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WELLINGTON TO ASK FOR VOTE TO ADJOURN PIF EGM – URGENT NOTICE...

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    WELLINGTON TO ASK FOR VOTE TO ADJOURN PIF EGM – URGENT NOTICE



    June 5, 2013


    Wellington Capital has posted on the NSX website that:

    “At the meeting 6 June 2013, Unitholders will be asked to vote to adjourn the substantive business of the meeting scheduled for 6 June 2013 to 14 June 2013. This adjournment is sought to give Unitholders additional time to consider the material contained in the Supplementary Explanatory Memorandum and to finalise their voting intentions in relation to the 5 Resolutions set out in the Notice of Meeting and Explanatory Memorandum dated 6 May 2013.”

    “Subject to approval on 6 June 2013, the adjourned meeting to consider the Resolutions will be held at 11.00am on 14 June 2013 at Rooms M1 and M2, Brisbane Convention and Exhibition Centre….”

    If members and investor readers were going to attend the meeting 6 June 2013 and would still like to the vote to adjourn the meeting, then please still attend that same meeting. We can not predict if any other matters will be brought up at this meeting but the PIF AG would not be pleased if an adjournment was not eventuated. (i.e., an adjournment is what the PIF AG are seeking)

    Note: The PIF AG will be represented at the 6 June 2013 EGM which we understand will be for a vote to adjourn the meeting.

    The PIF AG desire the Meeting to be adjourned for at least 4 Weeks

    There are obvious problems with the Wellington desired adjourned date of 14 June 2013 EGM as follows:

    a) Wellington require the “pink proxy” (proxies) returned two days prior to 14 June 2013, that would be by 11.00am? 12 June 2013. Further, there is a long weekend in between these dates (the Queens Birthday public holiday weekend). This then would only leave two working days between the 6 June and 14 June EGM dates for all mail to be sent, read, evaluated, any legal or professional advice sought, proxy completed and returned to Armstrong Registries.

    b) It can sometimes take approximately 5-7 days for mail to get to some states from Brisbane Qld, for example to WA, let alone for proxy mail to be returned on time to Armstrong Registries. Previous PIF AG feedback attests to this concern from members in WA and also SA

    c) Ability of PIF investors to re-book EGM travel arrangements (e.g., flights, rail), accommodation bookings, time away from other responsibilities (such as work, family commitments), etc

    d) Considering the voluminous but important documents that Wellington should be attaching (or suggesting people read online) in their new SEM mailout, I suggest that 4 to 5 weeks between EGM EM mail out and the last date and time for receipt of proxy forms, be a reasonable time for this process. Accordingly we ask Wellington assist.

    See link: SEP (37 pages of reading): http://www.nsxa.com.au/ftp/news/021727065.PDF

    See link: Security Sale Agreement doc (37 pages of reading): http://www.nsxa.com.au/ftp/news/021727066.PDF

    See link: PIF Constitution doc (54 pages of reading): http://www.nsxa.com.au/ftp/news/021727067.PDF

    See link: Proceeds Payment Deed doc (12 pages reading): http://www.nsxa.com.au/ftp/news/021727068.PDF

    e) the PIF Constitution, p13, item 9.4 Notice of general meeting, says “Not less than 21 days’ notice of a general meeting, or such other period prescribed by the Law, may be given by the Board in the form and in the manner the Board thinks fit including notice of any general meeting at which the Board proposes….” Surely a re-scheduling on a general meeting must fall under this stipulation, particularly when there is so much new material for unitholders to digest.

    See link: PIF Constitution 3 June 2013: http://www.nsxa.com.au/ftp/news/021727067.PDF

    f) Rushing a new EGM date will inevitably lead to more errors and shortcomings in the EGM SEM. A reasonable measure of investor feedback should be sought first by Wellington before proceeding with new documents. Not to mention ASIC feedback.

    We suggest, in light of the above, any reasonable person would recognise, that this June 14, 2013 EGM date set by Wellington is highly impractical and not in the best interests of Unitholders. An adjourned PIF EGM date should be significantly extended to a minimum of 4 weeks from 6 June 2013 to allow Unitholders the additional time to consider the important material contained in the Supplementary Explanatory Memorandum and then
 
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