Hello Zurich,We operate solely for charitable purposes --...

Hello Zurich,

We operate solely for charitable purposes -- including the relief of poverty, the relief of the needs of the aged, the relief of sickness or distress, the advancement of religion, the advancement of education, other purposes beneficial to the community, and the provision of child care services on a non-profit basis.

If the donation of shares (BCSCA units, for instance) to our charitable trust alleviates some stress on the part of retail investors then we welcome that outcome broadly in alignment with out mission -- but it is the sole charitable purpose of the trust to which we are committed.

Amongst other investment opportunities, it is the view of The Julie Anne Barrow Charitable Trust that the BrisConnections (BCSCA) Units are attractive assets to acquire by way of share transfer gift.

There are complex dynamics at play with BCSCA. The $1 calls can potentially be met by a market re-evaluation of the fundamentals of units (driven by the long-term 45 year toll road concession), the charity's cash position and capacity to raise further donations before the 29 April final call -- and we may also trade out (off-market).

In the view of our charity, this also accords with Justice Robson's recent decision Re Australian Style Investments Pty Ltd [2009] VSC 128 (6 April 2009) 66 at [225]:

Quote:
The obligation to pay an instalment is only imposed on those unit holders identified as being registered on 29 April 2009. No obligation arises out of being a unit holder as such. The obligation only arises if the person is a unit holder on a certain day. Being a unit holder does not by itself give rise to any contingent liability to pay any instalment. The liability is not sourced from the fact that some months earlier before the instalment date the person held units. The liability is solely sourced from the person being a unit holder on the instalment day.


David C. Barrow, Trustee, The Julie Anne Barrow Charitable Trust

http://www.barrow.org.au