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MARKETS, NEWS & UPDATES
Media Release, Port Moresby, PNG, August 5, 2024
This is to inform all Unit Holders in the Pacific Balanced Fund that Weathermen Capital Advisors Limited (“Weathermen”) as the interim trustee will be conducting a nationwide verification program to update the unitholder records.
Weathermen will be coming to the following locations to meet with unitholders directly.
Location | Date | Venue |
|---|---|---|
Lae | 7th to 9th Aug 2024 | Lae International Hotel |
Madang | 12th to 13th Aug 2024 | Madang Resort |
Goroka | 15th to 16th Aug 2024 | Bird of Paradise Hotel |
Mt Hagen | 19th to 20th Aug 2024 | Highlander Hotel |
Kokopo | 22nd to 23rd Aug 2024 | Gazelle International |
Alotau | 26th to 28th Aug 2024 | Alotau International Hotel |
Weathermen has also provided information on its website
www.weathermencapital.com.pg/pacific-balanced-fund
for unitholders who can provide information directly by completing the relevant form and submitting the minimum requirements as listed.
Unit Holders in NCD can directly consult our office at Level 2, MRDC Haus, Town, Port Moresby, Papua New Guinea.
Minimum information requirements for the team to assist with your verification.
Please do not hesitate to contact our office on +675 7999 8731 or email memberqueries_pbf@weathermencapital.com.pg
Thank you
Weathermen Capital Advisors Limited
as Interim Trustee of Pacific Balanced Fund
Unit Holders in NCD can directly consult our office at Level 2, MRDC Haus, Town, Port Moresby, Papua New Guinea.
Minimum information requirements for the team to assist with your verification.
- PBF Unit Certificate - this may include distribution notices from PBF
- Identification requirements – Passport, NID, Driver license, School Ids, Superfund Ids, employment confirmation
- 6-months bank statements
Please do not hesitate to contact our office on +675 7999 8731 or email memberqueries_pbf@weathermencapital.com.pg
Thank you
Weathermen Capital Advisors Limited
as Interim Trustee of Pacific Balanced Fund
UPDATE ON PACIFIC BALANCED FUND
November 21, 2023
WEATHERMEN CAPITAL ADVISORS LTD (“WCAL”) IN TRUST FOR PACIFIC BALANCED FUND (“PBF”) PROVIDES PROGRESSIVE UPDATE TO ITS UNITHOLDERS AND ALL STAKEHOLDERS
Weathermen Capital Advisors extends its deepest appreciation to the unit holders of the Pacific Balanced Fund for their patience during the ongoing transition of trusteeship. The transition from former trustee to Weathermen Capital Advisors has been a challenging process, but we want to assure unit holders that we are carefully managing this transition, which is expected to be completed shortly.
As part of our commitment to transparency and accountability, we would like to provide an update on the progress we have made since our appointment:
We want to reassure unit holders that we are diligently working to ensure the Fund's proper state and appreciate their continued support during this transition. Weathermen Capital Advisors remains committed to transparency, accountability, and acting in the best interests of unit holders.
Approved for Release
As part of our commitment to transparency and accountability, we would like to provide an update on the progress we have made since our appointment:
-
Trust Deed Review
We are in discussions with a leading global law firm to conduct a thorough review of the trust deed. The existing trust deed, deemed outdated, is currently under review for a more modern version. Unlike the previous deed, which favored the trustee and fund manager roles, the new trust deed is designed to prioritize the interests of unit holders. Notably, we have ensured the separation of trustee and fund manager functions, aligning with industry best practices. -
Fund Audit
WCAL has engaged a professional accounting firm to conduct a comprehensive audit of the PBF. Our preliminary findings have uncovered instances of improper conduct by the former trustee, and we have promptly reported these to the relevant authorities. This audit is a crucial step in establishing a fair valuation of the fund and ensuring its integrity. -
Unitholder Query Management
WCAL has not been able to assist Unit holder queries as efficiently as possible with delays in transferring the unit registry. WCAL have received several queries dating back to 2020 with no response from the former trustee. We are liaising with the registry system vendor to novate the agreements to WCAL, for us to address unitholder queries and concerns. We expect to have access to the unitholder register by end of November. -
Redemptions and Trading
The Board and management of WCAL have agreed to suspend trading and redemptions until further notice. We intend to open trading by December 2023, however, this is contingent on WCAL having access to the Unit holder Registry and the quarterly valuations are complete. -
Unitholder Meeting
WCAL shall call a Meeting of Unitholders in December 2023. This will be the first Unitholder meeting after 15 years. -
Future Growth and Accessibility
Weathermen Capital Advisors is actively working towards the prospect of listing the Pacific Balanced Fund on the Papua New Guinea Stock Exchange. Our objective is to make the fund accessible to all Papua New Guineans, providing opportunities for growth and ensuring broader participation in the financial markets. This can only be achieved after a comprehensive review of the Fund and its operations.
We want to reassure unit holders that we are diligently working to ensure the Fund's proper state and appreciate their continued support during this transition. Weathermen Capital Advisors remains committed to transparency, accountability, and acting in the best interests of unit holders.
Approved for Release
|
Mr. Jordan Paul
Executive Chairman |
Mr. John Kevau
Managing Director |
Mr. Gheno Minia
Group General Manager & Head of Trustee Services |
NOTICE TO UNIT-HOLDERS OF PACIFIC BALANCED FUND
October 6, 2023
Weathermen Capital Advisors is pleased to announce that we have been appointed Interim Trustee for Pacific Balanced Fund (PBF), The appointment of Weathermen Capital Advisors was made by the Securities Commission of Papua New Guinea pursuant to its’ powers under Section 202 of the Capital Market Act 2015. In addition to being appointed Interim Trustee, the Securities Commission has tasked Weathermen Capital Advisors with the following directives, among others:
Weathermen Capital Advisors is committed to upholding the interests of the Fund and all its unit holders.
For all unit holder enquiries contact us on email: enquiries@weathermencapital.com.
Authorized for Release By: WEATHERMEN CAPITAL ADVISORS
-
- Conduct a thorough review of the Trust Deed
- Undertake an in-depth investment analysis on PBFs’ performance
- Conduct a governance assessment on how PBF was managed
- Develop and implement a compliance reporting framework
- Develop a plan for separating the roles of the Trustee and Fund Manager
- Undertake a review and update of the unit register with completion strategy
- Conduct detailed fee analysis of fees charged by Trustee and Manager
- Update assets register and records of all transactions within PBF
- Conduct a unit holder meeting as soon as possible.
Weathermen Capital Advisors is committed to upholding the interests of the Fund and all its unit holders.
For all unit holder enquiries contact us on email: enquiries@weathermencapital.com.
Authorized for Release By: WEATHERMEN CAPITAL ADVISORS
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