Balmain Trilogy 'quietly confident' on City Pacific vote
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.”
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
