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-Mayne Investments Limited - Responsible entity for Northern Investment Trust Fund-


Mayne Investments Limited - ABN 34 000 339 211

Mayne Investments was formed in June 1968 with the aim of pooling investor funds in order to lend them against first mortgage security. Since that time Mayne has grown to become one of the largest regional fund of its type in Australia with more than 4,800 investment accounts and $230 million in funds under management.

Mayne is a public company licensed by ASIC and as responsible entity for the Northern Investment Trust Fund, holds an Australian Financial Services License. It has a strong and experienced Board of Directors with a wide range of skills appropriate to the business and a management team that has a proven track record.

Since 21 October 2008, Mayne investments, like most other mortgage funds took the difficult decision to suspend redemption requests. Since then, Mayne has moved to a regime of making partial redemption offers rather than persist with our normal practice of meeting redemption requests within two business days. In that time we have maintained regular correspondence with investors (refer below for more details).

Despite these difficult economic times, Mayne has continued to perform in much the same way as it has for the past forty years, underpinned by the security of first mortgage property and conservative lending policies. 2009 Concise Annual Report

A new Product Disclosure Statement has been issued to reflect the non-liquid status of the Fund. For investors who do not need daily access to their funds and who are seeking a stable income, excellent returns and high levels of care and service, please take time to look at our site.

 

 


Most Recent Correspondence To Investors

28 February 2010

Dear Investor

The start of a new year brings increased optimism for investors, as the economy’s rate of recovery continues to gain momentum. The government’s recent announcement to lift the wholesale funding guarantee at the beginning of March is another sign of a return to normalcy although unfortunately, they have stated that the retail guarantee of bank, building society and credit union deposits under $1 million will remain in place.

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30 November 2009

Dear Investor

The festive season is fast approaching as we draw an end to what has been a most difficult year for investors, Mayne Investments and the mortgage funds industry in general. It is expected that 2010 will be a much better year. Certainly there has been a vast improvement in economic conditions and investor sentiment with prospects much brighter for an acceptable solution to the current situation. However, we recognise there are still a number of issues to overcome before resuming normal operations.

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23 November 2009

Dear Investor

Fifth Partial Redemption Offer

The Board of Mayne Investments continues to recognise the need for some investors to gain access to their funds. Accordingly, the Board has resolved to make a fifth partial redemption offer of 10% of all investor account balances, effective 16 December 2009. Details of the offer are outlined below.

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31 August 2009

Dear Investor

To say that events since October 2008 have been tumultuous is somewhat of an understatement. Nobody would be aware of this more than our investors, whose patience and understanding during this difficult period have been greatly appreciated. I take this opportunity to bring you up to date with developments and to reassure you that the Fund remains in good shape despite the difficult times.

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31 July 2009

Dear Investor

Fourth Partial Redemption Offer

It is pleasing to note a number of recent key economic indicators suggesting an improved outlook for the Australian economy.

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24 April 2009

Dear Investor

It has now been six months since Mayne Investments and most other mortgage funds in Australia, had to suspend redemptions following an unprecedented increase in withdrawal requests, following the governments bank guarantee. Since that time, the Board and management of Mayne have taken every available measure to preserve the integrity of your investment whilst returning as much capital as is prudently possible to those who wanted it.

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28 February 2009

Dear Investor

Since your Directors took the unprecedented step of deferring redemption requests, we have been working tirelessly to provide investors access to their funds in as timely and prudent a manner as possible. It was recognised that the sudden freeze on funds caused considerable inconvenience to a great many investors and accordingly, we have endeavoured to return funds to those needing to redeem part of their investment in as short a time span as possible.

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21 January 2009

Dear Investor

Partial Withdrawal offer of $30 million

The Board of Mayne Investments Limited has resolved to make an additional $30 million available to investors under a structured withdrawal offer. This follows on from the first redemption offer of $20 million and has been determined as a prudent amount of money to make available based on an assessment of the current status of the Fund. There is no obligation on Mayne to make this offer and the offer must be made to all investors.

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HOW THE OFFER OPERATES

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10 December 2008

Dear Investor

Withdrawal offer of $20 million

The Board of Mayne Investments Limited on 21 October 2008 took the unprecedented step of temporarily deferring withdrawal requests for an initial period of 90 days after receiving an overwhelming number of withdrawal requests. The directors of Mayne were and remain very aware this has caused financial difficulties for some investors.

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Initial Letter To Investors

22 OCTOBER 2008

Dear Investor,

Following the announcement by the Federal Government last Sunday 12 October 2008 to guarantee all funds in Banks, Building Societies & Credit Unions, Mayne Investments Limited, as well as a number of similar funds, has received a steadily increasing number of redemption requests.

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PRIVACY STATEMENT