Prime Trust Action Group Unitholder Update No. 2 – 6 January 2011


Since our last update, we have continued to be inundated with registrations for the Action Group and would like to thank everyone for their support and encouragement.  To date, more than 1,500 unitholders have joined the Action Group, representing more than 208m units or 36% of total unitholdings.   The membership numbers are very encouraging, especially considering that, at this stage, we have only contacted a small proportion of the 9,500 unitholders.  We would like to record our appreciation to all those who have volunteered to undertake further mail-outs to unitholders and to those who have made financial contributions to the cause, all such contributors are shown on our website


As you know, Lawler Draper Dillon (as administrator of the Responsible Entity and Prime Trust) will be conducting unitholder briefings in Brisbane, Sydney and Melbourne.  This is a good opportunity to hear firsthand about the financial position of the Trust, to be updated as to the details of any possible return to unitholders, and to raise issues of specific concern to unitholders.  We would strongly encourage all unitholders living in the aforementioned cities to attend the briefings.  Details of the briefings are as follows:


Brisbane: Monday 10 January 2011, 10.30am, Holiday Inn Brisbane, 159 Roma St


Sydney: Tuesday 11 January 2011, 10.30am, NSW Leagues Club, 165 Phillip St


Melbourne: Wednesday 12 January 2011, 10.30am, Bayview Eden Melbourne, 1st Floor, 6 Queens Rd


Since our previous update, work continues on developing the case against the Trust’s Responsible Entity and other associated parties.  We believe we have discovered a number of further irregularities in relation to the management of the Trust, and we believe that we have discovered additional examples of actions taken by the Responsible Entity which were not in the best interests of unitholders and which contributed to the huge losses being faced by unitholders.  We have also discovered additional examples of statements made by the Responsible Entity in the various Product Disclosure Statements which we believe were designed to mislead and deceive investors.


Media coverage of our case continues and the most recent article was a prominent article which appeared in Money Management magazine.  This article can be viewed on our website or by following the attached link


As mentioned above, at this stage, we have only written to a small proportion of unitholders to seek their support for the Action Group.  We are still looking for further volunteers to come forward so if you are able to undertake a further mailout to 100 unitholders, please contact us at [email protected]


Thank you once again for your support to date, we look forward to providing further updates as developments occur, we hope you will be able to attend one of the unitholder briefings and please remember to check the website regularly for further news.



Prime Trust Action Group