Fund’s investors attend meetings

The National, Thursday July 21st, 2016

INVESTORS in the Pacific Balanced Fund (PBF) have been attending meetings around the country to hear details of the fund’s progress and its relationship with MiBank (Nationwide Micro Bank).
Melanesian Trustee Services Limited (MTSL) is trustee for PBF.
MTSL chief executive officer Kennedy Wemin said interest and attendance at meetings were high.
“Almost without exception, each meeting we conducted has been crowded with unit holders,” Wemin said.
He said the PBF roadshow had seen successful public meetings held in Lihir and Rabaul last month.
They were followed by gatherings in Wewak, Madang and Lae which saw meeting venues crowded beyond their capacity.
PBF holds a 25 per cent share in MiBank.
The partnership allowed PBF unit holders to apply to be customers of MiBank, receiving at no charge, dividend payments electronically.
PBF trading executive officer Isaac McNerbai said: “The road show is important as we needed those unit holders who invested in Investment Corporation to come in and be identified and verified under Pacific Balanced Fund to benefit from the K3 million dividend payments.
“Thus our roadshows were pto indetify those unit holders as well as to get investor feedback on the progress of the fund.”
PBF staff who visited Lihir and Rabaul were positive about the responses from unit holders.
Wemin said: “We are hopeful that more unit holders in the Islands region will have heard about the visits and make contact with our office.
“We need to verify ownership of units and be certain that we have clear banking arrangements for paying the owners.”
The countrywide roadshow started from the Islands region will end in Alotau, Milne Bay, tomorrow.