Hello MAE
It appears that ARL unit certificates were issued for the same number of WC unit holding. WC certificates were not adjusted or cancelled all together.
ARL paid up Capital is $1 as stated on their company registration entry duly entered by ASIC.
ARL holding is a separate entity for now and the 40% transferred from WC is therefore a 100% ARL holding at present and administered on behalf of Premium Income Fund unit-holders. There are no cross-management arrangements for either of the holdigs.
ASIC is catching up on this anomalous transaction and will be seeking explanations from WC in respect of "value for money" benefit for PIF.
If it was me, I would be seeking Execution.
I call it "Legalisation Process" and cringe as we may, it has to find its just conclusions.
But don't frame your ARL certificate yet; you may be asked to shred it.
Cheers,
OCV
octaviar limited
