Final Capital Return

  • 2-6-2017

Dear Investor

We write to advise that the sale of theonly remaining security property did not proceed as expected, following a lengthy due diligence process.

A successful auction of two of the remaining three security properties was held on 15 December, 2016, with the prices  achieved reflecting the increase in the local property market.

The hoped for sale of the last remaining security property did not proceed after a lengthy and promising due diligence period, with the potential purchasers forfeiting asizeable holding deposit. This is a dissapointing result, however the fully approved development property is back on the market and hopefully will achieve a quick sale given there is significant interest being expressed by a number of parties. We do not believe the value of the security has been reduced and hopefully we will achieve an offer in a timely manner.

As it stands at present, all security property with the exception of the above property has been sold, with some settlement monies about to be received and the balance expected over the coming weeks as the development lots await formal registration withthe Department of Land and Property Information.

Accordingly, the Board of Directors has determined to make a furthe capital return of 20% of all account balances. Cleared funds will be delivered to your nominated bank account on Thursday, 2 February, 2017 and should be in your account by no later than 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 Wednesday, 1 February.

We will continue to press for the sale of the last remaining property and will make another capital return as soon as possible after the current sales are able to settle; most likely in March 2017. Rather than send out two statements in quick succession, we will forward a statement after the second capital return.

At the time of writing, the unaudited value of a unit in the Fund has increased further to $0.9888. The Board remains confident that most, if not all, of investors money will be returned with minimal loss of capital.

The sale of the last property will enable us to make a final capital distribution and close the chapter on Mayne's almost fifty years of operation in the Northern Rivers. We will endeavour to finalise the matter as soon as possible.

Yours sincerely


Greg Andersen                                                                                                                                                        

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