PACIFIC CURRENT GROUP LIMITED - VOTE AGAINST RE-ELECTION OF DIRECTOR(S) - 2018 ANNUAL MEETING OF SHAREHOLDERS IN MELBOURNE AUSTRALIA

PACIFIC CURRENT GROUP LIMITED (PAC) 2018 NOTICE OF MEETING - VOTE AGAINST THE RE-ELECTION OF PAC DIRECTOR(S) PETER KENNEDY

Pacific Current Group Limited’ (ASX “PAC”) long serving director of 15 plus years, Peter Kennedy faces a protest vote over his re-election. PAC’s long-term shareholder, ASI Mutual is continuing to pursue its demands for accountability over the failed Joint venture/merger with Northern Lights Capital Partners LLC, BNP Paribas Capital Partners LLC and their cohorts at Northern Lights Capital Group LLC. There may well be other shareholder protests, said ASI Mutual. 

ASI Mutual also notes from PAC’s 2018 annual report to shareholders, PAC was issued with an infringement notice from the Australian Securities & Investment Commission (‘ASIC’). “ASIC raised concerns with the non-consolidation of Aurora Trust (“Aurora”) in Pacific Current’s 30 June 2017 financial report”. ASIC also stated, it was “concerned that Aurora had not been consolidated from November 2014 to April 2017 when Pacific Current had rights to variable returns of Aurora and had the ability to use its power to affect the relevant activities and returns of Aurora”. Matters for which PAC’s board is collectively responsible. 

In the case of PAC’s director Peter Kennedy who is up for re-election. ASI Mutual’s director, Michael de Tocqueville, said after fifteen long years we feel that Peter Kennedy has been on the PAC board far too long. It brings into question his independence as a director and also his future value as an agile contributor in steering the operational and strategic direction of the Company under which PAC’s executive can execute. An operational and strategic direction which remains mysterious, save for some colourful powerpoint presentations. 

ASI Mutual having regard to important 'shareholder matters', will most definitely be voting against Peter Kennedy’s re-election and suggests, all other shareholders including abiding FSC 'investment manager' members, should do the same.    

ASI Mutual urges all shareholders - to thoughtfully consider the contributions Company directors make or have made on their behalf and the quantum of value they bring to their table, when asked to re-employ them.

For further shareholder or media comment, please contact:

Michael de Tocqueville

CEO-Investment Director

ASI Mutual 

Web: www.asimutual.com

Email: mdet@asimutual.com

Mobile: Australia 0402 039 993 International +61402039993