About City Pacific
City Pacific Limited ("City Pacific") commenced operations in 1997. Since listing on the ASX in July 2001 City Pacific has experienced solid growth in both share price and funds under management. City Pacific is a financial investment manager, and is the holder of Australian Financial Services licence No. 230025. City Pacific operates as a diversified financial services company, housing 3 main business units:
Funds Management
Property
Financial Services
City Pacific is at the forefront of delivering financially progressive solutions to a scope of investment needs. We aim to improve the net financial worth of our shareholders and investors as we continue to manage the evolution of City Pacific into a truly innovative diversified financial services company.
The company's initial growth was built around a formula of providing reliable funding to developers operating in the lifestyle property market. This formula has proved extremely successful, filling a market need for reliable funding provided in a timely fashion.
City Pacific shareholders have enjoyed the benefit of receiving dividends half yearly which are fully franked. Our managed fund investors have benefited from the competitive rates of return provided by their investments.
City Pacific is one of the largest non-bank lenders in the country. It has a wide distribution network and offers products that range from vehicle finance and leasing to home mortgages, personal finance, and loan securitisation.
Today City Pacific has over $1 billion funds under management in the City Pacific First Mortgage Fund, City Pacific Income Fund and City Pacific Private Fund. In addition it has a residential loan book of $3 billion and commercial mortgage assets under management of approximately $1 billion.
The ASX listing of CP1 Limited and Indigo Pacific Capital Limited are examples of our performance to date in creating investment opportunities for the City Pacific group. City Pacific is a major shareholder in these two profitable, publicly listed property companies and receives dividend streams from each.
In another strategic opportunity, the City Pacific Group has recently entered into a $200 million warehousing securitisation facility for commercial loans through Westpac Institutional Bank. City Pacific will manage this portfolio. We have other exciting plans in the pipeline that will further diversify City Pacific's investment base and enhance its ability to deliver superior returns.
City Pacific has a track record of delivering yield and growth to our shareholders and was pleased to report a third consecutive record result for the 2005 financial year, with net profit after tax of $58.3 million and a full year dividend of 45 cents per share fully franked, an increase on the prior year of 33% and 36% respectively.
We believe our most important assets are our shareholders and investors. City Pacific constantly seeks better ways to assist these groups to achieve their financial goals. We take pride in the fact that many of our new clients come from direct referrals. The support and loyalty we have gained is one of the factors that has contributed to City Pacific's success to date.
Current share prices for City Pacific Limited (CIY), CP1 Limited (CPK) and Indigo Pacific Capital Limited (IPA) are listed on the ASX (20 minute delay).
