PLP - FMA proceedings

The Financial Markets Authority (FMA) today filed civil proceedings against Booster Investment Management Limited (BIML) alleging breaches of the Financial Markets Conduct Act by Booster and some of its executive directors and senior managers.
The proceedings do not relate to investments made by Booster in respect of PLP (the fund that is listed on the NZX) or its underlying wholesale fund, rather in respect of a different fund.
BIML, in its capacity as manager of the PLP, will register a replacement ‘Other Material Information’ document dated 12 June 2024 to note the FMA proceedings (as attached). As this is an update to an offer document for PLP this announcement has been marked as price sensitive, in accordance with the NZX listing rules.
The proceedings relate to investments made by Booster in its capacity as manager of the Booster KiwiSaver Scheme, the Booster Super Scheme and the Booster Investment Scheme via an associated limited partnership the Booster Tahi Limited Partnership (Tahi). Tahi in turn invested less than 1.3% (as at 31 May 2024) of BIML's funds under management into the Booster Wine Group. The FMA allegations include that by making those investments Booster breached its duties and obligations as manager of those schemes. The FMA media release can be found here www.fma.govt.nz/news/all-releases/media-releases/fma-files-civil-proceedings-against-booster/
BIML strongly disputes FMA's allegations and will defend itself vigorously. BIML does not accept any wrongdoing and stands by its robust investment practices and its decision to invest in the wine sector. BIML continues to believe its investment structure and processes are appropriate and that investors' interests have not been compromised. BIML looks forward to the opportunity ahead to demonstrate that it acts in its customers best interests. For further information on Booster's position see our media statement here https://www.booster.co.nz/booster-press-release and attached.
For media enquiries, please contact in the first instance:
Esther Robinson
Acumen NZ
Phone: 027 3539 888
Email: [email protected]

About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of the Booster Group which has been helping New Zealanders save since 1998. The group currently administers superannuation and investment funds of over $6 billion on behalf of more than 190,000 New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement and the latest net asset value per unit, please visit www.booster.co.nz

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Announcement PDF