ASPF 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 Structured Products 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.
21 June 2022 - Distribution Update
On 21 June 2022, the final capital distribution to investors was processed.
The total amount distributed and cents distributed per AUD equivalent unit are summarised in the below table.
| Series |
AUD Amount Distributed ($) |
Approx. AUD Cents per AUD Equivalent Unit Distributed |
| ASPF 1 |
$ 163,788.42 |
6.296 |
| ASPF 2 |
$ 28,535.69 |
1.978 |
| ASPF 3 |
$ 20,646.11 |
2.5 |
| ASPF 4 |
$ 29,649.43 |
5.56 |
| ASPF 5 |
$ 684.45 |
0.37 |
| ASPF 6 |
$ 97.53 |
0.52 |
| ASPF 7 |
$ 16,789.57 |
4.67 |
| ASPF 8 |
$ 14,108.14 |
5.2 |
| ASPF 9 |
$ 17,323.55 |
4.11 |
| ASPF 12 |
$ 56,249.97 |
3.909 |
| Total |
$ 347,872.86 |
|
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 Structured Products 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
2 December 2016 - Distribution Update
On 2 December 2016, $5,312,219.52 was distributed to ASPF investors representing 80% of the estimated net assets of each series when taking into account anticipated future wind up costs.
The total amount distributed and cents distributed per AUD equivalent unit are summarised in the below table.
|
Series
|
AUD Amount Distributed ($)
|
Cents per AUD Equivalent Unit Distributed (AUD $)
|
|
ASPF 1
|
2,484,157.12
|
95.49
|
|
ASPF 2
|
501,760.64
|
36.20
|
|
ASPF 3
|
348,289.19
|
42.84
|
|
ASPF 4
|
432,589.13
|
81.15
|
|
ASPF 5
|
92,449.13
|
51.96
|
|
ASPF 6
|
15,984.72
|
85.62
|
|
ASPF 7
|
212,881.21
|
61.32
|
|
ASPF 8
|
219,338.63
|
81.00
|
|
ASPF 9
|
257,743.02
|
63.58
|
|
ASPF 12
|
747,026.73
|
54.43
|
|
Total
|
5,312,219.52
|
|
Please note 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.
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.
As with other distributions, 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.
26 October 2016 - Fund Update
Following the maturity of ASPF 1 on 3 October 2016, instructions were provided to Deutsche Bank to close out this series and $3,719,532.78 was receipted into the ASPF 1 series bank account.
In line with our 25 July 2016 update, no objections were received with respect to our Option 3 recommendation to unwind the remaining ASPF 4 and ASPF 8 series. Instructions were issued to unwind these series and $657,353 and $332,856 were received for ASPF 4 and ASPF 8 respectively.
The Liquidators will now undergo the process of estimating the final wind up costs of the ASPF series before making an interim distribution to unit holders. It is anticipated this distribution will occur by the end of 2016 or in first quarter 2017.
Should your account details have changed, please ensure to complete the change of investor details form and forward it to Advanced Share Registry as soon as possible.
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 - Update on Wind up of ASPF
Further to the update on 7 December 2015, I advise my office is working through the calculations of the indicative net asset value of the ASPF at 30 June 2016 and the proposed way forward to wind up the fund, details which will be included in the detailed report to investors which will be made available over the coming month.
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:
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 ASPF:
ASPF - Notice to Members
7 December 2015 - Distributions
It was previously advised that distributions would occur in the wind up of the LM Australian Structured Products Fund (ASPF) (the Fund) by the final quarter of 2015. The finalisation of the wind up of the ASPF and the anticipated distribution has been delayed for a number of reasons such as:
-
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 LM Investment Management Ltd (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 APSF. 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 ASPF. Our office received correspondence from the Deputy Commissioner of Taxation (ATO) advising of outstanding Income Tax Returns for financial years ended 30 June 2012 through 30 June 2014 as well as several Business Activity Statements. 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 largely 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.
We recognise that investors are looking for a 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 position of fund and the proposed way forward to wind up the fund.
