In a statement issued yesterday, the fund manager announced it is “in conflict with a group of inner east Melbourne financial planners” called the Investor Action Group (IAG) over its opposition to the proposal, which RFM says would result in “Australia’s diversified agricultural REIT”.
“RFM has consulted widely with unit-holders and their advisers and has the support of the majority of its 2,500 unit-holders. However, a group accounting for around 10 per cent of issued units has been actively opposed to the issue,” said RFM founder and managing director David Bryant.
Financial planning firms Segue Financial Services, a Melbourne-based Australian Financial Services Licensee (AFSL) and the Banks Group, an authorised representative of Westpac-aligned dealer group Magnitude, are listed by the statement as being members of the IAG.
The statement accuses the IAG of supporting a resolution to have RFM removed as responsible entity of one of the relevant funds and replaced by the Huntley Group, which RFM says is “associated with” former Trio Capital director David Millhouse.
“Financial planners behind the IAG still recommended the resolution to appoint Huntley despite being made aware of its association with Millhouse,” the statement said.
Mr Bryant said the group’s opposition to the proposal is “opportunistic” and at odds with the recommendations of Crowe Howarth and Lonsec, which have reportedly endorsed the deal.
“Investors should vote to ensure that this objective is achieved and to defend their fund from the fallacious claims and proposals brought by a handful of financial planners from Melbourne’s inner east,” Mr Bryant said.
