PIFAG APPEAL TO ALL MEMBERS FOR ARL VOTING POWER OF ATTORNEY TO...

PIFAG APPEAL TO ALL MEMBERS FOR ARL VOTING POWER OF ATTORNEY TO COUNTER HSL CALL FOR ANOTHER ARL EGM TAKEOVER

Dear Members

A recent NSX update by Hamilton Securities Ltd (HSL) advises they will call an EGM to try and take control of the ARL Board.
See HSL NSX Update here: http://www.nsxa.com.au/ftp/news/021730424.PDF [also attached as an option]
Yes! This will then be the third attempt by HSL to take over our Fund and control our assets.

To be quite blunt, the PIFAG committee executives are fed up with changes of managers of our assets, promises of Fund resurrection and making an ever continuing saga of it all.

WHAT WE WANT IS THAT THE ARL FUND SELLS ITS REMAINING PROPERTY ASSET AND DISTRIBUTES THE SALE PROCEEDS TO SHAREHOLDERS ASAP

We DO NOT want anyone else interfering in this, to us, sensible logical process, at this late stage of the game. We DO NOT want anyone keeping the Fund continuing with an open-ended management time frame, basically freezing distribution of the Forest Resort Asset Funds, engaging a new Board of Management charging fees and expenses for who knows how long. Now with the last property asset remaining and ready for sale signing, a new management takeover with apparent goals of making the ARL Fund a continuing investment vehicle, makes very little sense to your PIFAG Committee.

We know that many of you who have given us feedback, now and in the past, agree with our above sentiments, wanting not only ARL wound up, but also the PIF, with the appropriate liquid assets distributed to us without delay. WE WANT FINALITY TO THIS LONG SAGA!

The ARL Board advises that they are getting close to finalising the signing for sale of our last property asset, the 4.5 star Forest Resort and 18 Hole Championship Golf Course at Creswick Victoria This is great news and it is the intention of the existing ARL Board to pay a DISTRIBUTION of the sale monies collected to all ARL shareholders. If the existing ARL Board is replaced by HSL it appears HSL will freeze all distributions and the future of any dividends is uncertain.

See Forest link: http://www.novotel.com/gb/hotel-6216-novotel-forest-resort-creswick/index.shtml

ARL RECENT CAPITAL PAYMENTS
ARL have now paid us as follow
11 Dec 2014 – 1 cent (1% or $10M to all investors)
13 July 2015 – 0.9 cent (near 1 cent) (approx. 1% or $9M to all investors)
We trust after the eventual sale of Forest Resort that ARL will make another cash distribution/s


MANAGER HISTORY OF OUR PIF/ARL ASSET
1] MFS PIF before the freeze of our investment funds early 2008
2] OCTAVIAR takes over PIF re-shuffles managers
3] Wellington Investment Management Ltd takes over PIF
4] Wellington Capital Ltd takes over PIF via an EGM
5] ARL receives transfer of most of our PIF assets and is now a split PIF/ARL [two funds]

HSL APPEAR TO HAVE A DIFFERENT VIEW OF THE PURPOSE OF ARL AND WISH TO CONTINUE ARL AS AN INVESTMENT VEHICLE WITH A MEDIUM/LONG TERM VIEW. WE ASK OUR MEMBERS - DO WE REALLY WANT ANOTHER BUNCH OF MANAGERS WE KNOW LITTLE ABOUT ADDED TO THE ABOVE LIST (AT THE FINALISATION STAGES OF ARL), CONTINUING TO CHARGE EVEN LONGER TERM, ONGOING, FEES AND EXPENSES? IT JUST MAKES NO SENSE TO US!

WE FEEL ARL NEEDS TO BE WOUND UP ASAP! THE EXISTING ARL BOARD AGREE!


THE PROBLEM

After HSL conducted their last two recent Buy-out Offers they acquired 6.3% of the shares of ARL. In addition, from previous share purchases, HSL’s associates, including Samuel Terry Asset Management Pty Ltd (Samuel Terry) in its capacity as trustee of the Samuel Terry Absolute Return Fund (STAR Fund), own a further 19.9% of the shares in ARL. In total, Hamilton and its associates now own 26.2% of the shares in ARL.

Further, at the last ARL AGM where shareholders voted whether to receive a 1 cent distribution from ARL as a capital payment ONLY approx. 20% of ARL shareholders actually voted. We appreciate that it was not a critical vote but the proxy return was very low. (Note: HSL abstained from voting in this AGM)

So THE PROBLEM, as the PIFAG Committee see it, is that if an ARL EGM is called by HSL to take over our Fund and the majority of ARL shareholders DO NOT MAKE A SERIOUS UNDERTAKING TO VOTE – THEN HSL ARE VERY LIKELY TO TAKE OVER OUR FUND – 20% DOES NOT BEAT 26% IN THE POCKET.


A SOLUTION OFFERED

If you agree with our sentiments and concerns expressed above, the PIFAG offer a solution as follows:

WE ASK THAT YOU GIVE US LIMITED POWER OF ATTORNEY [POA]* FOR VOTING PURPOSES ONLY FOR ANY UPCOMING ARL EGM’S (OR AGM’S)

For simplification purposes, this Power of Attorney [POA] requested, will be held by the PIFAG Vice President, Charles Hodges, because of his experience with the PIF Class Action as Sole Applicant on behalf of all 7500 PIF Class Action Participants, where Charles conducted himself in an exemplary and professional manner on behalf of all CA participants leading to a win of 1.64%

Charles takes this issue very seriously and will act in the best interests of all shareholders. The PIFAG Committee wholeheartedly support Charles in this role. We believe that ARL will be finalised and the sale property proceeds distributed by the end of the year if the existing strategy is maintained.

NOTE WELL: THE POA IS LIMITED TO AND ONLY FOR EGM/AGM VOTING FOR ARL BOARD DIRECTOR PURPOSES (i.e., appointing or removing ARL Directors). The POA form reads as follows, “…it is only in respect to any (General Meeting of ARL) relating to election or re-election of a director of ARL (Director Resolutions)” [Please read the entire “Power of Attorney” form when it arrives in the postal mail to be sure]. It is a simple and easy to read document to complete and return.

See attachment: HOW TO FILL IN POA FORM – EXAMPLE ONLY [PAGES 1,2,3 and 4] [PDF Version] [give it 20 seconds or so to download][preferably open with Adobe Reader][Note: If this PDF Version attachment does not open – please advise and we will send you another version]

POA FORM: The above POA FORM (4 pages) should have arrived by now in the postal mail to your address as listed on the investor registry. If not received after 4 days of receiving this email, please contact us via the emails below. If you support our POA request, please fully complete and sign the form pages and return in the enclosed reply paid envelope ASAP preferably and well before the ARL EGM meeting date of 11 September 2015. This would be very much appreciated.


WHY GIVE THE LIMITED VOTING POWER OF ATTORNEY?

Besides the above:

1] HSL has 26% of the ARL vote shares in their pocket – we need something better to offset this bargaining power with ARL. HSL want to bargain positions on the ARL Board and now want to take over the ARL Board entirely.

2] To dissuade any further unsolicited, highly confusing, costly and hugely time consuming, continued EGM’s and Takeover offers being called

3] To assist in allowing ARL and its contractors to get on with the important job of finalising asset sales, asset capital receipts and associated cash distribution to shareholders

4] To assist the PIFAG in simplifying the need for last minute, complex, time consuming Proxy form processing from shareholders wanting to give the PIFAG President or Vice President their PROXY for voting purposes in the event of any EGM. When individual POA is given, voting for directors on proxy forms will NOT be necessary (i.e., your individual need to vote for DIRECTORS will not be necessary – WE WILL DO IT FOR YOU)

5] We have a proven record of carefully and dutifully using many PROXY votes given to us in the best interests of PIF/ARL unit/shareholders in past EGM’s and AGM’s. We will continue do so with any limited POA votes given to us.

6] It is indeterminate that HSL will keep, our hard fought for, Castlereagh Capital Ltd, on board as contracted sale agents for ARL. We believe, once contracted, albeit late in the piece, Castlereagh has done a great job clearing hard to sell remaining assets for good prices. Let Castlereagh finish the job!

7] It is our understanding that the ARL Board desires to wind up the Fund as soon as practicable. Let them finish the job!


PRE-EMPTIVE EGM APPEAL

NOTE WELL: IF ONLY A SMALL NUMBER OF MEMBERS AND OTHER ARL SHAREHOLDERS GO TO THE TROUBLE TO VOTE IN THE HSL DESIRED ARL EGM, IT IS LIKELY WE WILL HAVE YET ANOTHER GROUP OF MANAGERS, WHO MOST SHAREHOLDERS KNOW LITTLE ABOUT, CONTROLLING OUR FUND.
DO - YOU - REALLY - WANT - THAT? IF NOT...

NOW IS THE TIME TO ACT

WE APPEAL TO ALL MEMBERS, AFTER SEVEN YEARS OF LOYAL SERVICE WITH YOU, TO GIVE US THIS PRE-EMPTIVE EGM, LIMITED POA, AS IT WILL ASSIST US TO MORE EFFECTIVELY AND SPEEDILY DEAL WITH ANY FURTHER UNWANTED INTERFERENCE IN THE ARL FINALISATION AND REMAINING ASSET DISTRIBUTION PROCESS

NOTE: THE ABOVE APPEAL IN BRIEF FORM WITH POA HAS BEEN POSTAL MAILED TO ALL ARL SHAREHOLDERS.

A BIG THANK YOU TO THOSE SHAREHOLDERS WHO HAVE ADVISED US BY EMAIL AND PHONE THAT YOU HAVE ALREADY SIGNED AND RETURNED THE POA FORM – MUCH APPRECIATED - HOWEVER WE NEED MANY MORE – KEEP THEM COMING!

Thank you dear members for your time and consideration of the above matters. Should you have any questions or wish to discuss any issues relating to OUR FUND you can contact the PIFAG President or Vice President by mail or email as under.


Peter Grenadier Charles Hodges
President Vice President
PIF Action Group PIF Action Group
Email: [email protected] Email: [email protected]

Postal mail address for Power of Attorney forms:
PIF Action Group
PO Box 228 Tuncurry NSW 2428

Disclaimer Notice for PIF AG: PIF AG Committee Members and Reps are not qualified Lawyers, Accountants or Financial Advisors; we are PIF investors like you and any information given above is simply our personal opinion and could contain errors. If you are making any decisions about your PIF/ARL investments, verify any relevant PIF AG information to your own satisfaction first, also you may wish to seek professional legal and financial advice. We take no responsibility for the above information content.

Note 1: Please keep us updated with your latest email address as we do not want to lose you
Note 2: Please do not re-transmit this PIF AG update to any media or website forum in part or in whole as more exacting laws apply to websites and open media as opposed to this closed email group. With thanks
Note 3:
EGM – Extraordinary General Meeting
AGM – Annual General Meeting if held - but advised unlikely next year because the existing ARL Board desires to wind up the Fund ASAP​

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