vested
29 September 2016
b) BBRNA Litigation Update
The Board of Directors of the Company refers to the announcement entitled “BBRNA Litigation Update” dated 1 April 2016 in relation to the Company’s proceedings in the Supreme Court of Victoria, Australia against Babcock & Brown Global Investments Management Pty Ltd (“BBGIM”) and certain of its officers for, inter alia, false and misleading representations made to the Company in respect of its investments in railcar portfolios through Babcock & Brown Rail North America LLC, breaches of fiduciary duties and
breaches of duty and contract (the “Proceeding”).
The Company wishes to announce that it has (a) agreed to discontinue its action against the sixteenth defendant, Brad Hopwood and (b) agreed with BBGIM’s application to set aside the default judgment against BBGIM. The suit against BBGIM will proceed in parallel with the suit against the remaining individual defendants to the Proceeding (Julian Blackley, Emma Yim, and Dominic Millgate).
The Proceeding is not expected to have any significant impact on the financial performance of the Company for the financial year ending 31 December 2016.