Federal Court Judgement
As investors may recall, the Federal Court judgement as to whether or not the Prime Trust directors breached their statutory duties was due to be released by mid August 2013. Unfortunately, we were advised late last week that the judgement has been delayed and we now expect that it may be a month or so before the judgement is delivered. We will continue to monitor the situation and advise further in due course.
Over the last several months, things have been relatively quiet and there has been little news to report, and this is certainly understandable in view of the pending Federal Court judgement. The Federal Court case has affected the progress of other proceedings in the Supreme Court, as well as potential further legal actions, and it is likely that the Federal Court judgement will impact on the future direction of these other matters. We have, however, continued to make representations and submissions on behalf of investors to several parties involved in investigating the collapse of Prime Trust. Although there has been little newsflow in recent months, please rest assured that we will be sending out an update to unitholders as soon as there are any newsworthy developments.