18 February 2016
We would like to provide an update regarding the Judgement made on the 18 December 2015. A directions hearing to determine the interest and damages on the $37.2 million awarded to the Fund was scheduled for 15 February 2016. This directions hearing has been adjourned until the 2 March 2016, when we understand that final orders will be handed down. The former directors and officers of City Pacific have until the 23 March 2016 to lodge an appeal if orders are given. It is the Fund’s intention to serve demands for payment once this time has lapsed. We anticipate that we will provide a further update in late March, or when further information becomes available.
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