Trinity finalises sale of Trinity Funds Management
Trinity Limited has completed settlement of its sale of a 50 per cent interest in Trinity Funds Management and Trinity Funds Management Services to Clarence Property Corporation.
The sale price was $4 million, with a further payment of $1 million contingent on subsequent events.
Trinity Stapled Trust has settled the sale of six million units in the Trinity Property Trust for $5.4 million at 90 cents per unit, bringing total cash proceeds for the settlements to $9.4 million.
The previously announced management reshuffle has also been completed. Steve Leigh has resigned as a director from Trinity to become chief executive of Trinity Funds Management, and Trinity joint managing director Chris Morton is now the part-time deputy chairman of Trinity. Both Leigh and Morton have had the share options granted to them last year cancelled.
Lisa Myers has resigned as Trinity company secretary, but will remain as company secretary and legal council for Trinity Funds management. Laura Fanning has been appointed company secretary and chief financial officer of Trinity Limited
The Trinity Limited board now consists of Brett Heading, Chris Morton and Richard Friend. Craig Bellamy remains chief executive of Trinity Limited.
The board of the responsible entity of Trinity Funds Management, comprised of Geoff McWilliam, Ron Higham, Trevor Gordon and Trinity chairman Brett Heading, also remains unchanged.
AUTHOR
Chris Kennedy
Recommended for you
T. Rowe Price believes Australian growth is successfully managing to shrug off consumer weakness, but the firm’s multi-asset team is not yet positive enough to increase its underweight position.
Iress has issued an update denying the validity of “certain statements” made by an alleged threat actor, following a cyber incident last weekend.
The latest budget papers have outlined a $10 million provision for ASIC greenwashing enforcement activity as well as funds for a sustainable labelling regime to be partially met by industry levies.
Betashares has expanded its fixed income solutions with the launch of a new ETF offering exposure to subordinated bonds issued by the big four Australian banks.
