Investa Listed Funds Management Limited (as responsible entity of Armstrong Jones Office Fund & Anor) [2016] NSWSC 369

Investa Listed Funds Management Limited (as responsible entity of Armstrong Jones Office Fund & Anor) [2016] NSWSC 369

Leave to be heard was granted to Investa Office Management only on a limited issue because the matter raised was proper and potentially significant, but intervention in judicial advice applications of this kind is exceptional and confined by the scope of s 63 advice. Judicial advice was given because the adjournment was plainly desirable to allow security holders further time to consider the revised proposal, there was power to adjourn under the trust constitutions, and the supplementary explanatory memorandum as amended addressed the intervenor's concern and could properly be distributed.

Jurisdiction
Australia
Judgment Date
31 March 2016
Procedural Posture
Judicial Advice Application Under S 63 of the Trustee Act 1925 (nsw) / Application for Leave for Third Party to Be Heard and Application for Judicial Advice
Outcome
Leave granted for Investa Office Management to be heard as intervenor on a limited basis; judicial advice sought by Investa Listed Funds given.
Legal Topics
['judicial Advice' 'responsible Entity' 'trust Scheme' 'intervention' 'supplementary Explanatory Memorandum' 'adjournment of Extraordinary General Meetings of Security Holders']
['equity' 'trusts' 'corporations' 'managed Investments'] ['judicial Advice' 'responsible Entity' 'trust Scheme' 'intervention' 'supplementary Explanatory Memorandum' 'adjournment of Extraordinary General Meetings of Security Holders']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Judicial Advice Application Under S 63 of the Trustee Act 1925 (nsw) / Application for Leave for Third Party to Be Heard and Application for Judicial Advice

Legal Issues

  1. 1 ['Whether Investa Office Management should be granted leave to be heard as intervenor in the judicial advice application.' 'Whether Investa Listed Funds would be justified in adjourning concurrent extraordinary general meetings of security holders to allow consideration of a revised trust scheme proposal and supplementary explanatory memorandum.' 'Whether Investa Listed Funds would be justified in publishing and distributing the supplementary explanatory memorandum to registered security holders.' "Whether the Chairman's letter and table concerning implied announcement value and special distribution were misleading or confusing."]

Ratio Decidendi

Leave to be heard was granted to Investa Office Management only on a limited issue because the matter raised was proper and potentially significant, but intervention in judicial advice applications of this kind is exceptional and confined by the scope of s 63 advice. Judicial advice was given because the adjournment was plainly desirable to allow security holders further time to consider the revised proposal, there was power to adjourn under the trust constitutions, and the supplementary explanatory memorandum as amended addressed the intervenor's concern and could properly be distributed.

Court Disposition

Leave granted for Investa Office Management to be heard as intervenor on a limited basis; judicial advice sought by Investa Listed Funds given.

Orders

  • ['Leave granted to Investa Office Management to be heard in respect of the limited issue identified.' 'Judicial advice given that Investa Listed Funds would be justified in adjourning the concurrent extraordinary general meetings of security holders of the two trusts.' 'Judicial advice given that Investa Listed...