11 July 2017

  • 5-2-2017

 

19 April 2017

Dear Investor

In our last newsletter we advised investors that we had hoped to make another capital return, "most likely in March", following the sale and registration of four remaining lots. Unfortunately, the Department of Land and Property Information (LPI) has taken longer than anticipated to register these lots, delaying the intended return by some weeks.

However, I am able to advise that three lots have now been released for settlement, with one more pending registration. Accordingly, the Board has determined to make a capital return of 15% of all account balances. Cleared funds will be delivered to your nominated bank account on Thursday, 27 April, 2017 and should be in your account by the next day at the latest. Written requests to changebank account details should be received by no later than Wednesday, 26 April. A statement will follow soon thereafter.

We also stated that we were hopeful of selling the last security property, given an improvement in the property development market. Investors are advised that following difficult and extensive negotiations, the Board has eneterd into an agreement which is expected to result in the sale of the property. If the sale proceeds as expected, settlement proceeds will be received by no later than 30 June, 2017.

Once the final settlement dates are known, Mayne will write to investors advising the precise date on which a final capital return will be distributed. Once made, we will issue investors with a final statement. Of course investors can obtain a statement at any time by simply contacting the office.

To date, Mayne has returned 97.2% of investor funds and given the expected settlement proceeds over the coming months, the Board remains confident that once the wind up of the Fund has been completed, investors will have received not less than 99%, if not all, of their investment since the Fund was frozen.

As we near the end of the wind up process, it has proven difficult to maintain our long held programme of quarterly payments. However, although it has taken time and some difficult decisions have had to be made, the Board is pleased that Mayne is on track to achieve their stated endeavour to return as much investor capital as possible.

We acknowledge your continued patience and will advise a final distribution date as soon as possible.

Greg Andersen    

CEO                                                                                                                                    


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