In the matter of Investa Listed Funds Management Limited (as responsible entity of Armstrong Jones Office Fund: ARSN 090242229) [2016] NSWSC 344

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Investa Listed Funds Management Limited (as responsible entity of Armstrong Jones Office Fund: ARSN 090242229) [2016] NSWSC 344 Hearing dates: Friday, 18 March 2016 Date of orders: 18 March 2016 Decision date: 18 March 2016 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Plaintiffs would be justified in publishing on the company announcements platform of the Australian Securities Exchange, and in distributing to all registered security holders of Armstrong Jones Office Fund and Prime Credit Property Trust, an announcement substantially in the form of annexure ARD 4 to the affidavit of Antony Robert Damian sworn on 18 March 2016, with certain amendments. Catchwords: CORPORATIONS – whether under (NSW) Trustee Act 1925, s 63, independent board committee justified in announcing to ASX published documents and distributing copies to unitholders – whether appropriate to seek judicial advice – document containing director or trustee's recommendations – independent expert advice Legislation Cited: (CTH) Corporations Act 2001, s 411 (NSW) Trustee Act 1925, s 63 Cases Cited: Centro Retail Limited [2011] NSWSC 1320 Re Coates Hire Ltd [2007] FCA 2105 Trust Company Limited [2013] NSWSC 1946 Category: Consequential orders (other than Costs) Parties: Investa Listed Funds Management Limited (as responsible entity of Armstrong Jones Office Fund: ARSN 090242229)( first plaintiff) Investa Listed Funds Management Limited (as responsible entity of Prime Credit Property Trust ARSN 089849196) (second plaintiff) Representation: Counsel: P J Brereton SC (plaintiffs)