| Type | Public |
|---|---|
| Traded as | ASX: CIY |
| Industry | financial services |
| Founded | Qld, Australia (1997) |
| Founder(s) | Phil Sullivan |
| Key people | Philip Graeme Downie (Chairman) |
| Website | citypac.com.au |
City Pacific is an Australian company established in 1997 by Phil Sullivan as a financial investment manager.[1] It is the holder of Australian Financial Services licence No. 230025., and was listing on the ASX in July 2001.[1]
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On 14 January 2008, City Pacific launched a $1.4 billion scrip bid for Gold Coast operator MFS Limited (now Octaviar), however the bid failed.[1]
Redemptions and distributions have been frozen since early 2008, and the First Mortgage Fund has been declared illiquid by CP.
The chairman of the board of directors is Philip Graeme Downie (FCA).
On 3 August 2009, receivers and managers were appointed to the company following a court court decision that awarded control of a mortgage fund, the companies principal source of income as its manager, to rival Balmain Trilogy.
This followed City Pacific freezing redemptions on the fund and unitholders voicing their anger at the companies management fees for controlling the fund. In October 2008, Phil Sullivan, a former bankrupt, left the fund partly as a result of death threats made against him.