Press Echoes "Cornerstone First Mortgage Only" Message
24th October, 2006
The City Pacific 2006 Annual General Meeting and the healthy state of the company and its Mortgage Trust were not overlooked in the press coverage the next day.
Statements were taken from the addresses by Chairman Ian Donaldson and Managing Director Phil Sullivan, which were presented to a large crowd of shareholders and investors who attended the AGM, despite a major road closure into Brisbane.
The Australian Financial Review (Thursday 19 October 2006 – page 59) was quick to seize onto Managing Director Phil Sullivan's statement, that loans approved by the City Pacific Mortgage Trust are secured by registered first mortgages only, and that the CPMT was neither a mezzanine nor a debenture fund.
"This is a cornerstone of our lending criteria," said Mr. Sullivan.
The Gold Coast Bulletin's report was similarly upbeat (page 63 Business News section 19 October 2006) and recognised the significance of the first mortgage only criteria to quote Phil Sullivan, "The City Pacific Mortgage Trust does not lend on second mortgages."
The favourable coverage confirms a fundamental strength of the CPMT and helps to explain why the merits of the fund have been recognised with the maximum 5 star Morningstar rating in the Mortgage General category.
The press also reported Chairman Ian Donaldson's comment, that the company "is in very good shape" and included his positive forecast, "We are poised to perform strongly in 2007."
