You should have a look at the Constitutions and PDS of the Trust... its got all the answers.
Once the resolution is passed to wind up the trust, there cannot be a call on unitholders - in fact unitholders will rank for any surplus, which there might be given no 5c distribution and present entitlement to profits according to half year accounts.
Clause 4.6(a) provides the RE may revoke or postpone the payment of an instalment. There is no provision allowing the acceleration of the call. Remove the RE and there's is your answer - you only need 50% to remove the RE.
Rowe is bluffing everyone bigtime because nows he is truly stuffed. For example - quote from Mark Hawthorne's article in The Age - "Winding up the trusts will not remove the obligation on unit holders to pay the outstanding amounts on their units including the next $1 instalment that will be called on 2 March, 2009." Reality for Rowe is that at Page 30 Clause 2.6 of the PDS - "The Second Instalement Date is 9 months after the Allotment Date. Brisconnection will not (read "cannot" now that it is binding upon them in the Constituton and PDS) bring forward the Second Instalement Payment Date to an earlier date. The liabilty arises on the due date - 29th April. So he can postulate as much as he like about when he makes the "call", he's bound legally by the PDS and Consitution. I wish he would give up on trying to spook people with lies and half truths. If they didn't lie about why they weren't paying the 5c distribution none of this would be happening.
This thing is dead in my opinion.
BCS Price at posting:
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