official ; pif ag notice of asic v dgenny

Efficiency at last,
Make note of start date: WEDNESDAY 12 June 2013
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx...xxxxxxxxxxxxxxxxxx
ASIC COMMENCES PROCEEDINGS AGAINST WELLINGTON RE PIF EGM
June 9, 2013

The PIF Action Group have made numerous submissions to ASIC on behalf of our member PIF investors and Class Action participants, articulating our serious concerns as to the PIF EGM Explanatory Memorandum issued 6 May 2013 and ASIC have now decided to commence proceedings against Wellington Capital in the Federal Court as follows:

Declarations of contravention by Wellington and injunctions preventing Wellington from putting the five resolutions (resolutions) contained in the Notice of Meeting and Explanatory Memorandum dated 6 May 2013 to unit holders of the PIF on 14 June 2013
ASIC is concerned that the resolutions would involve:
a winding up of the PIF, which, if it proceeded, would not be in accordance with the Corporations Act 2001 (Corporations Act) or the PIF constitution, and
a retirement of Wellington as the responsible entity of the PIF, which, if it proceeded, would not be in accordance with the Corporations Act or the PIF constitution,and thereby constitute a contravention of,
or an attempt to contravene, the Corporations Act by Wellington.
ASIC is concerned that one of the resolutions, seeking to implement a compulsory buy-back of all issued units of the PIF in exchange for shares in ARL, required Wellington to issue a prospectus. Wellington did not issue a prospectus in relation to the resolution.
ASIC is concerned that the disclosure in the Notice of Meeting and Explanatory Memorandum and the Supplementary Explanatory Memorandum dated 1 June 2013 is misleading, and certain statements in media releases issued by Wellington to the National Stock Exchange of Australia Limited on 28 and 29 May 2013 are misleading.

The matter has been listed for a hearing on interlocutory relief on Wednesday 12 June 2013.

The PIF AG will keep members and website readers updated as the matter proceeds in the Federal Court.

See ASIC Media Release link: http://www.asic.gov.au/asic/asic.nsf/byheadline/13-135MR+ASIC+commences+proceedings+against+Wellington+Capital?openDocument