Please read : Response to Dr Michael WooldridgeDr Michael...

Please read : Response to Dr Michael Wooldridge

Dr Michael Wooldridge, a former Federal Health Minister and now the Chairman of the Responsible Entity for the Prime Retirement and Aged Care Property Trust (in administration), said that it was ?perfectly proper" for $33 million to have been taken from the Trust without unitholder approval (Australian Financial Review, 13 January 2011).

The background to this issue is that, in August 2006, the Responsible Entity (RE) unilaterally amended the Trust?s Constitution to provide for fees to be paid to the RE in the event of the units being listed on the ASX, and also in the event of the RE being removed from office. Both of these fees, the listing fee and the removal fee, were to be calculated as 2.5% of the gross value of the Trust?s assets . The RE did not consult the unitholders about the amendment, nor did it make any attempt to obtain unitholder approval for the amendment. The amendment to the Trust?s Constitution was signed by Dr Wooldridge himself....

http://primetrustactiongroup.com/#/our-response/4547083218