City Pacific
City Pacific is an Australian company established in 1997 by Phil Sullivan as a financial investment manager.[1] It is the holder of Australian Financial Services Licence, and was listed on the ASX in July 2001.[1]
| Public | |
| Traded as | ASX: CIY |
| Industry | financial services |
| Founded | Qld, Australia (1997) |
| Founder | Phil Sullivan |
Key people | Philip Graeme Downie (Chairman) |
| Website | citypac.com.au |
History
On 14 January 2008, City Pacific launched a $1.4 billion scrip bid for Gold Coast operator MFS Limited (now Octaviar), however the bid failed.[1]
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 Phillip Graeme Downie (FCA).
Recent events
On 3 August 2009, receivers and managers were appointed to the company following a 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.
On 16 June 2018, Mr Sullivan (allegedly) entered into another Bankruptcy agreement with his administrators.
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
- Financial Services
- City Pacific Finance
- CityPac Home Loans
- City Pacific Marina Finance
- Australian Beneficial Finance
See also
References
- Adele Ferguson (5 March 2008). "City Pacific trade halt as shares halved". The Australian. Archived from the original on 9 March 2008. Retrieved 30 December 2008.
External links
- Official website
- Company profile, InvestSmart.