Great Southern Update 29 6 2009



Two items in relation to Great Southern:

• AMOVE (Australia) Ltd. are litigation funders; i.e they provide funding to class actions at no cost to the participants however take a fair slice of the proceeds if the action is successful. They have agreed to fund an action against Great Southern in regards to the transfer of interests in the cattle project for shares. I looked up their web site (www.imf.com.au) however there is nothing posted. You can contact IMF on 03 9629 1211. The contact is Simon Dluzniak. I will be joining this class action. If you don't get any joy from IMF please let me know.
• A long time distributor of Great Southern is working to band growers together to work as a group to protect their interests. To get the ball rolling they are developing a web site where growers will be able to register their interests and the web site should be available some time next week. As soon as I have details I will circulate them. You must be aware that any action will require funding and you may be asked to contribute. They will be approaching the matter from 2 fronts, the first will be to remove the Receiver as the Responsible Entity, (growers in Timbercorp successfully removed the Responsible Entity from 2 or 3 of their projects last week) and the second will be to get the politicians involved. It will be in your interest to participate in the group as if you rely on the Administrator or Receiver or ASIC to look after you there will be very little, if any, return.

I am not sure if I have forwarded the following comments before however if I have it won't hurt to reiterate:

There are a number of legal firms offering to act for growers in regard to the Great Southern. Whilst it is possible that a class action against Great Southern, its directors &/or the lenders (Bendigo & Adelaide Bank) may be successful, & their activities in this area are worthwhile, in my opinion the main question to ask them is what can they do to protect your investment & are they actually doing it. Listen carefully to their answer.

       
Kind regards,

BENNETTS-SAS

Main Ph: (07) 5579 0333

Fax: (07) 5579 0356

www.bennetts-sas.com.au

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