BRANSGROVE / SULLIVAN / STACKS FAIL TO ADVISE UNITHOLDERS
Stacks have announced on their website that they have withdrawn from the Bransgrove/Sullivan proposal thus rendering the meeting of no effect. The announcement states that Stacks have:
” … withdrawn their consent to act as the Responsible Entity for the Pacific First Mortgage Fund as proposed in the Notice to Members dated 11 November 2011.”
Typical of how Bransgrove/Sullivan have conducted this campaign they have failed to tell Unitholders that the meeting is no longer proceeding. Whilst Balmain Trilogy continues to seek formal advice from them, Unitholders should proceed on the basis that the meeting is not continuing and that their disgraceful and self-interested campaign is now at an end1.
It was clear that Unitholders saw through their charade and that their proposal was doomed to fail. Computershare have released the following voting status as at 4pm, Friday 2 December 2011.
& RESOLUTION 2
|% of Total Register||% of Proxies Received|
With approximately 35% of the vote in, only 3.5% of the votes were in favour of the appointment of Stacks as responsible entity.
Voting in favour of Balmain Trilogy exceeded 96%.
We reiterate Unitholders should proceed on the basis the meeting has been cancelled.
Balmain Trilogy will shortly be providing Unitholders with a written Fund update advising them of:
- Capital repayments;
- Martha Cove;
- Asset realisations.
Balmain Trilogy appreciates the overwhelming support it has received from Unitholders and assures Unitholders that it will continue to act in their best interests without fear or favour.
1. Balmain Trilogy has now booked the cancelled venue (Radisson Resort Hotel, Palm Meadows Drive Carrara Gold Coast) and will have staff present to advise any Unitholders that turn up that the meeting has been cancelled. Unfortunately, due to lack of information provided by Bransgrove / Sullivan, Balmain Trilogy does not have sufficient time to advise all Unitholders in writing.