Balmain Trilogy won approval in the Queensland Federal Court yesterday to hold a meeting today in an attempt to have City Pacific ousted as the responsible entity of the embattled City Pacific First Mortgage Fund.
The court ruling, which overturned a City Pacific application to the court to stop the meeting, will see shareholders meet in Brisbane today to vote on the motion to oust City Pacific.
Trilogy executive chairman Rodger Bacon said Balmain Trilogy is “quietly confident” on the strength of the proxy votes received that today’s meeting will vote in favour of the motion to oust City Pacific.
He said the deadline for proxy votes closed at 11 am on Tuesday, and at that stage there was “a little in excess of 50 per cent of the votes” in favour of the motion — which was announced in court during the hearing yesterday.
“That is important and shows a great deal of support for the change but, of course, the final outcome isn’t certain until today’s meeting has taken place.
“However, we would have to say that we are quietly confident that the sort of support we have received on the proxy side would be sustained at today’s meeting as well.”
