Diversified Mortgage Trust
Updates
18 March 2009
DMT have released a
statement indicating that they expect to make a further repayment for the 'B' Notes by 31 March 2009 of between 10c and 20c. This statement is supported by a
letter from the Trustee which indicates that the Trustee is satisfied by progress and therefore has been happy to extend the 31 March 2009 deadline for repayment to 30 June 2009.
12 January 2009
DMT has made a 16c plus interest payment to all holders of the DMT 'B' Notes on the 31 December 2008. This payment should be in all client Aegis accounts this week.
We are expecting further information from DMT in early February.
03 December 2008
We can confirm that the Diversified Mortgage Trust 'A' notes have been redeemed and will flow through into clients Aegis accounts shortly. An email update sent by Praesidium Asset Management regarding the current status of the 'B' notes indicated that due to the difficult trading conditions for proprty backed investments, there is likely to be a delay in the full repayment of the 'B' notes on issue. Stephen Maud indicated however that DMT anticipates being able to repay B Noteholders both principal and interest in full in due course, with the goal of repaying 100% of monies owed to investors by 31st March 2009.
Following the update GWM made an enquiry as to the amount of re-payment that clients could expect to occur on maturity date (31 December 2008). As it stands at the moment, the DMT has approximately 20c/$1 in cash available for distribution, with proceeds from asset sales settling between now and maturity potentially adding to this amount.
We will continue to maintain contact with DMT and provide further updates as they occur.
27 November 2008
GWM have made enquiries into the current status of Diversified Mortgage Trust. We have received verbal assurance from Mr Stephen Maud, the managing director of Praesidium which is manager of the trust, that the “A” notes will be redeemed in full on the 30th November 2008.
28 July 2008
Recently Axis Ratings re-affirmed its B2 rating for Diversified Mortgage Trust No.1 Limited ("DMT") A Notes, however, it has withdrawn the rating on the B Notes citing deteriorating market conditions and doubts as to full and timely recovery of mortgage assets held.
The DMT Directors have stated that due to difficult market conditions they have instigated recovery proceedings in the case of all mortgage loans held by DMT, in order to achieve timely repayment.
The DMT Directors are considering a proposal of early repayment of the First Ranking A Notes. This proposal is currently with the Trustee. We will hopefully be provided with new information in the short term.
For the Class B Noteholders, DMT will continue to meet its quarterly interest payments to Noteholders, and remain hopeful that they will achieve full repayment of the B Notes by due date.
The directors anticipate that some of the mortgages will have been recovered by the end of the current quarter, when they will make a further market announcement.
