PACIFIC CURRENT GROUP LIMITED (PAC) – SHAREHOLDERS TO VOTE AGAINST THE RE-ELECTION OR ELECTION OF DIRECTOR(S) AT THE 2018 ANNUAL GENERAL MEETING OF SHAREHOLDERS IN MELBOURNE AUSTRALIA

Pacific Current Group Limited’ (ASX “PAC”) former executive director Antony Robinson, faces a protest vote over his election as an independent non-executive director of the Company. 

ASI Mutual a long-term shareholder of Pacific Current Group Limited (PAC) will VOTE AGAINST the appointment of Antony Robinson as a director of the Company at the Annual General Meeting of Members to be held in Melbourne Australia on 30 November. 

In PAC’s Notice of Meeting to its Members it states, the Board of PAC considers that Mr Antony Robinson qualifies as an independent director. We disagree with the Company on the matter of Robinson being and independent director. We think also, the ASX Corporate Governance Council disagrees. 

Antony Robinson was previously appointed a Non-Executive director of PAC on 28 August 2015. He became an Executive Director on 20 April 2016. Approximately 2.5 years later, on 1 October 2018, Mr Robinson was elected by PAC’s board it seems, to become an ‘independent director’ overnight. 

What the Australian Securities Exchange (ASX) – ASX Corporate Governance Council says about the independence of directors of Australian listed Companies is as follows: - 

“one of the factors relevant to assessing the independence of a director includes, whether the director, is, or has been, employed in an executive capacity by the entity or any of its child entities and there has not been a period of at least three years between ceasing such employment and serving on the board”. 

Accordingly, having regards to Antony Robinson’s recent change of director appointment and after considering the recommendations of ASX Corporate Governance Council. ASI Mutual as a PAC shareholder will be VOTING AGAINST his appointment as a director of Pacific Current Group Limited. 

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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.  

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 employ or 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