AIF Updates

8 November 2022 - Fund Finalisation

On 8 November 2022, the final audit and Notification of Completion of Winding up of a Registered Scheme, Form 5138 was lodged with the Australian Securities and investments commission advising the LM Australian Income Fund has been wound up.

Any funds which were unable to be distributed to members due to no, or incorrect account details have been sent to the Australian Securities and Investments Commission unclaimed monies department. There will be no further distributions made.  

22 June 2022 - Distribution Update

On 22 June 2022 the final capital distribution to investors was processed.

AUD$7,933,332.15 was distributed to investors, net of transaction costs which equates to approximately 18.94 cents per AUD equivalent unit held by each investor.

Distributions which were unable to be distributed, or were distributed and are later returned will be converted to Australian Dollars and paid to Australian Securities and Investments Commission (“ASIC”) unclaimed monies. Information on how to make a claim for funds with ASIC unclaimed monies is available at this link - https://moneysmart.gov.au/find-unclaimed-money. If you do not receive a distribution in the coming days, please follow the process outlined in the link.

Please note transaction statements, contract notes and distribution statements will not be issued to investors.

Now the final distribution has been paid, the final audit of the fund will take place and a Form 5138 will be lodged with ASIC to confirm the fund has been wound up.

6 May 2022 - Distribution Update

Please be advised the final distribution for the LM Australian Income Fund is scheduled to occur prior to 30 June 2022. Payments will be made to the bank account noted on the member register.

If your bank account details have changed, you are required to complete and return the change of investor details form to Advanced Share Registry via email to admin@advancedshare.com.au by no later than Monday, 16 May 2022.

In the event funds are distributed and subsequently returned, no further attempts will be made to redistribute these funds. Any returned monies will be converted to Australian Dollars and paid to ASIC unclaimed monies. Information on how to make a claim for funds with ASIC unclaimed monies is available at this link - https://moneysmart.gov.au/find-unclaimed-money.

17 August 2021 - Fund Update

A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.

To view the update click here

31 August 2020 - Fund Update

A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.

To view the update click here

14 October 2019 - Fund Update

A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.

To view the update click here

19 September 2018 - Fund Update

A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.

To view the update click here

10 July 2017 - Fund Update

A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.

To view the update click here

11 August 2016 - Distribution Update

The release of distributions has now been completed. Please note that if you have been contacted to provide further account information, your distribution has not been paid at this time. Our office is working with the bank on receipt of the correct information to resend these distributions as quickly as possible.

AUD$15,992,786 was distributed to investors, net of transaction costs which equates to approximately 38.67 cents per AUD equivalent unit held by each investor.

If you have not received your funds and have not been contacted to provide further information to enable a distribution to be made to you, please email enquiries@lminvestmentadministration.com with your investor account number, Investor ID number and nature of your enquiry so that we may provide further details to you.

Please note that transaction statements and contract notes will not be issued to investors. If you require further information on your distribution please contact our office via email to enquiries@lminvestmentadministration.com and specify the information you require.

1 August 2016 - Distribution Update

Please be advised that funds for distribution are now being held by the bank facilitating the transfer.

Data files have been prepared in lots of 200 investors in accordance with the banks requirements and are currently undergoing testing before distributions are released.

It is estimated that distributions will commence on Wednesday of this week with distributions being released in batches of 200. Investors with incomplete account details are being contacted for further details to ensure distributions can be made seamlessly. 

25 July 2016 - Fund Update

On 25 July 2016 a fund update was issued via email to investors and advisors. those investors and advisors without email addresses will receive a copy of this update via post.

To view the update click here

30 June 2016 - Distributions

Further to my update on 4 December 2015 and subsequent communication with investors regarding an interim distribution occurring mid-year, I confirm my office is in the final stages of calculating the indicative net asset value of the AIF at 30 June 2016 and will be in a position to distribute a part capital distribution to investors over the coming month. 

Any investors who have had a change in bank account details should provide updated details to Advanced Share Registry as soon as possible:

Telephone:                         +618 9389 8033
Fax:                                    +618 9262 3723
Email:                                 admin@advancedshare.com.au
Address:                             PO Box 1156, Nedlands WA 6909

Details of the indicative value of the fund along with the capital distribution will be included in the detailed report to investors which will be issued as soon as practicable.

29 February 2016 - Update of Registry Contact Information

As previously advised, Armstrong Registry Services confirmed that as of 29 February 2016, they were no longer able to manage the registry service for the Australian Income Fund, Cash Performance Fund, and Australian Structured Products Fund.

We have been exploring alternatives for the management of these funds and advise as follows:

• Registry services for the CPAIF, ICPAIF and CPF will be maintained by FTI Consulting Staff.

• Registry services for AIF and ASPF are now being managed through Advanced Share Registry. Queries with respect to holdings, transaction statements and updating details for AIF and ASPF should be directed to Advanced Share Registry, the details of which are as follows:
  
  Telephone:                         +618 9389 8033
  Fax:                                    +618 9262 3723
  Email:                                 admin@advancedshare.com.au
  Address:                             PO Box 1156, Nedlands WA 6909

Please be advised that previous LM staff emails and the mail@lmaustralia.com emails are no longer monitored. Updates on Fund status and likely distributions will be provided on the Liquidators’ website www.lminvestmentadministration.com.

29 January 2016 - Notice to Members and Creditors

On 29 January 2016, members of AIF, CPAIF, ICPAIF, ASPF and CPF as well as creditors of LMIM were forwarded a notice concerning an application made by the Liquidators to the Supreme Court of Queensland for the determination and fixing of their remuneration as liquidators.

Please find below the link to the notice for AIF:

AIF - Notice to Members

4 December 2015 - Distributions

Further to the update of 10 November 2015, I confirm orders were made on Tuesday, 24 November 2015, sanctioning the settlement between LM Investment Management (In Liquidation) (Receivers & Managers Appointed) (LMIM) as Responsible Entity of the LM Australian Income Fund (AIF) (the Fund) and KordaMentha Pty Ltd as Trustee of the LM Managed Performance Fund.

As mentioned in the documents forwarded to investors on 10 November 2015, a distribution to members is estimated to occur by 30 June 2016, being the end of the current financial year for Australian taxation purposes.  We advise that the anticipated distribution timing has been delayed from initial estimates for a number of reasons such as:

• The matter which was ongoing between LMIM as responsible entity of the AIF and KordaMentha Pty Ltd as Trustee of the LM Managed Performance Fund which as noted has now been resolved;

• Delays that occurred in settlements of off the plan sales of the development in Victoria which is the largest remaining asset of the Fund. There has been significant recent progress in relation to the settlements and we have also received an indication that the borrower is seeking to pay out the loan as soon as possible. Should this not occur in a reasonable time frame we will consider our options in relation to recovering the remaining balance owed under this loan;

• Finalisation of realisation strategy in relation to other remaining asset of the Fund being three lots located in Western Australia. We note that this asset was under contract to be sold however the buyer failed to settle and defaulted under the Contract.  We are now in further negotiations in relation to the sale of this asset;

• Unresolved claim against the Fund by Joseph Hayes as joint and several Receiver and Manager of the LM First Mortgage Income Fund (LM FMIF) for contribution to operational funding of the LMIM Gold Coast office.  Further substantiating information has been requested by our office on several occasions but is yet to be received;

• Ongoing dispute with Custom House Currency Exchange (Australia) Pty Ltd (Custom House) who was the foreign exchange and money transfer services provider engaged by LMIM for each of its registered managed investment schemes.  Custom House experienced a loss arising from a foreign exchange contract with another registered managed investment scheme for which LMIM is the responsible entity.  As a result, Custom House has sought to claim security against all amounts it holds for LMIM including funds held for the AIF. Our office is attempting to resolve this matter amicably with Custom House as part of a broader resolution concerning all LMIM registered managed investment schemes;

• Finalisation of outstanding taxation lodgements of the AIF. Our office received correspondence from the Deputy Commissioner of Taxation (ATO) advising of outstanding Income Tax Returns (ITR’s) for financial years ended 30 June 2012 through 30 June 2014 as well as several Business Activity Statements (BAS). We are currently seeking to resolve the issue of the outstanding lodgements with the Fund’s former accountant; and

• Significant delays in relation to the completion of the audits for financial years ended 30 June 2013 and 30 June 2014. The finalisation of the audits had been initially delayed as a result of sourcing primary documentation to satisfy audit requirements which occurred primarily as a result of issues surrounding accessing server records following the closure of the LMIM office in December 2014. However these issues were resolved by our office and we had expected the auditors to make significant progress when they recommenced their work in August this year. This has not occurred to the level of our expectations.

Our view is that the position on the two (2) remaining assets of the funds should be resolved prior to any distribution to investors to ensure the distribution is maximised and to avoid the costs to the investors of multiple distributions.

We recognise that investors are looking for a final resolution to this fund and are working to complete the wind-up as expeditiously as possible.

Once completed, the audited financials will be made available to investors, along with a more detailed update on the fund.

10 November 2015 - Application

In accordance with th Order of Justice Jackson dated 5 November 2015 made in relation to service, please click on the below hyperlinks to view the documents.

1. Application filed by leave on 5 November 2015;
2. Statement of Facts dated 5 November 2015;
3. Notice to Members dated 5 November 2015;
4. Affidavit of Mr Tiplady sworn 5 November 2015;
5. Order of Justice Jackson dated 5 November 2015;
6. Amended Notice to Members dated 10 November 2015;
7. Amended Statement of Facts dated 10 November 2015 (to be filed);
8. Affidavit of Ms Trenfield sworn 10 November 2015 (to be filed).

17 December 2013 - Distribution

On 17 December 2013 $20 million was distributed amongst unit holders, equating to approximately 42.8% of the fund based on an AUD equivalency.