The Australian Securities and Investments Commission (ASIC) has issued final stop orders on unsolicited offers made by Tankstream Funds Management to investors in 16 unlisted Centro MCS property syndicates.
Tankstream made the series of offers for up to 50 per cent of the interests on issue in various Centro MCS property syndicates in November 2009, according to ASIC.
The syndicates are registered managed investment schemes, with total assets under management of about $1.5 billion as of June 30, 2009, ASIC said.
In return for their interests in the syndicates, investors were offered interests in the Pelorus Property Trust, an unlisted scheme for which Tankstream is the responsible entity.
According to ASIC, Tankstream’s offer documents and product disclosure statement (PDS) relating to Pelorus did not adequately disclose information required under the Corporations Act.
The final stop orders protect the position of Centro MCS investors by preventing Tankstream from making any further unsolicited offers and from acting on any acceptances received to date. Investors who accepted the offer are not required to take any action.
The stop orders do not prevent Tankstream from making a future offer to Centro MCS investors, so long as the offer documents and PDS comply with the requirements of the Corporations Act, ASIC said.
