisting of three (3) lots of vacant land has been sold, a second is to be auctioned in mid-December 2016 and the third is currently the subject of a lengthy due diligence process, which if successful, will proceed to an exchange of contracts in early December, 2016, with settlement due in mid-January 2017.

As a result of these longer than expected negotiations, coupled with a delay in having development land formally released, there will not be sufficient sale proceeds to make another capital return at the end of November, 2016.

Be assured that we will look to repatriate these settlement proceeds, being the bulk of the remaining funds, as soon as possible after settlement has been achieved; possibly in December but most likely in January, 2017.

At the time of writing, the unaudited value of a unit in the Fund has increased to $0.9649. If the balance of investor funds was returned at this unit value, investors will have received back 99.88% of their investment at the time the fund was frozen. However, the prices likely to be obtained for the sales outlined above, reinforces the Board's expectation that most, if not all, of investor's money will be returned with nil or minimal loss of capital.

As stated, whilst there will be no capital return at the end of November, we look forward to making a significant return in coming months and being able to complete the wind up of the Fund.

Thank you for your patience in what has been a difficult time for all concerned.

Yours Sincerely

 

Greg Andersen                                                                                                                                        

CEO


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