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Cash Performance Fund

CPF Updates

17 December 2018 - Fund Finalisation

On 17 December 2018 the Notification of Completion of Winding up of a Registered Scheme, Form 5138 was lodged with the Australian Securities and investments commission advising the LM Cash Performance 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.  

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

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 CPF:
CPF - Notice to Members

7 December 2015 - Update on Wind Up of CPF

It was previously advised that the finalisation of the wind up of the LM Cash Performance Fund (CPF) (the Fund) would occur around May 2015. The finalisation of the wind up of the CPF 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 Gold Coast office.  Further substantiating information has been requested by our office on several occasions but is yet to be received;
  • Finalisation of outstanding taxation lodgements of the CPF. 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 2006 through 30 June 2009 and 30 June 2012 onwards as well as several Business Activity Statements (BAS). We have caused the ITR’s for financial years ended 2006 through 2012 to be lodged with the ATO in an effort to partially satisfy the outstanding lodgement obligations and 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 year ended 30 June 2014 (which would in turn allow financial year 2015 and final audit to be progressed and completed). The finalisation of the audit 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 my 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.

The timing for finalisation is currently unknown as it will greatly depend on the resolution of the outstanding lodgements with the ATO and the finalisation of the audits.  Given the outstanding lodgement obligations and unresolved claims against the CPF, a reliable estimate of the future balance to be made available for distribution to investors, if any, cannot be forecast with reliable certainty.

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.

5 November 2014 - Capital Distribution

On 5 November 2014, correspondence was forwarded to investors advising them of a capital distribution which was commenced on 1 November 2014.

This distribution is for a total of $400,000 to be distributed amongst the unit holders in the Cash Performance fund equating to approximately 60% of the funds currently available for distribution.

It is anticipated that a further distribution will occur early in the new year.

4 November 2013 - Notice Under Section 601NC (CPF)

Some months ago a request was sent to each investor in the Cash Performance Fund requesting them to send in a request for a full redemption of their investment. This request was made to minimise costs which would have been incurred in issuing a formal wind up notice for the fund.

Unfortunately, not all investors responded to this request to submit a redemption and accordingly, on 4 November 2013 a Notice Under Section 601NC of the Corporations Act 2001 (Cth) was issued containing the proposal to wind up the fund. This notice can be viewed below.

Investors are urged to update their account details to ensure that when distributions are paid, that they are received into their nominated account. The form for updating your account details is provided below as well as in the 601NC notice. Once completed, this should be sent to Armstrong Registry Services to ensure the database is updated with your correct details.

Form for Updating Your Details

Taxation Statements

No formal taxation statements are able to be issued at this time. Taxation statements may be issued following the completion of the fund audit.

Investors seeking taxation statements are asked to email mail@lmaustralia.com to obtain details of the interest and capital distributions made to them in the past financial year in order to complete their taxation return. Investors should seek taxation advice to ensure compliance with their relevant taxation laws in the event where a taxation statement cannot be provided.

Contact Us

GPO Box 3127

Brisbane, Qld, 4001

Email:enquiries@lminvestmentadministration.com

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