Low-ball offer king David Tweed. Photo: Peter Rae
THE ink had barely dried on a court judgment inhibiting David Tweed’s raid on Perpetual’s managed funds register before new letters were sent to investors.
The letters were revealed as Perpetual returned to the New South Wales Supreme Court on May 30, to seek further judicial advice on circumstances where it was justified in refusing to register transfers of units executed by Mr Tweed’s Direct Share Purchasing Corporation. DSPC buys shares at well below market value to individual security holders. It had offered 50 for units valued at $1 in Perpetual’s Monthly Income Fund and Wholesale Monthly Income Fund.
In the latest Supreme Court hearing before Justice Julie Ward, it emerged that DSPC was appealing against the March judgment of Justice Richard White. It also emerged that the guardian of one investor who had dementia when he signed DSPC documents was suing to have the contract made void.
Delivering her advice last week, Justice Ward noted that after the March judgment DSPC sent letters to unit holders who had previously signed transfers warned that DSPC would begin proceedings to enforce the contract for the sale of the units if the signed certificate was not returned.
Justice Ward said a ”heightened sense of caution on Perpetual’s part” in seeking judicial advice was not misplaced. Perpetual was justified in not registering transfer of units to DSPC, even if unit holders identified in the action had signed a document to DSPC directing Perpetual to register the transfer – if they then indicated they did not want to proceed or did not respond to Perpetual’s inquiries.
Similar Posts:
- Billionaire doctor offers to host California court records
- Pros and Cons
- Where To Get The Best Balance Transfer Credit Cards
- Hewlett-Packard bribery probe deepens
- Georgia Power to close coal, oil units
Post Comment