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FEDERAL COURT of AUSTRALIA - ORDERS PACIFIC CURRENT GROUP LIMITED (PAC) TO OPEN ITS BOOKS FOR SHAREHOLDER

Announcement posted by ASI Mutual 14 Nov 2018

ASI MUTUAL OBTAINS SUBSTANTIAL COURT ORDERS AGAINST PAC UNDER SECTION 247A of THE CORPORATIONS ACT 2001 (Cth) - ASIC RAISES CONCERNS
ASI MUTUAL - MEDIA RELEASE

FROM AVAILABLE PUBLIC INFORMATION:

PACIFIC CURRENT GROUP LIMITED (“PAC”)

ASI MUTUAL APPLIES COURT ORDERS AGAINST PAC UNDER SECTION 247A of THE CORPORATIONS ACT 2001 (Cth)

FEDERAL COURT of AUSTRALIA ORDERS PACIFIC CURRENT GROUP LIMITED (PAC) TO OPEN ITS BOOKS FOR SHAREHOLDER  

ASIC RAISES CONCERNS RESULTING IN A RESTATEMENT OF AURORA TRUST AND REDUCTION OF NET ASSETS BY $48.3 MILLION AND PROFIT AFTER TAX BY $65.8 MILLION FOR THE YEAR ENDED 30 JUNE 2017.

PACIFIC CURRENT GROUP LIMITED 

33° 52’ 4.675” S 151° 12’ 36.431” E
Level 29, Suite 2, 259 George Street
Sydney NSW 2000
T: +61 2 8243 0400 // F: +61 2 8243 0410

ASX ANNOUNCEMENT

28 August 2017

Application under section 247A of the Corporations Act

Pacific Current Group Limited (ASX:PAC) (“Pacific Current Group” or the “Company”) reports that on 25 August 2017, its counsel received notice that Mr Michael de Tocqueville and Advocate Partners, Pty Ltd (ACN 143 352 130), an entity controlled by Mr de Tocqueville, has made application under section 247A of the Corporations Act 2001 (Cth), for the inspection of certain documents in relation to the establishment of the joint venture between Treasury Group Limited and Northern Lights Capital Partners, LLC.

The stated purpose for the application was to obtain the information to allow or assist in the determination of whether there may be claims to be brought against Pacific Current Group’s directors related to the creation of that joint venture. 

Pacific Current Group previously offered to provide the documents requested under an industry standard confidentiality agreement. This offer was rejected by Mr de Tocqueville.

Pacific Current Group views the purpose of the action as unnecessary, inappropriate, and of no merit and believes the action has the capacity to of damage the prospects of the Company, and consequently the interests of its investors.

Future announcements on this matter will be limited to material updates if any. 

FEDERAL COURT of AUSTRALIA

District Registry: Victoria Division: 
General No: VID940/2017 

MICHAEL DE TOCQUEVILLE and another named in the schedule Plaintiff PACIFIC CURRENT GROUP LIMITED Defendant ORDER

JUDGE: JUSTICE MIDDLETON 

WHERE MADE: Melbourne 

THE COURT ORDERS THAT: 

See links to connect to the Federal Court of Australia



Further to the Federal Court matter, about late October 2017, the Australian Securities & Investment Commission ("ASIC") raised its concerns with Pacific Current.

Pacific Current's 2018 annual report to members, states as follows:

"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". ASIC has expressed concerns over Pacific Current’s accounts which had to be restated back 4 years, resulting in a reduction of net assets by $48.3 million and profit after tax by $65.8 million for the year ended 30 June 2017.


ASI Mutual urges all shareholders - to thoughtfully consider the contributions Company directors and key executives 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 +61.402.039.993