wellington capital limited news, page-78

Wellington Capital Limited Premium Income Investors were informed on the NSX on the 18th May 2011 by the PIF managing director, Jenny Hutson that she was 'delighted to announce that a contract for the sale of the property known as the Kooralbyn Resort has been signed.
The contract is subject to an 18 month deferred settlement and is conditional upon finance and finalisation of town planning considerations by the Conditions Date which is eight months from
the contract date namely 16 January 2012. The purchaser plans to undertake capital works following the conditions date.'

PIF investors were further updated relating to the contract by mail in the July 2011 investor update.
Caroline Snow, associate director of Wellington Capital Limited appears to have no idea as to the current status of this property relating to the contract. If the contactual conditions were not finalised on the proposed date, 16th January 2012 then I would hope that property is revalued and placed on the market again or will WC draw a management fee on the gross value of a $25million contract that noone seems to be able to confirm has taken place or not? Surely with a team of 30 highly trained professionals at least one can answer a simple question?