City Pacific
City Pacific (CIY) requested trading halt for its shares after half their value was lost on Monday. Shares fell to 97.5 cents on concerns the Queensland based loan provider will not be able to repay the bulk of a $240 million loan facility which is due next month. The share price plunge also forced City Pacific to seek permission to stop redemptions in its $960 million First Mortgage Fund. The chief executive Phil Sullivan described this as "unbelievable." He added that "We played it clean and straight". The company removed the fund's application form from its website. City Pacific told the ASX it would be in negotiations with three parties interested in buying or refinancing some of its assets.
posted by darwin at 5:08 PM
6 Comments:
City Pacific say that the Queensland Public Trustees has "decided to cease providing all commercial custody and trustee services to third parties".
Furthermore, City Pacific has "transitioned to a self-custody arrangement". What an appalling arrogance!
10:00 PM
Balmain and Trilogy were both separately approached by disgruntled Investors of the City Pacific First Mortgage Fund (the 'Fund) seeking replacement of the existing responsible entity and Manager, City Pacific Limited. A number of issues had caused these concerns including:
* the lack of any meaningful information in relation to the Fund and its assets being provided to Investors;
* a raft of related party transactions undertaken by the Manager;
* excessive fees being charged by the Manager;
* apparent inability of the Manager to recover loans; and
* the current freeze on both distributions and redemptions.
The union of Balmain and Trilogy as the proposed investment manager for the Fund brings together unparrelled skills and experience and over thirty years experience in their respective industries of mortgage management and funds management. Balmain is a specialist manager of mortgage fund assets and Trilogy has specialist skills and experience in administering and investing in property and income funds and servicing fund investors.
The complimentary skills of the two groups are ideally suited for Balmain and Trilogy to manage the Fund.
As a direct consequence of Trilogy’s appointment the Fund will need to be renamed to remove any reference or inference to CPL. It is proposed that the Fund will be renamed the “Pacific Mortgage Fund”.
1:01 AM
City Pacific First Mortgage Fund (the “Mortgage Fund”) is an unlisted managed investment scheme registered pursuant to Part 5C of the Corporations Act 2001 (Cth) (the “Act”). City Pacific Income Fund (the “Income Fund”) is a similar entity. For the purposes of the Act City Pacific Limited (“City Pacific”) was, until recently, the responsible entity of the Mortgage Fund. It is also the responsible entity of the Income Fund. City Pacific, allegedly as the responsible entity for the Mortgage Fund, is the first plaintiff. In its capacity as responsible entity of the Income Fund, City Pacific is a member of the Mortgage Fund. In that capacity, City Pacific is the second plaintiff. The first defendant (“Mr Bacon”) is the Chairman of Trilogy Funds Management Limited (“Trilogy”), the second defendant. Trilogy and the third defendant (“Balmain”) have entered into a joint venture and, for the purposes of the joint venture, have incorporated the fifth defendant (“Balmain Trilogy”). The venture involves Trilogy becoming responsible entity of the Mortgage Fund. The fourth defendants are members of the Mortgage Fund who authorized Mr Bacon to requisition a meeting of its members in order to consider and adopt the following proposed extraordinary resolution (the “proposal”):
That City Pacific Limited ABN 90 079 453 955 be removed as responsible entity of the City Pacific First Mortgage Fund ARSN 088 139 477 in accordance with section 601FM(1) of the Corporations Act 2001 (Cth) and that Trilogy Funds Management Limited ACN 080 383 679 be appointed as responsible entity of the City Pacific First Mortgage Fund ARSN 088 139 477.
6:51 PM
First Mortgage Fund, has assured occupants of the $70 million Grande Pacific Broadwater tower at Southport that it was not planning a firesale of the development.
12:30 AM
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