Investor Information Sessions

06 December 2010

A series of Investor Information Sessions that took place across five major cities has now concluded and was attended by more than 1500 unitholders.

These sessions were conducted to allow the Balmain Trilogy team to provide an update on the current situation of the Fund and importantly, enable unitholders to ask questions about their investments.

The meetings were chaired by Rodger Bacon, joint CEO of Balmain Trilogy and addressed by joint CEO Andrew Griffin, this provided unitholders with a clear, open and transparent overview of the past, present and future activities of the Fund.

Mr Griffin’s presentation addressed four areas and a summary of the critical points are as follows:

1. The history and fighting back

  • Nature of the Fund and how it differed substantially from the way it was portrayed
  • Lack of sound corporate governance and oversight from the previous Investment Manager and Responsible Entity
  • Illusory returns from accounting treatment
  • How we are bringing action against those responsible – ASIC granting leave
  • The involvement of IMF in funding these actions

2. The assets

  • 17 loans that have currently been realised – recovery in excess of $145 million
  • 18 non-Martha Cove loans that still remain – the requirement of significantly more work to achieve an optimal sale
  • 6 loans relating to Martha Cove – how to achieve the best development outcome

3. The present and immediate future

  • Outcomes of last unitholders meeting – which despite 81% support from unitholders that voted fell short of the required 75% of units issued to be passed
  • Future payments to unitholders – target to return $295 million by Oct 2012, including the $35million received by unitholders in October 2010.
  • Hardship payments – ASIC approval to commence hardship payments
  • Improving unitholder communications

4. The future of your fund

  • Strategies available to the assets of your Fund
  • How Balmain Trilogy will maximise the value on the non-Martha Cove assets
  • The structured development of Martha Cove – selection, structure, returns, authority, skill, money and choice.

Due to legal reasons the transcript of the Sydney Information Session has been removed from this website.