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

Investa Listed Funds Management Limited, acting as the responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust, sought judicial advice from the Supreme Court of New South Wales under section 63 of the Trustee Act 1925 (NSW). The matter centred on whether the responsible entity could distribute a supplementary explanatory memorandum to unitholders and whether it would be justified in adjourning an upcoming meeting of unitholders. This request for judicial advice was made to ensure that the responsible entity's actions were in the best interests of the unitholders and in compliance with relevant laws and regulations.

The legal issues before the court involved interpreting the scope and application of section 63 of the Trustee Act 1925 (NSW) in the context of managed investments. The primary concern was whether the requested judicial advice aligned with the statutory requirements and whether providing such advice would serve the interests of the unitholders. The court had to consider the circumstances under which judicial advice could be appropriately sought and the implications of providing such advice on the management and administration of the trusts.

In its reasoning, the court examined the statutory framework and the precedents set by previous cases. It concluded that the responsible entity had a legitimate basis for seeking judicial advice under section 63 of the Trustee Act 1925 (NSW). The court determined that the responsible entity's request was not only permissible but also prudent, as it aimed to ensure transparency and protect the interests of the unitholders. The court found that the advice should be given to guide the responsible entity in making decisions that were in the best interests of the unitholders and to maintain the integrity of the managed investments.

The court's final orders were to provide the requested judicial advice to Investa Listed Funds Management Limited, confirming that it would be justified in distributing the supplementary explanatory memorandum to unitholders and adjourning the meeting if necessary. This decision underscored the importance of judicial oversight in the management of trusts and the need for responsible entities to act in the best interests of unitholders.