Brief Update – September 2015

Thanks to all those investors who have contacted us in recent times asking about the current status of the various matters. We intend to issue a thorough Unitholder Update when the Appeals Judgment in relation to the Prime Trust directors is handed down, but would take this opportunity to update investors briefly as follows.

In July 2015, we advised that Lend Lease and Retirement Guide (an entity associated with Mr Lewski) had been unsuccessful in their application to have the Section 588 proceedings initiated by the Liquidators set aside. These proceedings, if ultimately successful, may lead to various transactions related to the management rights of the Trust’s retirement villages being voided. Following the ruling by the Supreme Court of Victoria that the Liquidators were entitled to pursue the above s588 Claim, Lend Lease and Retirement Guide both lodged appeals, and the appeals are currently set to be heard next month.

With the aid of the litigation funders, work is continuing on the various other legal proceedings, including proceedings in relation to the listing fee, proceedings against the auditors, and further proceedings in relation to the management rights.

Investors will recall that the Prime Trust directors were found by the Federal Court to have contravened the Corporations Act with several directors receiving pecuniary penalties and disqualification orders. All directors appealed against the above findings and the appeals were heard in May 2015. We are currently awaiting the release of the appeal judgment.

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