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Enforceable Undertakings from SPI Directors

Update - Monday 21 September 2015

The directors of SPI Property Fund Limited, Allister Knight and Murray Alcock, have completed the repayment in full of the outstanding principal of $601,394.12 owed to investors of SPI Property Fund Limited.

The repayment follows the enforceable undertakings provided to the Financial Markets Authority (FMA) by the directors in October 2014.

The undertakings provided that the directors were required to repay the outstanding principal of $601,394.12 by 30 June 2015. 

Repayment of $300,000 of the principal was made by the directors as at this date, but in the best interests of investors, the FMA allowed extensions of time for the remaining balance to be repaid.  This was on the basis of continued engagement with the directors and the good faith efforts that were being made to pay the remaining balance. 

The most recent extension of time required the directors to repay the remaining balance of $241,394.12 on or before 16 October 2015.

Monday 17 August 2015

Allister Knight and Murray Alcock (the Directors) have to date made repayments in the amount of $360,000 to investors of SPI Property Fund Limited pursuant to the Enforceable Undertakings provided to the FMA pursuant to section 46 of the FMA Act 2011 in October 2014. The FMA had previously agreed to extensions until 14 August 2015 for repayment of the balance of $241,394.12 still owing to investors. A further extension has been agreed with the Directors until 16 October 2015 for repayment of the remaining balance owing.  The FMA has had continued engagement with the Directors and we believe that good faith efforts are being made to pay the remaining balance. The FMA considers that it is in the best interests of investors to allow this extension whilst continuing to reserve its right to take such action that it considers appropriate if payment is not made.  The Directors are writing to SPI Property Fund Limited investors to advise them of this amended time frame for repayment. The FMA will continue to monitor the Directors compliance with the undertakings. The FMA will issue a further public update after 16 October 2015. 

Wednesday 29 July 2015

Allister Knight and Murray Alcock (the Directors) have to date made repayments in the amount of $360,000 to investors of SPI Property Fund Limited pursuant to the Enforceable Undertakings provided to the FMA pursuant to section 46 of the FMA Act 2011 in October 2014. The FMA had previously agreed to an extension until 31 July 2015 for repayment of the balance of $241,394.12 still owing to investors of SPI Property Fund Limited. The Directors have now engaged with the FMA seeking a further extension until 14 August 2014 for repayment of the remaining balance. The FMA considers that it is in the best interests of investors to allow this extension whilst continuing to reserve its right to take such action that it considers appropriate if payment is not made. The Directors are writing to SPI Property Fund Limited investors to advise them of this amended time frame for repayment.

Friday 3 July 2015

In October 2014, Allister Knight and Murray Alcock (the Directors) offered Enforceable Undertakings to FMA relating to entities comprising the SPI group of companies, pursuant to section 46 of the FMA Act 2011. 

The Undertakings provided that the Directors were required to repay the outstanding principal of $601,394.12 to investors of SPI Property Fund Limited by 30 June 2015. $60,000 was paid to SPI Property investors on a pro rata basis on 30 November 2014. The Directors advised the FMA on 3 July 2015 that a further $300,000 has been repaid to SPI Property investors. As at 3 July 2015, $241,394.12 remains outstanding.  The Directors have requested an extension for repayment until 31 July 2015. The FMA has agreed to the extension to 31 July 2015, but has reserved its right to take such action that it considers appropriate if payment is not made.

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