Litigation Claim Unit Trust
The Litigation Claim Unit Trust (the “Trust”) is an unregistered managed investment scheme. The trustee of the Litigation Claim Unit Trust is One Managed Investment Funds Limited (the “Unit Trustee”), a member of the One Investment Group.
On 31 August 2011, each Shareholder, Right Holder and Option Holder of Centrebet International Limited (“Centrebet”) were transferred or issued the same number of Litigation Claim Units as the total number of Shares, Performance Rights or Options that they held on the Record Date.
It is contemplated that all payments by Sbet Australia Pty Limited (“Sportingbet”), a subsidiary of Sportingbet plc, made for the benefit of the Litigation Claim Participants after the expiry of the Earnout Period will (subject to the priorities set out in the Payment Waterfall) be paid to the Unit Trustee, who will then distribute those funds to holders of Litigation Claim Units on a Pro-Rata Basis.
The Unit Trustee will distribute the funds (net of liabilities which have not been paid out of the Costs Account) to holders of Litigation Claim Units on a Pro-Rata Basis within 5 days after the later to occur of:
- Sportingbet (or any other member of the Sportingbet Group) having made any payment to the Unit Trustee in accordance with the Litigation Management Deed; and
- Target Claim Committee Members having provided the Unit Trustee a certificate directing the Unit Trustee to make payments to the holders of Litigation Claim Units.
Litigation Claim Units cannot be redeemed.
Litigation Claim Units are able to be transferred unless the transfer is objected to by one Target Claim Committee Member and one Bidder Claim Committee Member. In addition, if a holder of Litigation Claim Units wishes to transfer their Litigation Claim Units they must pay the transfer costs.
A summary of the current position of Centrebet’s claim against the Commissioner of Taxation is available at The Litigation Claim page.
The above information should not be regarded as financial, legal, taxation or investment advice. Readers of this information should consult their own advisers in this regard.