1. Bentham IMF Limited ("IMF") is proposing to fund a shareholder class action conducted by Slater & Gordon Lawyers against ASX-listed company Forge Group Limited (Administrators Appointed) (Receivers and Managers Appointed) ("FGE"), for losses caused by FGE’s alleged misleading conduct and/or breaches of the continuous disclosure provisions of the Corporations Act 2001 and/or other relevant legislation.
2. Subject to receiving sufficient signed FGE funding agreements from affected shareholders, IMF is proposing to fund a class action for shareholders who acquired FGE securities after 1 January 2013 and who held some or all of those securities at any time between 4 November 2013 and 11 February 2014 and suffered a loss. Note this period may change subject to legal advice.
3. Please find attached:
a. Overview of the Claim;
b. Answers to Questions document;
c. IMF FGE Investigation, Management and Funding Agreement;
d. Slater & Gordon Legal Costs Agreement (Retainer);
e. IMF Disclosure Statement; and
f. Slater & Gordon Disclosure Statement.
4. If you wish to have the opportunity to join the class action proposed to be funded by IMF, you need to complete and return to IMF by Friday 14 March 2014: (i) the first two pages of IMF's FGE Funding Agreement (please, in particular, sign and date the first page); and (ii) page 9 of Slater & Gordon’s Legal Costs Agreement. It is very important that you provide us with the correct name of the registered holder of the FGE shares and the HIN or SRN relating to the shares (if this number is known to you). This information will help validate your claim in the event of a successful outcome to any proceedings.
5. You should carefully read the FGE Funding Agreement to fully understand its terms and conditions. However, in summary, IMF offers to conduct an investigation into your potential claim against FGE (if necessary) and to pay for any legal proceedings brought against FGE on your behalf in accordance with the terms of the FGE Funding Agreement. IMF also agrees to pay any legal costs awarded to FGE if any legal action taken on your behalf is not successful (in Australia, the losing side in litigation is typically ordered to pay a proportion of the winning side's costs). You should also carefully read the IMF and Slater & Gordon Disclosure Statements.
6. Unless you are successful in obtaining either a settlement or judgment against FGE, you will not have to make any payments. If you are successful, you will only be required to make the payments referred to in Clause 12 of the FGE Funding Agreement.
7. Please return the executed pages of the FGE Funding Agreement and the Legal Costs Agreement to IMF. If possible, please scan and email these documents to [email protected]. Alternatively, please fax them to 61 (0)8 9225 2399 or post a copy to the address below:
Bentham IMF Limited PO Box Z5106 St George's Terrace PERTH WA 6831
8. At page 2 of the FGE Funding Agreement, please ensure you include details of all your purchases and sales of FGE shares from 1 January 2013. Please also provide us with your closing balance as at 31 December 2012.
9. Once you sign the FGE Funding Agreement, you have a 21 day cooling off period, so if you change your mind during that period let us know and you will be able to be withdrawn from the IMF agreement (and accordingly will be excluded from any legal action funded by IMF which may be taken against FGE).
10. IMF is a listed company on the ASX (ASX: IMF).
11. In accordance with ASIC Regulatory Guide 248, IMF has in place a conflicts management policy. For more information on this policy please call IMF or visit the IMF website at www.benthamimflimited.com.au.
12. If you have any queries about this proposed action, please contact the IMF Client Liaison Team on toll free number 1800 016 464 or at [email protected].
Yours sincerely
Tania Sulan Investment Manager
Bentham IMF Limited PO Box Z5106, St George's Terrace, Perth WA 6831 FREECALL 1800 016 464 (within Australia) T +61 8 9225 2322 F +61 8 9225 2399 www.benthamimflimited.com.au
On 28 November 2013, IMF (Australia) Ltd changed its name to Bentham IMF Limited. The new name reflects the Company’s growing international presence. It also recognises the memory of Jeremy Bentham, the nineteenth century jurist and social reformer who was among the first to support the utility of litigation funding.
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FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Held
