Update on Federal Court Judgment


We had hoped that the Federal Court decision as to whether or not the Prime Trust directors breached their statutory duties would have been released by now but unfortunately that is not the case. We remain hopeful that the judgment will be released before the Court commences its Christmas recess in a few weeks. Whilst these continuing delays are frustrating, we appreciate the continued patience of investors and will certainly advise investors further as soon as there is any news to report.

There has obviously been little to report in recent months as we continue to await the above judgment. However, one item worth noting, as many of you would already be aware, is the current Senate Inquiry examining ASIC's performance. Please note that the Prime Trust Action Group has made a detailed confidential submission to the Inquiry and raised a number of issues on behalf of Prime Trust investors. Our Submission also included a series of recommendations designed in order to improve investor protection and investor confidence and prevent a recurrence of the losses suffered by investors in these all-too-frequent trust collapses. We have also offered our services in providing further information and in appearing before the Senate Committee to present our concerns directly.

We will certainly let investors know once there is any news regarding the Federal Court judgment and, in the meantime, would like to thank you for your continued support.

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