Ann: Second Supplementary Target's Statement , page-4

re: Ann: Second Supplementary Target's St... ARTICLE TODAY OUTLINES THE SITUATION;

There's still the contentious issue of whether or not EPN is able to vote on the wind-up resolution. The notice of meeting says that under section 253E of the Corporations Act ERML and its associates are not entitled to vote their interest on the wind-up if they have an interest other than as a unitholder.

The dissidents consider that EPN cannot vote because it is an associate of ERML, which earns management fees. However, EPN considers that it is able to vote.

This commentator has suggested that ERML should seek judicial advice but it seems unlikely it will do so.

There have been suggestions that EPN is considering measures to ensure it can vote on the wind-up, such as forgoing management fees or transferring its interest in the RE to a genuinely independent party, and a decision as to whether it has put itself in a position to vote can be decided on the meeting date by the chairman of the meeting.