Centro MCS Says Pelorus Cancellation of Meetings Disenfranchises Investors

Gerard Condon, Manager of Centro MCS Syndicates said: “It is disappointing that Pelorus has tried to cancel the meetings of investors on incredibly short notice and without any credible reason, particularly given the confusing, misleading and aggressive campaign they have waged against Centro MCS.

“Our syndicate investors deserve better than Pelorus is offering them. They have been bombarded with inaccurate information from Pelorus and have now been let down by them.

“We categorically reject the further false and misleading statements that Pelorus made in its announcements today. Investors should be aware that the law requires the Responsible Entity to be the recipient of proxies in these types of matters and we have always acted in accordance with the law and our responsibilities.

“Furthermore, we have made several requests of Pelorus, including for them to show evidence of the authorities members purportedly provided to call these meetings in the first place. Pelorus has refused to do so.

“Centro MCS is ready and willing for these meetings to continue as planned as we are extremely confident that our investors understand and appreciate our track record as Responsible Entity and manager of retail property syndicates. Asset quality, performance and returns in the syndicates continue to be strong.”

Contrary to Pelorus’ announcement today, recent comments by Centro Property Group’s Australian banking group reinforce the widely held view that our underlying business is sound and we are pleased with the ongoing support that all our financiers are offering the company.

“We believe that the basis upon which Pelorus has supposedly cancelled these meetings is spurious.

We hope that they haven’t tried to cancel these meetings because they are not confident of winning the resolutions,” Mr Condon continued.

“I think the actions of Pelorus today demonstrate why our investors should be suspicious of the true intentions behind the proposals this company puts forward to investors.”

Centro MCS Solid Track Record

Centro MCS has an excellent track record in managing syndicates, with 36 syndicates valued at $8.5 billion currently under management on behalf of 16,500 investors. Since inception Centro MCS syndicates have averaged a total return of 17% per annum. For more information visit centromcs.com.au.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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