Sept 17 (Reuters) - Authorised Investment Fund Ltd AIY.AX :
* UPDATES ON PROPOSAL TO BUY 30% OF AAA
* PROPOSAL WAS SUBJECT TO POOLED DEVELOPMENT FUND BOARD PROVIDING ITS APPROVAL TO ALLOW AIY TO ISSUE AIY SHARES TO AAA
* ON JUNE 13, AIY MADE FORMAL APPLICATION TO PDF BOARD REQUESTING APPROVAL
* AIY HAS BEEN NOTIFIED BY PDF BOARD THAT PDF BOARD HAS DETERMINED NOT TO APPROVE AIY'S REQUEST
* AS PDF BOARD APPROVAL NOT RATIFIED, CO'S PROPOSED INVESTMENT IN PROGRAMMATIC PTY LTD WILL NOT PROCEED