The Interim Financial Report for the Pacific First Mortgage Fund (Fund) has now been completed. The Fund’s auditors (BDO) have reviewed the financial report and have concluded that they present a true and fair view of the Fund’s financial position and financial performance for the six months ended 31 December 2010, as well as complying with the Corporations Act 2001 and applicable Accounting Standards.
While there is no requirement for the financial report to be made publicly available, we believe that it is in the interests of all Unitholders to be advised of the Fund’s financial position.
The gross asset value of the Fund as at 31 December 2010 totalled $382.66 million (a decrease of $30.49 million as at 30 June 2010). This represents a net tangible asset value of $0.40 per unit (a decrease of $0.03 as at 30 June 2010). The 31 December 2010 net tangible asset value incorporates the $0.04 per unit ($35.48 million) return of capital in October 2010. Funding of this capital repayment was from the sale of underlying security properties of impaired mortgage loans.
During the period, the Directors agreed terms to extend the Fund’s finance facility with the CBA for a further two years.
No units were redeemed and no distributions were made from the Fund during the six months ended 31 December 2010.
Please click on the below link to download a copy of the Interim Financial Report.