MFS mfs limited

ciy end due diligence on mfs..not going ahead

  1. 11,407 Posts.
    �� BRISBANE
    Level 12, 300 Queen Street
    Brisbane QLD 4000
    GPO Box 2456
    Brisbane QLD 4001
    T 07 3229 7129 F 07 3229 5796
    ACN 079 453 955 National Phone: 13 47 69 Email: [email protected]
    City Pacific Limited
    DEVELOPING FINANCIAL OPPORTUNITIES
    �� FINANCIAL SERVICES
    �� FUNDS MANAGEMENT
    �� PROPERTY
    �� SYDNEY
    Level 12, 32 Martin Place
    Sydney NSW 2000
    GPO Box 969
    Sydney NSW 2001
    T 02 9238 0822 F 02 9238 0833
    �� MELBOURNE
    Level 7, 50 Market Street
    Melbourne VIC 3000
    PO Box 275, Collins Street West
    Melbourne VIC 8007
    T 03 9629 1777 F 03 9629 1677
    �� GOLD COAST
    City Pacific House, 2 Miami Key
    Broadbeach Waters QLD 4218
    PO Box 783
    Pacific Fair QLD 4218
    T 07 5554 0200 F 07 5575 6366
    www.citypac.com.au
    ASX / MEDIA RELEASE FEBRUARY 27, 2008
    CITY PACIFIC ENDS MFS DUE DILIGENCE
    City Pacific Limited (CIY) has ended due diligence of certain assets owned or
    controlled by MFS Limited’s financial services business, including the MFS Premium
    Income Fund.
    City Pacific CEO Phil Sullivan said the Board of City Pacific has resolved that it will
    not make an offer for any assets owned by MFS Limited’s financial services
    business.
    “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,” he said.
    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 Australia.
    All discussions between the parties have ceased.
    City Pacific confirms that it has no current financial exposure either as an investor or
    lender to any member of the MFS Limited Group.
    CITY PACIFIC LIMITED
    Phil Sullivan
    Managing Director & CEO
 
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