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Investment Transfer Policy

 

On 22 July 2008 the former manager of the Fund (Fund Managers Canterbury Ltd (FMC)) advised its investors that all withdrawals from the Fund had been suspended for 90 days and would then be followed by the 90 business day redemption period making the effective date for the payment of redemptions March 2009. This action was taken to secure and protect the Fund from an unprecedented level of withdrawal requests from unitholders.


On 11 February 2009 the former manager (FMC) resolved that the Fund should be wound-up and the assets realised to permit the pro-rata repayment of capital to unitholders. Since the decision to wind up the Fund, the realisation of the Fund's assets has been supervised by the Trustee, who has contracted a third party credit consultant to manage the realisation process. At 31 March 2017 capital repayments of 83% of the unitholder balances at suspension have been made to all unitholders.


While these actions resulted in the suspension of all withdrawals from the Fund, transfers between unitholders or to new unitholders in the Fund have continued to be processed.


CMT’s transfer policy is:

 

  • Transfers are permitted where the party is exiting/joining a PIP (PIE investor Proxy or wrap fund), between existing unit holders or on distribution of an estate, trust or other entity, with the funds moving to an existing or new investor within the Fund.
  • The Trustee and Manager have set the minimum size for a new holding in the fund at $100. For a holding in the Fund to be split between multiple recipients, each must receive a minimum of $100. Meaning amounts under $200 must be transferred to a single recipient.
  • For the transfer to be recognised, the seller and the recipient of the transferred units must supply the minimum information outlined in the form below. This form is a guide only and any off-market securities transfer form is generally acceptable, provided all the requested information is supplied. CMT reserves the right to request further information to meet legislative requirements.
  • The transfer of holdings over $10,000 must have any documents provided with the transfer certified by a solicitor, JP or similar with the recipients ID & address also verified in accordance with the anti-money laundering and counter terrorism financing legislation.

 

To view the full transfer policy document, click here.

 

 

 

 

Canterbury Mortgage Trust Group Investment Fund, office of the Manager Canterbury Fund Managers Ltd

Unit 6a, 212 Antigua St, Christchurch 8011 • PO Box 13-229, Christchurch 8141
Phone 03 377 5201 • team@cmt.co.nz