PLEASE TAKE THE TIME TO READ THIS NOTICE CAREFULLY
IT CONTAINS IMPORTANT INFORMATION
PLEASE RESPOND IMMEDIATELY IF YOU WANT TO PURSUE THE RECOVERY OF SOME OF YOUR LOSSES ON YOUR INVESTMENT IN
of total units
Receivers have been appointed to property owned by Prime Trust and administrators to Australian Property Custodian Holdings
(the Responsible Entity or RE) and other entities owned by the RE on behalf of Prime Trust.
Unit holders are likely to incur considerable losses, possibly the total loss of the amount invested.
Detailed analysis of the conduct of the RE by a group of unit holders has disclosed transactions that may have contributed to the losses that unit holders are now facing, the propriety of which is open to question, including the following.
Amendment of the scheme constitution that enabled the RE to take substantial fees from the Trust fund for its own benefit, amendments that were made without unit holder approval and without notification to unit holders.
Unexplained acquisition of village management rights by a person or organization who sold them for personal gain to a party unrelated to Prime Trust.
Payment of distributions out of unrealized capital gains over an extended period which led, along with other actions of the RE, to liquidity problems for Prime Trust.
Statements in Product Disclosure Statement (PDS’s) that we believe were not reflected in the management of Prime Trust.
Date of creation
26.11.2010 - 12.54PM
“… we have reasonable grounds to believe that there is no likelihood that Unitholders will receive a distribution in the course of winding up and that the units of Prime Trust have no or negligible value.” .
Further investigation is warranted to establish the case for legal action against those persons and organizations that may have acted improperly. The small group of unit holders that has issued this Notice will continue its investigation.
ASIC has been informed of unit holder concerns and is examining the events leading up to the appointments of receivers and an administrator.
If it is demonstrated that unit holders have valid claims against certain persons and organizations, a litigation funding company will be engaged to pursue the recovery of losses. We aim to approach a litigation funding company with strong evidence as soon as possible.
Your support of further investigation and the pursuit of remedies that the investigation shows to be warranted is earnestly sought.
Register your support by completing the form that is issued with this Notice.
You are not asked to pay any money. The investigation to date, the printing, postage, and website of this Notice have been funded by the small group of unit holders. They will continue their investigation on an honorary basis. A litigation funding company that takes our case will meet its own costs and recover them from court awards.
Up to 25 February 2013
the Action Group now comprises: