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Investigative Committee

The proposed action by Logic Fund Management to appoint an Investigative Committee falls under the rights of all Credit Sails Secured Creditors in the Master Trust Deed.  The following passages are most relevant:

  • Written Resolution “A resolution of Secured Creditors may be passed, without any meeting or previous notice being required, by an instrument in writing which is or are signed by the Secured Creditors of that series whose votes would be sufficient to pass that resolution (on a poll) if it were to be proposed at a meeting of secured Creditors.  Any such instruments are effective upon presentation to the Security Trustee.”[1]
  • Extraordinary Resolution“To appoint any persons (whether or not Secured Creditors) as a committee or committees to represent the interest of the Secured Creditors and to confer upon such a committee or committees any power or discretions which the Secured Creditors could themselves exercise by extraordinary resolution; and”[2]

  •  Extraordinary Resolution – “To direct the Security Trustee to take such action or do such things as the Security Trustee may lawfully do under this Deed and to authorise the Security Trustee to deduct its costs and expenses from any amount received by the Security Trustee on account of Secured Creditors, to the extent such additional authority may be required.”[3]

[1] Credit Sails, “Master Trust Deed” Schedule 2. Clause 10, pg. 60

[2] Credit Sails, “Master Trust Deed” Schedule 2. Clause 10, pg. 62

[3] Credit Sails, “Master Trust Deed” Schedule 2. Clause 10, pg. 62

The Committee will use this page to keep Credit Sails investors aware of the progress of votes as well as the progress of the committee once  the support of 25% of Note Holders has been reached.

Please provide any questions and comments and we will endeavour to respond.

Please find a Frequently Asked Questions (FAQ) Sheet here.

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