From: breaker Sent: Monday, June 10, 2013 7:30 PMTo: breaker...

From: breaker Sent: Monday, June 10, 2013 7:30 PM
To: breaker
Subject: PIF AG UPDATE 10 JUNE 2013

PIF AG UPDATE 10 JUNE

The PIF EGM was adjourned from 6 June 2013 to 14 June 2013. However, after PIF Action Group concerns were submitted to ASIC regarding the EGM, ASIC decided to commence legal proceedings against Wellington Capital on the matter. Further, it appears Wellington's Jenny Hutson has backed down from contesting the ASIC court action, saying, "the company would not fight the regulator and she would cancel next week's unitholder meeting" [according to the Gold Coast Bulletin].

On checking the Wellington and NSX websites late Monday 10 June 2013 nothing official was found yet to verify the GC Bulletin article that the PIF EGM is to be cancelled. We should expect some official statement soon from Wellington on the issue.

The PIF AG states that we are pleased in ASIC's legal action against Wellington as it gives some vindication to certain of our concerns. It also halts the Wellington called EGM, which according to the ASIC legal proceedings, is allegedly "a contravention of, or an attempt to contravene, the Corporations Act by Wellington" and in relation to the Memorandums sent investors, "certain statements" allegedly even "misleading".

See our PIF AG website for the related information: http://www.investorsactiongroup.com.au/?page_id=15

Remember to keep visiting our website for the latest updates

Kindest regards

Peter Grenadier
President
PIF AG