On Monday (May 14), APGF held meetings for unitholders in the Austgrowth Trusts numbers 21, 22, 23 and 24 to vote on setting up these committees, but all four trusts resoundingly defeated the proposal. 

Cyre Trilogy directors Peter Arnold and Rodger Bacon say: “This was always a cynical waste of unitholders’ time and money as there was never any need to call a meeting to appoint an investor committee that would only to have a consultative role. 

“If they were genuinely concerned about giving unitholders a say they could do so today by establishing these committees. There’s nothing to stop them.” 

Nearly 1000 unitholders, who have about $65 million invested in these four property trusts – the remaining part of the Austgrowth property syndicates portfolio – have called meetings for 4 June to oust APGF Management and install Cyre Trilogy. 

The move by these unitholders follows the decision last year of six Austgrowth property funds that voted to switch to Cyre Trilogy, and have since enjoyed positive outcomes for their funds. 

On a related issue, Cyre Trilogy has had to work off out-of-date registers of unitholders as APGF had failed to deliver up-to-date registers as the Corporations Act requires.  The Act requires seven days to deliver, and by Cyre Trilogy’s count it is now day 25. 

Bacon and Arnold say: “ASIC was requested some time ago to intervene and to enforce the law, but it would seem that so far ASIC has also been unable to remove the APGF blockage.”

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