City Pacific
Encyclopedia
City Pacific is an Australian company established in 1997 by Phil Sullivan as a financial investment manager. It is the holder of Australian Financial Services licence
No. 230025., and was listing on the ASX
in July 2001.
for Gold Coast operator MFS Limited
(now Octaviar), however the bid failed.
Redemptions and distributions have been frozen since early 2008, and the First Mortgage Fund has been declared illiquid by CP.
The chairman of the board of directors is Philip Graeme Downie (FCA
).
This followed City Pacific freezing redemptions on the fund and unitholders voicing their anger at the companies management fees for controlling the fund. In October 2008, Phil Sullivan, a former bankrupt, left the fund partly as a result of death threats made against him.
Australian Financial Services Licence
An Australian Financial Services Licence is a license for any Australian businesses involved in the provision of financial services. It is issued by the Australian Securities and Investments Commission as required by the Corporations Act 2001....
No. 230025., and was listing on the ASX
ASX
ASX may refer to:* Australian Securities Exchange, the primary stock exchange of Australia* Advanced Stream Redirector, a computer file format listing Windows Media files * Armstrong Siddeley ASX, a British experimental turbojet* John F...
in July 2001.
History
On 14 January 2008, City Pacific launched a $1.4 billion scrip bidScrip bid
Scrip bid is an Australian term used to describe a takeover offer where shares are offered partly or wholly in place of cash. This means that if a take over bid is accepted, shareholders in the target company will receive shares in the new merged entity...
for Gold Coast operator MFS Limited
MFS Limited
Octaviar Limited is an Australian diversified investment company in the funds management and financial services sectors. The company, once valued at $2.4 billion was forced to sell its main asset, the Stella Group, in February 2008 and in March 2008 the value of the company had fallen to just $480...
(now Octaviar), however the bid failed.
Redemptions and distributions have been frozen since early 2008, and the First Mortgage Fund has been declared illiquid by CP.
The chairman of the board of directors is Philip Graeme Downie (FCA
Institute of Chartered Accountants of Australia
The Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
).
Recent events
On 3 August 2009, receivers and managers were appointed to the company following a court court decision that awarded control of a mortgage fund, the companies principal source of income as its manager, to rival Balmain Trilogy.This followed City Pacific freezing redemptions on the fund and unitholders voicing their anger at the companies management fees for controlling the fund. In October 2008, Phil Sullivan, a former bankrupt, left the fund partly as a result of death threats made against him.
Business units
- Funds Management
- City Pacific First Mortgage Fund
- City Pacific Income Fund
- City Pacific Managed Fund
- City Pacific Private Fund
- City Pacific Treasury Finance
- Property
- CP1 Limited
- Indigo Pacific Capital Ltd
- Grande Pacific
- City Pacific Project Management
- Financial Services
- City Pacific Finance
- CityPac Home Loans
- City Pacific Marina Finance
- Australian Beneficial Finance
External links
- Company profile, InvestSmart.