If you were actually following this properly instead of just...

If you were actually following this properly instead of just satisfying your darker urges, you would know that this term in the management agreement was disclosed to the market at least as early as 16th September 2016, along with the risks of allowing the move to invest in pre-IPO companies: https://www.asx.com.au/asxpdf/20160916/pdf/43b7k977ng38hb.pdf covered in detail from pages 4 - 6.

The real issue is that the management agreement was in conflict with the prospectus (so more in line with your option 1), and that they began to invest in unlisted securities BEFORE holding the meeting to change the guidelines (probably once they realised the error). There's some stench in that move, yes, but anyone who didn't like it had plenty of time to sell their shares at a profit and get the hell out.