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Election of Chairman

Election of Chairman

Development West Coast Trustees are still to confirm a chairman, but differences between them have been set aside so that the business of the Trust can continue.

At Monday’s meeting, there was a three way split for Chairman. The Trustees resolved to seek judicial clarification of the different legal interpretations of the Deed around the status quo concept.

In respect to the deadlock situation, Trustees unanimously resolved to request the Settlor to appoint a seventh Trustee.

The differences between the two bodies of thought in the Trust arise from the conflicting legal opinions around the interpretation of clause 4.2 of the Deed and the Trusts obligation to be transparent and accountable.

Again, Trustees resolved to seek a judicial declaration in regard to the Trust and Trustees responsibilities under this clause.

Signed: Trustees, Development West Coast ENDS:

Ends

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