The One Mile Beach Holiday Park
On 1 August 2013 we confirmed the transfer of the majority of investors' interest in East Coast Mortgage Trust into the La Trobe Financial Australian Mortgage Fund.
The remaining interests within the Trust of $12.030m or 15% of the Trust's value at the time, representing each investors' proportionate share of the One Mile Beach Holiday Park and an allocation of cash, were to be held pending the sale of that property.
This year we advised investors of a proposal from La Trobe Financial which, subject to approval by our investors, would see the transfer of the majority of investors' interest in East Coast Mortgage Trust into the La Trobe Financial Australian Mortgage Fund ("La Trobe's Fund") ARSN 088 178 321.
Since that time we have held an Investor Information Forum on 18th July 2013 to discuss the proposal and a formal meeting of members on 25th July 2013 where the resolutions necessary to approve this proposal were put to a vote.
The Board of Lismore Management Corporation wish to advise the approval of a further return of capital to investors. An amount equal to 5% of investors' current balance will be returned to investors on the 22nd July 2013.
Details of this offer are attached for your reference. In addition I am pleased to advise investors of an important announcement in regard to the management of the Trust.
I am pleased to report that the Board of Lismore Management Corporation as responsible entity for the East Coast Mortgage Trust is continuing with the orderly wind down of the Trust with a further return of capital to investors.
An amount equal to 10% of investors' current balance will be returned to investors on the 3rd April 2013.
Our letter of 11th February advised that a Trust Investor Mr Warren Atta-Singh had lodged a request for a copy of our register of unit holders containing your personal details (name & address only).
Since that letter we received hundreds of calls and emails from investors strenuously opposing this register be handed to Mr Atta-Singh.
We wish to advise that Mr. Warren Atta-Singh has lodged a request to be provided with a copy of the register of unit holders in the East Coast Mortgage Trust. Mr. Atta-Singh is an investor in the Trust.
Mr. Atta-Singh states that his request is for the purpose of contacting other members of the East Coast Mortgage Trust to convene a meeting to raise concerns with the administration of the Trust.
The Board of East Coast Mortgage Trust held an Investor Information evening on Monday 10th December at Southern Cross University Lismore.
The night was very well attended with over 400 investors taking advantage of the invitation. The Board updated investors on our actions over the last year and our plans for the year ahead.
The Board of East Coast Mortgage Trust invites you to an information evening on Monday December 10th at 6.30pm, Whitebrook Theatre, Southern Cross University, Lismore Campus.
The event will:
Investors may have seen misleading advertisements in The Northern Star about a forthcoming meeting of Unit holders in the Trust.
This is not an investor meeting supported or organised by your Board
This unofficial meeting is being promoted by a Gold Coast based property developer and disgruntled former Trust borrower Mr David Rodwell (Rod) Lambert.
This week investors received the latest return of capital. An amount totalling approximately $5.2 million was distributed. All investors received 5% of their investment balance as at 22nd October 2012.
Since the decision to commence an orderly wind down of the Trust we have focussed on dealing with non performing loans and progress remains slow. Bank finance continues to be tightly held and real estate markets are unstable and inconsistent.
We wish to advise investors that the Office of East Coast Mortgage Trust closed on Friday 20th December 2013.
If investors have enquiries regarding East Coast Mortgage Trust enquiries can be directed to Blackburn Prior Accountants ph 0266 212257.
For enquiries regarding funds at La Trobe Financial investors should contact La Trobe direct via the toll free number - 1800 818 818.