Questions Asked of Lend Lease
Investors may wish to note that representations continue to be made to Lend Lease about its role in the collapse of Prime Trust. We continue to allege that Lend Lease does not hold proper title to the management rights over the Trust's retirement villages, as Babcock & Brown Communities Ltd (now Lend Lease Primelife) acquired these rights from a party which we maintain did not have proper title. It is also alleged that the Call Option which was used to acquire the management rights was exercised invalidly, having been exercised outside the exercise period and at a time when the Call Option had already expired worthless. Some recent press articles are attached which refer to the issues raised at Lend Lease's recent AGM and Lend Lease's brief response.