Over the past two months, several ratings agencies have downgraded the underlying ratings of the Lane Cove Tunnel bonds citing lower than expected traffic on the Lane Cove Tunnel project. Westscheme has an investment in the Lane Cove Tunnel project and took the early decision to write down the value of its investment in the project after consideration of the lower than expected traffic on the tollroad. This decision was reflected in the net investment performance rates in January 2008. Westscheme has recently revisited this decision and has now decided to fully write down its remaining small investment in Lane Cove Tunnel. This new decision is reflected in the net investment performance rates in April 2008. After including this impact, Westscheme’s target return portfolio, which includes Westscheme’s Lane Cove Tunnel investment, provided a net investment performance of 11.88% over the 12 months ended 30 April 2008.
Trustee: Westscheme Pty Ltd AFSL 232709 ABN 33 009 194 218 RSE Licence No: L0000581
Westscheme ABN: 68 559 391 482 SFN: 1353/119/43 RSE Registration No: R1000825