THE Supreme Court of Queensland has made orders restraining Wellington Investment Management Limited, the responsible entity of the Premium Income Fund, from making resolutions.
The orders followed an application by the Australian Securities and Investments Commission.
The Court made orders restraining consideration of the resolutions after finding parts of the Explanatory Memorandum about future cash payments were misleading.
ASIC will liaise with WIM to ensure that unit holders receive supplementary information to allow them to make an informed decision about the proposals being put to them.
ASIC last week called WIM to delay the meeting but the company did not.
WIM was trying to change the fund’s constitution to prevent the company from been removed as manager of the fund.
Australian Property Journal
