MIF shareholders vote against RE removal
MacarthurCook Industrial Fund (MIF) shareholders have voted against the removal of MacarthurCook Funds Management as the responsible entity of the fund that Real Estate Capital Partners (ReCap) attempted to take control of.
However, shareholders at the extraordinary general meeting voted in favour of ReCap's proposal to amend the MIF constitution to remove a $2.6 million reimbursement fee to MacarthurCook should it be replaced as the responsible entity of the fund.
Meanwhile, ReCap chief executive Andrew Saunders vowed to keep the pressure on MacarthurCook to improve the performance of the MIF, which ReCap has a 11.8 per cent share in.
ReCap wants MacarthurCook to manage the fund more actively, explain to shareholders the full extent of the fund's financial position and keep shareholders up-to-date with the fund's activities.
"As a major unit holder, ReCap will continue to ask questions and press for answers about how our fund is being managed," Saunders said.
"I don't think anyone disagrees with the fact that the fund should be doing better, regardless of the current economic climate."
AUTHOR
Corrina Jack
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