St Laurence Property Development Fund Limited

About the Fund

The St Laurence Property Development Fund Limited (SLPDF or the Company) was launched in June 2006. The investment was structured to allow retail investors to indirectly participate in equity funding a variety of property development opportunities.

Investment Activities

SLPDF invested the $20 million of subscription proceeds raised in 2006, along with $2 million of additional equity provided by Auguste Holdings Limited (parent company of the Manager), in property development projects in the residential markets in New Zealand and Australia.

Investment Term

SLPDF parcels (each made up of a $4,500 bond and 500 shares) were issued for an initial term of approximately 5 years, expiring 30 June 2011, unless bondholders resolved to extend the term for a further period of up to 5 years.

Managed Wind Down

The Company has been significantly impacted by the difficult market environment and as a result was unable to make the Bond interest payment scheduled for 15 June 2009. The non-payment gave rise to an Event of Default under clause 12 of the Trust Deed. In agreement with the Trustee the Company is under going a managed wind down. The wind down period formally commenced on 23 November 2009 and will finish on 30 June 2011. During this period all monies relating to the operation of the Company will be held in a Trust Account administered by the Trustee, Perpetual Trust. The Manager has also agreed to revise its management fee and charge for its services on a cost recovery basis.

Back