Great Southern Vineyards 04, 05, 05 (2)
In the last week Growers invested in the above projects will have received an Explanatory Memorandum and voting papers from a Company called Primary Securities. Primary Securities are proposing a vote take place on the 3 February 2010 to replace Great Southern as the RE for these projects with Primary Securities.
You should be aware that no suitable proposal has been received by the receiver that is acceptable to the secured creditors. In the event that an acceptable proposal is not received the likely outcome is for the projects be wound up without any return to growers
Primary Securities believe that by replacing Great Southern as the RE this may allow further time for a solution or proposal to be made that is acceptable to all parties. Please note that what Primary Securities is proposing is not a guarantee of the viability of the projects going forward.
The Save My Trees committee believe that at this stage it would be worth voting in favour of the Primary Securities proposal to gain more time for an independent RE to review the commercial viability of each project and for a possible solution to be found.
A comprehensive Q&A as well as the Explanatory Memorandum and voting forms can be found on the Primary Securities website www.primarysecurities.com.au
We do urge that you to act on this matter as soon as possible to ensure the required number of votes are received. Closing date for proxies is Monday, 1 February 2010.
