Ray of light for Great Southern investors
A number of Great Southern investors who exchanged their woodlot interests for shares in the company as part of ‘Project Transform’ will be able to join group action against the collapsed agribusiness manager.
Litigation funding firm IMF Australia said it had agreed to fund group action for damages against the responsible entity of Great Southern Limited and its directors.
The investors eligible to take part in the action are those who invested in Great Southern Plantations from 1998 to 2003 inclusive, and who swapped their woodlot interests for now worthless Great Southern shares during the course of Project Transform.
The action is subject to a level of investor participation acceptable to IMF, and any proceedings will be issued in the Supreme Court of Western Australia.
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