Meeting to oust City Pacific going ahead despite injunction
Balmain Trilogy, the combined group of fund manager Trilogy Capital Group and loan broker Balmain NB, will meet shareholders of the City Pacific First Mortgage Fund at the end of June, despite efforts from City Pacific to stop the meeting taking place.
Balmain Trilogy is undertaking a bid to remove City Pacific as the manager of the fund.
More than 97 per cent of proxy votes received so far are in favour of removing City Pacific as the fund manager. Thirty-seven per cent of possible shareholder votes have been received by the group.
“The meeting resolution is very clear to unit holders, and a hair-splitting legal attempt by City Pacific threatening an injunction to stop the meeting should not be allowed to succeed, and we are very firm on this opinion,” said Trilogy executive chairman Rodger Bacon.
Balmain Trilogy needs 50 per cent of the votes to become manager of the mortgage fund.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
