In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust

The matter before the court involved Investa Listed Funds Management Limited, acting as the responsible entity for two managed investments: the Armstrong Jones Office Fund and the Prime Credit Property Trust. The central dispute centred on the legal authority of the responsible entity to seek judicial advice under section 63 of the Trustee Act 1925 (NSW) to determine if it was justified in distributing a supplementary explanatory memorandum to unitholders and to adjourn a forthcoming meeting of unitholders. The court was tasked with resolving whether the judicial advice sought by the responsible entity should be granted.

The primary legal issue that the court needed to address was the scope and interpretation of section 63 of the Trustee Act 1925 (NSW). Specifically, the court had to examine whether the responsible entity's request for judicial advice was within the permissible bounds of the legislation. The court also needed to consider whether the circumstances justified the responsible entity in distributing supplementary information to unitholders and whether the proposed adjournment of the unitholders' meeting was appropriate.

The court found that the responsible entity's request for judicial advice was indeed within the legislative framework provided by section 63 of the Trustee Act 1925 (NSW). The court determined that the responsible entity had adequately demonstrated that there were compelling reasons for seeking judicial guidance on the proposed actions. The court held that the responsible entity was justified in distributing a supplementary explanatory memorandum to unitholders to ensure they had comprehensive information for making informed decisions. Additionally, the court found that the proposed adjournment of the unitholders' meeting was reasonable under the circumstances presented.

As a result of the court's determination, it granted the judicial advice sought by Investa Listed Funds Management Limited. The responsible entity was authorised to distribute the supplementary explanatory memorandum to unitholders and to adjourn the meeting of unitholders as necessary. This decision provided the responsible entity with the legal backing required to proceed with its proposed actions, ensuring that unitholders received adequate information and that the meeting could be effectively managed.