dinga

Lenmichaels

1.  Are you a member of the First Mortgage Income Fund?  If so, you should have received the material re. the vote - I received it via email.  Suggest you urgently contact the James Young who is Bangkok-based at jyoung@LMaustralia.com   (At present, investors in the feeder funds have no input - which I find completely unacceptable)

2.  Be great to catchup with you to discuss how we fellow frostbitten investors can fight back  -  pls contact me at my private email address . Are you based in Bangkok?

3.  I am trying a number of means to linkup with other investors.  I've been advised that Aussie Stock Forums has been successfully used in similar circumstances to ours, so have made 3 posts there  -  checkout    http://www.aussiesto...isplay.php?f=23.

4.  I am also thinking about asking ASIC to assist in ensuring LM acts in the best interest of investors - which for me means delaying any vote until (a) FMIF investors have been provided with all necessary information; ( Investors Forums are held in and LM addresses investors concerns, and © Investors in the feeder funds also have appropriate input on matters that may materially effect their investments.

So forgive me, but I will repeat them here:

Issue 2.  Investors in LM First Mortgage Income Fund whose interest payments were treated as 're-investments'.

As stated already, I am an investor in the frozen LM First Mortage Income Fund (FMIF).

The Financial Statement for Y/E 30 June 2011 records that over A$12 million in interest was treated by LM as being 're-investments' in the Fund.

I assume that many/most of the investors due that interest would be very unhappy with such treatment (and the impact of the consequent +20% haircut applied to unit prices).

In my circumstances, I believe the PDS indicates that interest should be paid in the period subsequent to the submission of a redemption request and that LM's treatment was not supportable.

I took the matter up directly with LM and after extended and extensive effort had them agree to rectify the situation (despite LM stating there was no liability to do so).

Any unhappy FMIF investor in similar circumstances can contact me and I'll provide full details.


Issue 3:  Investors in LM Currency Protected Australian Income Fund

I hold 2 investments in the LM Currency Protected Australian Income Fund (CPAIF), which is one of a number of feeder funds for the LM First Mortgage Income Fund (FMIF).

CPAIF investors should be aware that LM is proposing changes to the FMIF Constitution that I believe will have a substantial impact on investments in those feeder funds.

Despite this, at present LM will not allow feeder fund investors any input into those changes. This is unacceptable to me.

As Responsible Entity, LM holds those CPAIF units on my behalf. While LM will rightly will not use those Units to vote (as it recognizes the clear conflict), given the extraordinary circumstances it should afford investors in feeder funds the opportunity to vote on the proposal on the basis of their FMIF indirect investments.

In my view, CPAIF members should request a special meeting to thrash this issue out with LM and have it corrected - with the FMIF vote to be suspended until that is done.

I'd welcome any thoughts from feeder fund investors especially in the CPAIF.

Thanks for the advice so far.  Have now attached some photos which show the problem with 3 of the bricks.

Am I correct in guessing that it won't be possible/practical to replace those bricks?   In any event, sounds like I should paint the inside with epoxy.

If I do that, without replacing the bricks, is there anything available to preserve the exisiting bricks?

kimmy, on 2011-05-25 00:25:13, said:

Tks Kimmie.  I've been through the calcs have have concluded it's better to let sleeping dogs lie  ie. Mrs Dinga's shopping will not be disturbed by a trip to Land Office HQ.  This exercise has been instructive though, in again highlighting that website information cannot be relied on - even if the information is consistent and provided by law firms.

PattayaParent, on 2011-05-25 10:24:50, said:

Laem Mae Phim (near Klaeng) is the place to be! (but Tesco - Klaeng or Ban Phe - is the closest we get to a shopping centre)