who cares?, page-4

ASIC CARES!

ASIC is defending the funds position, NOT PIFAG'S wishes.

ASIC asserts that the constitution of the PIF does not permit Wellington to distribute the ARL shares to PIF unit holders. As a consequence, ASIC has applied to the Court seeking a declaration that any such distribution of ARL shares to the PIF unit holders would be or is invalid, and that the ARL shares remain the property of the PIF.

The matter was before the Court on the 11 and 12 October 2012 and will next be heard at the Federal Court in Sydney on 17 October 2012.

Editor's note:
On 17 October 2012 judge Jayne Jagot dismissed ASIC's application for relief.

ASIC will appeal the decision. The appeal will be heard by the full court of the Federal Court. A directions hearing is scheduled for 6 February 2013.