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Many thanks to the PIFAG hard workers who brought this action...

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    Many thanks to the PIFAG hard workers who brought this action about!! Your diligence and persistence has finally paid off!!

    13-135MR ASIC commences proceedings against Wellington Capital

    Friday 7 June 2013


    ASIC has today commenced proceedings against Wellington Capital Limited (Wellington), as the responsible entity of the Premium Income Fund (PIF), in the Federal Court of Australia.

    ASIC is seeking 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 or otherwise taking any steps to carry out or implement the resolutions.

    The two other companies who are defendants in the proceedings are Perpetual Nominees Limited, the custodian of the PIF, and Asset Resolution Limited (ARL). One of the resolutions seeks unit holder approval for the sale of certain assets of the PIF to ARL.

    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.

    Further, 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 also 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 12 June 2013.
    http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-135MR%20ASIC%20commences%20proceedings%20against%20Wellington%20Capital?opendocument
 
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