Proposed Meeting
Wellington Capital Limited has received correspondence in relation to a proposed meeting of Unitholders to
be held on 16 June 2011 in Sydney to consider seven resolutions proposed by a group of members in the
Fund. The material, as received, is attached.
The proposed meeting raises a number of serious issues including:
? The proposed replacement responsible entity does not hold an Australian Financial Services Licence
of a kind that would enable it to be the responsible entity the Premium Income Fund. The
consequence would be, if the proposed resolutions were passed, and a licence was not held at the
relevant time, that the Premium Income Fund would be immediately wound up;
? The material provided to us is incomplete and therefore does not satisfy the obligations of the
Corporations Act.
? The notice and explanatory material is misleading and ambiguous.
? Yesterday our lawyers wrote to Ian Ferrier, Chairman of the proposed replacement responsible entity
and, asked him to provide the proxy form which the attached material indicates will be sent to
Unitholders. Yesterday afternoon he indicated to our lawyers he would arrange for that to be
provided. By close of business he had resiled from that position and refused to provide the proxy
form.
Wellington Capital as responsible entity has a positive obligation to act in the best interest of Unitholders and
accepts that meetings that comply with the Corporations Act and the NSX Listing Rules can and should be
held.
Jenny Hutson Managing Director said:
‘The meeting material received does not in the opinion of our lawyers, satisfy the requirements of the
Corporations Act and the constitution of the Fund.
Separately, the resolutions proposing to appoint a replacement responsible entity that does not currently
hold an Australian Financial Services Licence, of a kind, that would enable it to be the responsible entity,
raises serious legal issues as to the validity of that proposed resolution.
It also raises practical issues in that the resolution as proposed could result in the Premium Income Fund
being wound up.
In addition, the proposal consequently puts at risk the $31.25 million in contracts signed but not yet settled.’........ NOR hi ...the sale of resort was sent to us on 18 may 2011 ...Our meeting 16 june 2011 ..any body smell a rat ...and now .NO SALE...STALLING ME THINK..
OCV
octaviar limited
