Premium Income Fund unit holders meeting delayed
The Australian Securities and Investments Commission has sought court orders to delay a meeting of unit holders in the old MFS Premium Income Fund (PIF).
The order seeks to restrain Wellington Investment Management (WIM), which is the responsible entity of PIF, from proceeding with a meeting of unit holders scheduled for September 18, 2008.
The meeting had been organised so that unit holders could vote on a number of resolutions, including amendments to the fund’s constitution, a buy-back proposal and the appointment of Wellington Capital as the fund’s new responsible entity.
ASIC moved to seek the orders after failing to obtain WIM’s agreement to adjourn the meeting.
According to ASIC, the PIF unit holders require more information before they are able to make any sound decisions at the proposed meeting.
AUTHOR
George Liondis
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