Centuria ATP Fund

Hi Paul,

Thanks for the heads up on the Centuria ATP Fund.

Please see below an email I sent earlier today re the PDS. I have not had a reply as yet.

I was interested in investing until I got to clause 13.6 of the PDS, and particularly the second dot point, and the last paragraph of that section.

I would think that these provisions would make the fund most unattractive as an investment since investors entitlements and interests can be decreased by the stroke of Centuria’s pen.

I was notified of the fund by Paul Rickard of the Switzer Report. I will advise him of my concern and suggest that he alert other potential investors.

I am also thinking that ASIC should be notified – I am concerned at how such a PDS could be issued.

 

A: Thanks for pointing this out.

I hadn’t read clause 13.6. until now.

I don’t agree it is a “stroke of a pen”, as it is referring to raising additional capital.

Notwithstanding that the clause gives them these rights, I think that if they exercised them, the damage to their reputation would be so large that they would never be able to tap the public markets on this basis again.

Any of these rights are also subject to the Corporations Law and general law, which convey some protections.


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