This article is from the Australian Property Journal archive
BECTON has launched legal action in the Supreme Court of Victoria to stop Century Funds Management from convening a unitholders meeting.
Becton’s subsidiary Lachlan REIT is the responsible entity of the Becton Office Fund No 2 and the Becton Diversified Direct Property Fund.
Becton is seeking to restrain the convening of the meetings for BOF No 2 and BDDPF and seek a declaration that the meetings are invalid and of no force and effect.
“We fully support investors’ rights to call a meeting, however we have a duty to ensure this is done in a valid way and that investors are provided with all the information they require to make an informed decision – we support investors expressing their opinions in a forum which is validly convened and where they are able to participate on a fully informed basis,” Becton CEO Matthew Chun said.
Becton had previously advised investors that Century’s proposal could trigger a default with the fund’s lenders.
The case will be heard by the Court on or before August 26.
Becton said it will not be charging the costs to unitholders.
Australian Property Journal