12 July 2010
Pacific First Mortgage Fund Meeting of Unitholders scheduled for August 2010
BalmainTRILOGY would like to advise all Pacific First Mortgage Fund Unitholders of a revised target date for the Meeting of Unitholders to vote on a New Strategy for the Fund. Due to the extensive preparatory work required, the meeting is scheduled to be held in late August in Brisbane, Queensland.
The actual date of the meeting will be announced later this month once the Notice of Meeting and Explanatory Memorandum
(NoM & EM) has been issued to all unitholders. The Meeting of Unit holders will allow unitholders to vote on the New Strategy that will allow for individual choice. Accompanying the NoM & EM will be a detailed Independent Expert Report that has been undertaken to evaluate and assess the New Strategy.
If you believe that you may not be able to receive the NoM & EM when it is posted due to other commitments that you may have, we have alternatives available for you so please contact the Client Services Team on Freecall 1800 194 500 to discuss your options for voting.
31 May 2010
Clarification Statement
Three newspaper articles published at the weekend informed readers that shares in
City Pacific Limited are now worthless, according to a report from the joint
liquidators, Andrew Wily and David Hurst.
One of the stories, published in the Courier Mail (Saturday, 29 May 2010), also
referred to the Pacific First Mortgage Fund (formerly the City Pacific First
Mortgage Fund), and has unfortunately created some confusion among Pacific First
Mortgage Fund Unitholders.
While the information in the article is accurate, it is important to understand
that there is NO relationship between shares in City Pacific Limited and your
units in the Pacific First Mortgage Fund. Units in the Fund are currently valued
at $0.47 as at 31 December 2009.
The liquidators’ report stating shares in City Pacific are now worthless
certainly validates the decision made by Unitholders last year to sever all ties
with City Pacific and appoint BalmainTRILOGY Manager of the Fund, eliminating
the possibility of the Fund suffering further financial damage due to exposure
to the collapsed City Pacific.
BalmainTRILOGY would like to take this opportunity to assure Unitholders that we
are working hard on the preparation for the Unitholders Meeting and the strategy
to commence payments to unitholders in the new financial year.
26 May 2010
Current Value Redemption or $1.00 Redemption
BalmainTRILOGY has been working on a new strategy for the Fund which will be voted on by unitholders in a meeting in mid/late July 2010.
One of the major components of the strategy is a voluntary redemption facility which would allow unitholders the option to have some of their units redeemed at the current value of the PFMF unit price.
There has been much discussion surrounding the current value redemption price so we thought it prudent to provide some clarification as to why this approach has been adopted as part of the strategy instead of a $1.00 redemption amount.