City Pacific disputes Balmain Trilogy votes claim
City Pacific is disputing Balmain Trilogy’s claim that it received an overwhelming number of votes from unit-holders yesterday to replace it as the responsible entity for the First Mortgage Fund on the basis of alleged disparities in proxy votes.
City Pacific claims a review of proxy votes received prior to yesterday’s vote uncovered “substantive disparities between voting numbers broadcast by Balmain Trilogy and voting numbers validly represented by proxy votes”.
In addition, it said in a statement to the Australian Securities Exchange that it had yet to conduct a review and verification of the votes cast on the floor at yesterday’s meeting.
It said representatives of Balmain Trilogy had undertaken to provide copies of the votes cast at yesterday’s meeting, but this had not yet occurred as of yesterday afternoon.
“City Pacific is therefore in no position to verify the votes and publish its position on the outcome of (the vote) at yesterday’s meeting,” it said.
Meanwhile, Balmain Trilogy has issued a media release claiming fund unit-holders voted overwhelmingly to appoint Trilogy Funds Management Limited (Trilogy) as the new responsible entity of their fund.
It said Trilogy secured 55 per cent of the total units on issue, representing more than 87 per cent of the units voted at the meeting, while only 8 per cent of the total units were voted in favour of retaining City Pacific.
Trilogy executive chairman Rodger Bacon said the vote “clearly demonstrated that unit-holders wanted change, and what I want to tell unit-holders now is that we will pursue their interests without fear or favour”.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
