Letter from Mr Bill Lewski To The Australian 29 Ma

Unitholders may be interested to read the article from Anthony Klan in "The Australian" on 2 May 2006 and the response from Mr Bill Lewski  in a letter dated 29 May 2006. Attention is drawn specifically to the second and last paragraphs of the letter.  Mr Lewski stresses that investors have nothing to worry about and that the Trust is a "good and reputable business".  Contrary to Mr Lewski's claims, the Prime Trust Action Group believes that:


* the listing of the Trust on the ASX was to the very great benefit of Mr Lewski (who benefitted from a listing fee of $33 million being taken from the Trust without unitholder approval)

* the listing of the Trust was to the very great detriment of investors (with the unit price falling from $1.00 at listing to 4.8c when the Trust was suspended from trading)

* investors are entitled to have very great fears for their investment, especially given that the financial position of the Trust became so critical that administrators and receivers had to be appointed.


The Prime Trust Action Group has collected numerous examples of public statements made by Mr Lewski, Dr Wooldridge and other directors which appear to paint a picture of the Trust which was divorced from reality.




Please download the GIF and PDF files below:







Thanks to "Peter W" for sourcing Anthony Klan's article.

Letter from Mr. Lewski The Australian