Dissident unitholders have forced another meeting of Australia’s International Wine Investment Fund to vote on winding up the trust.
Berren Asset Management, which manages IWIF, said the same group, which has 9% of the Fund, had demanded another vote and this must be put to a meeting by October 30. The group is led by Michael Seabrook of Tasmania, convicted insider trader Rene Rivkin and Sydney chartered accountant Gary Mares.
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Berren said the group was wasting investors’ money as less than 25% of the available votes were cast against the fund continuing when unitholders met in Adelaide in July.
Berren chairman Mike Terlet said at the meeting the board hoped to present a proposal to convert the trust to a listed investment company.
