Vote cleared for control of City Pacific fund

Balmain Trilogy believes it is a step closer to becoming manager of the City Pacific Mortgage Fund.

Members of the fund have approved a meeting on June 25 in Brisbane to vote on replacing City Pacific as the manager.

According to Trilogy Funds Management executive chairman Rodger Bacon, nearly 10 per cent of units in the fund have given their approval for the meetings.

The minimum approval level for calling a meeting is 5 per cent.

“We are overwhelmed by the level of support for our proposal, especially after the failure of the recent meeting of unit holders,” Bacon said.

“Our proposal will ensure the independent, transparent and accountable management of the fund.”

There will only be one resolution at the meeting, which is to remove City Pacific as responsible entity and manager of the fund and install Balmain into both positions.

The previous unsuccessful meeting had five complex resolutions to reduce the management fee, which was seen as excessive, Bacon said.

“We have already given a public undertaking that when appointed Balmain will lower the fee to 1.5 per cent,” he said.

“This time a vote for Balmain removes City Pacific and lowers the fee.

“Thus, there is no need for unit holders to be concerned about the recent meeting that failed to achieve the necessary reduction in management fee.”