Dear Investor
In the proceedings commenced by Basis Capital Funds Management Limited ("Basis") as Responsible Entity for the Basis Aust-Rim Diversified and Basis Yield Funds ("the Funds"), Justice Hammerschlag today made orders appointing the following parties as representative defendants
(i) BT Portfolio Services Limited to represent investors who applied in June 2007 for units in each of the Funds ("the June Applicants");
(ii) Permanent Trustee Australia Limited, in its capacity as sub-custodian of Avanteos Investments Limited, to represent unit holders in each of the Funds who submitted redemption requests in the June 2007 quarter ("the June Redeemers"); and
(iii) ANZ Nominees Limited, in its capacity as sub-custodian of Synergy Capital Management Limited, to represent those unit holders in each Fund who are neither June Applicants nor June Redeemers.
His Honour gave directions relating to the timetable for preparation of the matter through to hearing and confirmed the hearing dates fixed for 24 and 25 June 2008
In accordance with those directions, Basis is to file and serve its written submissions by 4 June 2008 and the affidavit evidence of the respective defendants should be served between 11 and 13 June 2008.
Basis will serve any further written submissions by 16 June 2008, with the defendants to serve their written submissions by 20 June 2008. There is provision for Basis to serve any written submissions in reply by 23 June 2008.
His Honour made no order as to costs. Basis is hopeful that the appointment of a single representative defendant for each of the June Applicants, June Redeemers and the unit holders in each Fund who are neither June Applicants nor June Redeemers is the outcome most likely to minimise costs in these proceedings.
Basis has been working extremely hard for many months to seek a resolution of this matter in the interests of all investors. We are pleased that today's orders will facilitate the expeditious preparation of the matter for hearing and look forward to the final resolution of the proceedings.
We will continue to keep you informed of any developments in the future.
Yours sincerely
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