Alpine Pacific Developments Limited has offered participatory securities for subscription in conjunction with individual unit titles under the Unit Titles Act 1972 since December 2004. It has done so without a registered prospectus, investment statement or deed of participation. No allotments of the securities have yet occurred. Alpine and the directors(Neil Gurdjieff Dougan, Ernest Ross Thomson) were, at the time of the offer, unaware that the offers had been made in contravention of the Securities Act 1978.
In 2005, Alpine became aware that its offers of the units in the property may have constituted offers of securities to the public under the Securities Act 1978. Alpine informed the Commission of its possible breach and offered an undertaking to ensure no further breaches occur.