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.
AUTHOR
Benjamin Levy
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
