Queensland-based investment house LM Investment Management has vowed to vigorously defend in the Federal Court attempts by a David Tweed-linked company, Direct Share Purchasing Corporation, to gain access to the register of the LM First Mortgage Income Fund.
The Federal Court is scheduled to begin hearing the case in Melbourne this Monday with LM founder and chief executive Peter Drake saying the fund manager would be vigorously defending having to hand over the personal and financial details of the fund’s 7,000 investors.
LM noted that the Tweed-related company was proceeding with the case despite recent changes to the Corporations Act restricting the use that can be made of member registers.
“Given Tweed’s history of obtaining member registers and making unsolicited offers to investors, we can only presume he is seeking our register for the same purpose,” Drake said.
LM recently released a liquidity program and 12-month action plan in what it described as a first step to reopening for new investments.
