Re Real Estate Capital Partners Managed Investments Limited as Responsible Entity of the Real Estate Capital Partners USA Property Trust [2013] NSWSC 190

Supreme Court New South Wales

Medium Neutral Citation: Re Real Estate Capital Partners Managed Investments Limited as Responsible Entity of the Real Estate Capital Partners USA Property Trust [2013] NSWSC 190 Hearing dates: 27 February 2013; 1 and 4 March 2013 Decision date: 06 March 2013 Before: White J Decision: Refer to para [87] of judgment. Catchwords: EQUITY - corporations - application for judicial advice under s 63 of the Trustee Act 1925 - responsible entity of managed investment scheme - ability of responsible entity to redeem members' units - prohibition on acquisition of relevant interests in voting shares under s 606 of the Corporations Act 2001 (Cth) - definition of "relevant interest" under s 608 of the Corporations Act - time of acquisition of a relevant interest by responsible entity - effect of ASX Listing Rule 10.1 on responsible entity's ability to redeem members' units - s 604GA(4) of the Corporations Act - meaning of a "right to withdraw" - meaning of "adequate procedures" for dealing with redemption requests Legislation Cited: Corporations Act 2001 (Cth) Trustee Act 1925 Category: Principal judgment Parties: Real Estate Capital Partners Managed Investments Limited (Plaintiff) Yaselleraph Pty Ltd (Interested Party) Regal Funds Management Pty Ltd (Interested Party) Intelligent Investor Funds Pty Ltd (Interested Party) Frost Holdings Pty Ltd (Interested Party) Woolley GAL II Pty Ltd (Interested Party) Representation: Counsel: J Stoljar SC (Plaintiff) N Kidd (Yasselleraph) D Cook (Regal Funds Management and Intelligent Investor Funds - 27 Feb 2013) D R Stack (Regal Funds Management and Intelligent Investor Funds - 1 and 4 March 2013) G Sirtes SC with J Arnott (Frost Holdings and Woolley Gal II) Solicitors: King Wood & Mallesons (Australia) (Plaintiff) Arnold Bloch Liebler (Yasselleraph) Norton Rose (Regal Funds Management and Intelligent Investor Funds) Henry Davis York (Frost Holdings and Woolley GAL II) File Number(s): 2013/56484