CITY Pacific has decided to make an offer for any assets owned by MFS Limited's financial services business after it concluded its due diligence.
Yesterday, City Pacific’s chief executive Phil Sullivan said one of those assets was the MFS Premium Income Fund.
“After considering the merits of any proposed transaction, the Board has determined that it would not be in the best interests of City Pacific shareholders or investors to proceed.
“City Pacific stands behind the strength of the City Pacific First Mortgage Fund model and its success which is driven by the company’s ability to lend to the right developments secured by a first registered mortgage over real property in
“All discussions between the parties have ceased.
“City Pacific confirms that it has no current financial exposure either as an investor or ender to any member of the MFS Limited Group,” Sullivan concluded.
MFS shares remain in a trading halt, pending its half year results announcement which was schedule for February 21, but was postponed.
Australian Property Journal
