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
ASIC has released an update to its regulatory guidance on managing conflicts of interest for financial services businesses on the back of its primate markets surveillance.
The Australian Wealth Advisors Group has completed two strategic investments, doubling its number of authorised representatives and increasing its FUMA by more than $1 million.
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
