In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1369

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1369 Hearing dates: 28 August 2018 Decision date: 04 September 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direct that the Plaintiff is justified in distributing the second supplementary explanatory memorandum to unitholders and adjourning a meeting of unitholders previously ordered to be held to 6 September 2018; and vacate the earlier date of the second court hearing and now list that hearing on 7 September 2018. Catchwords: CORPORATIONS – managed investments – judicial advice sought under s 63 of the Trustee Act 1925 (NSW) by responsible entity – where responsible entity sought judicial advice that it would be justified in distributing supplementary explanatory memorandum to unitholders – where responsible entity sought judicial advice that it would be justified in adjourning meeting of unitholders – whether advice sought should be given. Legislation Cited: - Corporations Act 2001 (Cth) s 411 - Trustee Act 1925 (NSW) s 63 Cases Cited: - Re Asciano Limited (No 2) [2015] NSWSC 1651 - Re Billabong International Limited (No 2) [2018] FCA 496 - Re Centro Retail Ltd [2011] NSWSC 1321 - Re Envestra Ltd (No 2) [2014] FCA 483 - Re Investa Funds Management Ltd [2016] NSWSC 369 - Re Investa Listed Funds Management Ltd [2016] NSWSC 344 - Re Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (unpublished, 16 August 2018) - Re Ross Human Directions Ltd (No 2) [2010] FCA 1175 - Re Seven Network Ltd (No 2) (2010) 77 ACSR 587 - Re Trust Company Ltd [2013] NSWSC 1946 Category: Procedural and other rulings Parties: Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (Plaintiff) Representation: Counsel: P M Wood/N M Bender (Plaintiff) M Oakes (Quartz Bidco Pty Ltd and Quartz Sub TC Pty Ltd in its capacity as trustee of the Quartz Bid Trust)