Macquarie Fortress Notes (FTNFA)

[Enumerate]

Traded in NZ as FTNFA.NZX - there is also a more actively traded Australian fund MFNHA.ASX

Any interest in a discussion?

[Sideshow Bob]

.......Yup

[Arthur]

Looking good if Macquarie and their manager sell the assets and distribute sooner rather than later. If they wait until the second down leg it could all turn to custard. Possible capital return range minimum is now twice the listed price, leverage is dropping rapidly. Have to hand to Macquarie on this one, their loan restructure was brilliant.

[Newman]

Has anyone got a copy of "Macquarie New Zealand Fortress Notes Security Trust Deed" dated 12 March 2005?

[Lizard]

Has anyone got a copy of "Macquarie New Zealand Fortress Notes Security Trust Deed" dated 12 March 2005?

Is it the same as the Trust Deed for the Macquarie Fortress Australia Notes? Sorry, I get somewhat confused between the FTN and MFN as to whether they are identical? If so, the Trust Deed for the MFN is available via the ASX web-site announcements (2005).

[Enumerate]

Very thinly traded in NZ (FTNFA). Much more activity in Australia (MFNHA).

Since the restructure, there is now one fund (and reducing leverage facility) - there are three Macquarie investments that have relative proportions of this fund.

Of course, the NZ instrument matures in 2012; whereas the Australian one could theoretically go to 2035 (practically, with a mark to market value of about 96% and a further maturity profile of 3-5 years - it should be possible to liquidate at any time).

The reducing leverage, with loan maturities and leverage payback, will reduce the performance of the fund (they make a small margin over the LIBOR rate funding the leverage).

BTW I have a prospectus for the Australian units - it contains extracts of the Australian Trust Deed.

[Newman]

Is it the same as the Trust Deed for the Macquarie Fortress Australia Notes? Sorry, I get somewhat confused between the FTN and MFN as to whether they are identical? If so, the Trust Deed for the MFN is available via the ASX web-site announcements (2005).

The Australian one (MFNHA) has a maturity date of 2035, with early exit times in 2014, 2023, and 2032. The early exit could at a premium or discount.

The NZ one (FTNFA) matures in 2012. I did not find any details about it.

[Lizard]

The Australian one (MFNHA) has a maturity date of 2035, with early exit times in 2014, 2023, and 2032. The early exit could at a premium or discount.

The NZ one (FTNFA) matures in 2012. I did not find any details about it.

Okay, I have found it! Try this link (it will take a few seconds to load the document from there):
http://www.societies.govt.nz/pls/web...=ALLTAB%7Cdoc1

Another deed dated 11 March and prospectus are also on file there. Comes from the Companies office - search "other registers" using link from home page down left hand side (I just did a "select all", as I'm not sure which register it is actually on).

[Newman]

Okay, I have found it! Try this link (it will take a few seconds to load the document from there):
http://www.societies.govt.nz/pls/web...=ALLTAB%7Cdoc1

.

Trading suspension was announced today on ASX because of transaction
of material importance. A bad news?

[Lizard]

Who cares? You have 2 hours to add a simple "thank you" to that post before I delete the link... :P