President’s Newsletter – November 2013

Our General Manager, Br. Phil O’Brien, advises that the balance of 30% of the amount owing to those members of the Transitional Fund who requested a pay-out will be paid before 30 November 2013.

Members may recall that those who have requested pay-out were paid 70% of the amount owing to them in August 2013.

For those who remain Members of the Society, and who have decided to leave their money in the Transitional Fund, I can provide an update on our legal action against our former auditors, Grant Thornton, which we anticipate will provide further money for the Transitional Fund.

The legal action is gradually moving ahead.  The next step is a formal mediation on 19 December 2013.  Although there is no certainty that settlement will be reached as a result of that mediation, we have agreed that the court hearing date can be moved from February 2014 to late June / early July 2014.

Fraternally yours

Br Gordon Stewart