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Mayfair 101 Groups IPO Wealth Fund investors have thrown their support behind the urgent calling of a unitholder meeting to discuss the funds future.
This follows the appointment of receivers on May 22, 2020, to the IPO Wealth Holdings Pty Ltd division of the Mayfair 101 Group.
It took less than 24 hours for investors representing over two-thirds of IPO Wealths unitholders by way of value to confirm their support for a unitholder meeting to be convened.
Suggestion made by Mayfair 101 management[hhmc]
This follows the suggestion being made by Mayfair 101s management.
According to the funds trust deed, only 25% of unitholders are required to request a meeting in writing.
The suggestion to unitholders was put forward following a detailed assessment of the Court submissions of Vasco Trustees Limited and Dye & Co, which Mayfair 101 claims contains statements which will be vigorously challenged.
Mayfair 101 Groups managing director and founder of IPO Wealth, James Mawhinney, said: “Every allegation made in the receivers report and various affidavits can and will be answered in full.
“We take these allegations very seriously and will continue to defend our position.”
He added: “We are grateful to have the support of so many unitholders and are taking all necessary steps to ensure investor capital is protected and returned.”
Track record[hhmc]
Prior to receivers being appointed the IPO Wealth Fund had an impeccable track record of meeting investor target returns in full and redemption requirements since its launch in March 2017.
The loan had never been in default prior to March 2020, the same month that COVID-19 caused significantRead More – Source
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