Company fails to mention director’s past in prospectus

Augusta Funds Management has been forced to amend a prospectus for its latest property syndication after omitting some uncomfortable, yet crucial, details.

It failed to highlight two important matters – director John Loughlin’s earlier involvement as chairman of a collapsed finance company and that its bank can force-sell the property if any covenant breaches are not remedied.

These details have been hastily added to the prospectus 12 days after the document was first registered with the Companies Office and made available to members of the public.

 

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