Information for investors of the SY21 Retail Complex Project.
As Investors are aware, a Court hearing on various issues surrounding the SY21 Scheme has taken place and on 24 September 2010 the Court handed down its decision in relation to these issues.
The Court has determined that the Investors do not have any direct proprietary interest in the Chapel Street property, which is owned by SY21 Retail Pty Ltd ("SY21 Retail"). Rather, the asset of the SY21 Scheme is the 50 percent shareholding in SY21 Retail together with moneys owing by SY21 Retail to LGH Holdings Ltd.
The Chapel Street property has now been sold by the director of SY21 Retail and settlement of the property occurred on 3 August 2011. As a result an interim dividend has been paid by SY21 Retail to both shareholders (including the SY21 Scheme) in the amount of $200,000. Further distributions may be made in the future. Discussions with the director of SY21 Retail are continuing with respect to repayments of loan funds owed to LGH Holdings Ltd.
Investors will be updated in due course on whether there is likely to be a contribution to the common fund from the SY21 Scheme.