re: class action asx release
Whats the go here - a chance to get some dough back or just make em bleed more - pay back or all of the above - any insight would be appreciated
IMF (AUSTRALIA) LTD ACN 067 298 088
Level 5, 32 Martin Place, Sydney New South Wales 2000 Phone: (02) 8223 3567 Fax: (02) 8223 3555
RELEASE TO AUSTRALIAN STOCK EXCHANGE (“ASX”)
FRIDAY, 8 JULY 2005
NEW FUNDING AGREEMENT
VILLAGE LIFE LTD (“VILLAGE”)
1. The Board of Directors of IMF (Australia) Ltd announces that it has agreed to investigate and fund claims by persons who purchased an interest in shares in Village during its IPO in November 2003 and subsequently on the market.
2. Shares in Village this calendar year have fallen from $2.80 per share to under $0.50 per share, principally due to the market becoming aware of the material disclosed in 3 successive downgrade disclosures on 1 February, 9 May and 23 May 2005.
3. The claims allege that loss and damage was sustained by shareholders as a result of Village and its directors allegedly engaging in misleading or deceptive conduct and allegedly breaching the continuous disclosure provisions of the Corporations Act by failing to keep the market fully informed.
