The meeting resolved, with 56.8% of units on issue voting in favour, to remove the Responsible Entity (RE) LM Investment Management Limited and replace them with Trilogy Funds Management Ltd. 

The change is effective from the date Trilogy is recorded on the ASIC Register as the new RE.  This should occur within the next 7 days. 

Trilogy Chairman, Rodger Bacon, thanked the investors and advisors who had supported the vote for change.  He also confirmed that they will continue their strategy on behalf of concerned investors and their advisers to bring about a change of RE in the LM Currency Protected Australian Income Fund and ultimately the LM First Mortgage Income Fund.

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Reflecting strong support Trilogy has delivered to LM proxy votes FOR the resolutions which comfortably exceed 50% of the total units on issue.

In the case of the LM Currency Protected Fund (“CPF”) Trilogy has also been encouraged by the support it has received.  Despite the low response rate (less than 20%) the votes received by Link Market Services were 85% for Trilogy replacing LM.

The low response rate was due to very significant mail delays which occurred, especially in New Zealand where the majority of unitholders in the CPF reside.

The situation was exacerbated by LM announcing as recently as last Friday that they would not accept proxies that were voted on-line. 

Also LM have still not published the Currency Fund or the First Mortgage Income Fund accounts for the FY 2012 which would allow for a more considered view of a member’s investment. 

While LM accepts that such delays occur, they would not agree with Trilogy to defer the meeting to give investors and their advisers more time to consider the proposals and send in their proxies.  

As a result the Convening Members Agent has today cancelled the proposed CPF meeting for 11.30 a.m. on 1st November 2012.   Trilogy also announced that it will notify CPF unitholders that a new meeting will be held as soon a possible after the CPF accounts have been published which LM has stated will be “mid November.”  This meeting will consider and vote on the matter of replacing LM with TFM as the RE of the Currency Fund.

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