For Less than a Dollar a Week Join other Unlisted Property Investors and Take Action to Protect Your Investments and Financial Future

Light of Day Inc is an association of unit holders in the $60 billion unlisted property trust sector. Light of Day Inc has been formed following concerns that investors are having their income, capital and future retirement lifestyle converted to bank profits through fee and interest rate gouging.

Do you know what the banks are doing to your investment in unlisted property trusts or syndicates?

Up until now, unit holders have had no contact with the banks who lend money to their funds.  Light Of Day Inc believes it is time investors were provided with an opportunity to voice their concerns and defend their investments in unlisted property.

Imagine being in the fund which had its interest margin increased from 0.57% to 3% for a 3 month extension on a bank mortgage loan, despite no material difference in the loan to valuation ratio. Or being in another fund was offered a 12 month extension of its debt facility at a margin of 3.75%, compared to the previous margin of 0.75%.

Tired of having the value of your units in an unlisted property trust or syndicate wasted by interest rate and fee charges? 　Take action and protect your investment in the Unlisted Property sector.　

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Benefits of Light of Day Inc Membership

• The opportunity to learn more about your Unlisted Property investment and how it is affected by bank lending practices.
• Access to exclusive educational resources to help you understand the unlisted property sector.
• Regular updates on commercial property markets including office, industrial, and retail.
• Access to letters you can send to your Fund, your Fund's Bank, Government, Regulators and the media to express your concerns about the effect of unsustainable banking practices on your investment.
• Instructions on how to lodge a complaint with the financial ombudsman.
• The opportunity to be part of a campaign to improve bank lending practices and long term viability

A lack of action on this issue will result in banks further expanding their interest rate margins and increasing already excessive fees and charges. Bank's bottom lines will benefit at the expense of investor returns and superannuation savings will continue to be transformed into bank profits.     

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Financial  Management

The members have adopted the following objectives for Light of Day Inc (the Association):

1. to provide a forum for discussion of issues affecting the members, as investors in the unlisted property sector;
2. to provide a vehicle for members to build their knowledge of current issues facing investors in the unlisted property sector;
3. to enhance the practices of lenders to investment entities in the unlisted property sector; and
4. to provide a platform for action to protect and promote the interests of the members, as investors in the unlisted property sector.

The Rules of the Association include the following definition:

unlisted property sector includes collective investments in real estate, managed on behalf of investors, whose interests are not listed on a regulated securities exchange.

The Rules of the Association provide that the business and affairs of the Association are to be controlled by the Committee of Management (the Committee).  The Committee must act in accordance with the Rules.  The Rules also provide that the Treasurer must keep proper accounts and make all payments on behalf of the Association.

The Committee has resolved to keep a single bank account, into which all subscriptions and other receipts will be paid and from which all payments will be made.  The Committee has further resolved that the Treasurer and the Secretary are the authorised signatories to the bank account.

The funds available to the Association are to be expended in furtherance of the objectives of the Association and in accordance with the Rules of the Association.  Examples of the types of expenditures which are likely to be authorised by the Committee are:

·        fees for incorporation of the Association;

·        expenses of development and maintenance of the website;

·        fees for establishing and maintaining a bank account and a post office box;

·        costs of convening and conducting meetings of members and the Committee;

·        payment for the Secretary and other professional staff, if any;

·        expenses of mounting campaigns in the media; and

·        accounting, auditing and administration costs.

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