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Pacific Current Group Limited - Board Nominations

Announcement posted by Advocate Strategic Investments Pty Ltd 22 Sep 2016

Advocate Strategic Investments (ASI)

Media Release

Pacific Current Group Limited Board Nominations 

Constructivist equity investment manager Advocate Strategic Investments (ASI) announces that two of its officers, and an independent but associated third party, have nominated for election to the board of directors of ASI’s investee company Pacific Current Limited (PAC), the former Treasury Group Limited.

ASI is currently engaging with Pacific Current with respect to strategies to redress the steep market discount applied to the company since its November 2014 merger with privately owned US-based multi-boutique aggregator Northern Lights.

The three nominees for the Pacific Current board are as follows:

Michael Brendan de Tocqueville, Chief Investment Officer, ASI

Kenneth John Stout, Chairman and Non-Executive Director of ASI, Chartered Accountant, and Chartered Secretary

Mark William Folpp, Executive Adviser and Head of investments and Portfolio Construction at PKF Wealth,

Biographical details of the nominees are:

Michael de Tocqueville – SA FIN, FAICD

Michael is the founder of ASI and is responsible for the strategic development of the company, its key investment strategies and their execution. He has been in the financial industry for more than 30 years and has gained broad experience as a certified financial planner, share broker and fund manager to high-net-worth clients. 

Michael was previously a founding director the ASX-listed company Treasury Group Limited now called Pacific Current Group Limited (ASX: PAC). He also established the investment firm Armytage Private Limited and served as the firm’s managing director and portfolio manager. Both firms continue to operate to this day.  

Prior to his involvement those companies, Michael started his share broking career with North’s Stockbrokers in early 1987 and progressed to firms such as McKinley Wilson which became D&D Tolhurst and then on to Deutsche Bank’s Bain & Co. He has had a career filled with fiduciary responsibilities spanning retail and wholesale funds management, securities dealings and operations, corporate restructuring, capital raisings and mergers and acquisitions. He currently invests in both the domestic and global markets and is value-driven and a keen observer of and participator in shareholder activism, a key trait of ASI’s investment strategy.

Michael is a Senior Associate of the Financial Services Institute of Australasia (Finsia) and a Fellow of the Australian Institute of Company Directors (AICD). He is currently enrolled with the Institute of Strategy & Valuation in New York.  

Kenneth Stout – Diploma of Business, CA (Chartered Accountant), ACSA (Associate of Chartered Secretaries Australia)

The chairman and non-executive director of ASI, Ken Stout is an experienced and respected business advisory and insolvency professional providing specialist financial and corporate advisory services, litigation support services, forensic accounting services, mediation and arbitration services, receiver and manager, and liquidation services. He has served on both public and private boards and currently serves on the board of the ASX-listed IT services company RXP Services Limited (ASX: RXP). 

Ken is a Chartered Accountant, Chartered Secretary, an Associate of Insolvency Practitioners Association of Australia, a Registered Company Liquidator, a Registered Company Auditor, an Official Liquidator of the Supreme Court of Victoria, an Official Liquidator of the Federal Court of Australia as well as a Graded Arbitrator with The Institute of Arbitrators & Mediators Australia.

Prior to commencing public practice in 2000, Ken was a partner at Ernst & Young in Melbourne.

Mark Folpp – Bachelor of Commerce, Graduate Diploma of Applied Finance and Investments, Diploma of Financial Planning

Mark is executive adviser and head of investments and portfolio construction at PKF Wealth, and a shareholder of the firm, where he chairs PKF’s investment committee. 

Mark began his career in the financial industry in 1988, holding a variety of roles within industry and public practice, before focusing on investment and financial planning for the last 22 years.

Mark spent almost two decades with leading funds management companies in senior roles, including head of retail distribution at Pacific Current boutique, Investors Mutual Limited. There he led the team and the retail strategy that built funds under management from $200 million when he joined to a peak of $6.5 billion in 2007. 

Mark was also part of the team that launched Global Value Investors (GVI) to the retail/independent financial adviser (IFA) market in 2004, taking GVI’s global equities FUM to $850 million at the peak. 

About ASI

ASI is a Melbourne-based independent investment management firm that provides institutional and sophisticated investor clients with customised alternative investment strategies. The firm’s senior investment team uses its unique, company-specific, value-oriented investment approach, with a strong focus on equity special events and credit opportunities. ASI’s approach is focused on the preservation of capital through extensive and rigorous investment analysis on a position and portfolio basis. ASI is the manager and adviser to the Advocate Partners "Constructivist Investment Strategy". Shareholder Constructivism is about advocating an owner’s perspective in relation to how a public company is governed and operated, in order to build the conditions necessary for its equity value to appreciate.

Disclaimer

This Press Release has been prepared by Advocate Strategic Investments Pty Ltd ABN 77 101 691 598 AFSL 224560 (ASI) for the information of shareholders. This release has been prepared from information available to ASI on the date of release and from publicly available sources. ASI has not verified this information and no responsibility is accepted for the accuracy, currency or completeness of this information. This release must not be taken to be financial product advice in respect of shares in the Company.

Advocate Strategic Investments Pty Ltd 

ABN: 77 101 691 598 - AFSL 224560 

Level 27, 101 Collins Street 

Melbourne, VIC 3000, Australia 

e: info@advocatesi.com.au 

t: +61 3 9653 9083

f: +61 3 9653 7373

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