Bridgewater Lake Estate Limited

12. Mr Stephen Poucher asked-

1. Is it a fact that the objective of the Glebe Administration Board as stated in its Ordinance is to act as trustee of church trust property vested in it or in respect of which it may be appointed trustee and to do so in a way which both -
   1. preserves the real value of that property; and
   2. provides a reasonable income therefrom?
2. How does the Glebe Administration Board reconcile with its objective the fact that the Glebe Administration Board through the Glebe Diversified Property Trust is continuing to maintain and/or increase its shareholding in Bridgewater Lake Estate Limited via shares and/or convertible notes or other securities, when this in an investment that has produced significant losses for a period of years and has produced no income at all since its inception.
3. What is the current value of the shares and convertible notes or other securities held by the Glebe Diversified Property Trust, and does this holding make the Glebe Diversified Property Trust the majority share holder?
4. How many directors have been appointed to Bridgewater Lake Estate Limited by the Glebe Administration Board through the Glebe Diversified Property Trust?
5. In the context of the open Christian ethical nature of the Glebe Administration Board how does it explain its (implied) support of the current practice of the Bridgewater Lake Estate Limited Board of refusing to provide full and open disclosure of information regarding their investment in Bridgewater Lake Estate Limited to minority shareholders part of whom are a group of Anglican Diocese of Sydney congregational members?
6. Is the Glebe appointed director of Bridgewater Lake Estate Limited aware of the inability of the Bridgewater Lake Estate Limited board to adequately respond to 27 of the 33 written questions regarding their annual accounts submitted by minority shareholders at the Annual General Meeting held 27 January 2005?
   To which the President replied -
   
   I am advised that the answers are as follows - 
   1. Yes
   2. Strictly this question is out of order under business rule 6.3(4) since it contains an assertion and offers an argument. Nonetheless it can be said that the Glebe Administration Board has the investment in question under constant review as it does all investments.
   3. Glebe Diversified Property Fund holds 594,780 shares with a current value of $2.46 million dollars (purchase cost $2.13 million) and 893,690 convertible notes with a current value of $3.7 million (purchase cost $3.6 million). At 22.3% of shares issued GDPF is the largest shareholder in Bridgewater Lake Estate Limited.
   4. None. A member of the senior staff of the Secretariat is a member of the Board of Bridgewater Lake Estate Limited. Neither the Glebe Administration Board nor Glebe Asset Management Limited has any right of appointment. The person in question was asked to join the Board based on his specific skills and experience.
   5. Strictly, this question is out of order under business note 6.3(4) since it contains several assertions and also offers an argument. Nevertheless, it can be said that the Glebe Administration Board does not intervene in the deliberations of the boards of companies in which it invests. The investment staff of the Secretariat report no difficulties in obtaining information from the Bridgewater company.
   6. This question is out of order under business rule 6.3(4) since it contains an assertion. In any event under that business rule, questions must relate to the business of a committee, board, or commission. While that requirement is extremely broad, it is doubtful that it extends to what a person of the description in the question knew or did not know. There is no Glebe-appointed director on the board of Bridgewater Lake Estate Limited. The Glebe Administration Board is however aware of some activity by a group of minority shareholders. The Board has taken no part in that process.