PACIFIC CURRENT GROUP SHAREHOLDERS CALL FOR THE REMOVAL AND REPLACEMENT OF ITS FRENCH BASED DIRECTOR - GILLES GUÉRIN
Announcement posted by ASI Mutual 14 Nov 2018
ASI MUTUAL - SOUNDING THE CALL ON SHAREHOLDER MATTERS CONCERNING PACIFIC CURRENT GROUP LIMITED IN AUSTRALIA AND ALSO IN THE GOOD OLD USA
ASI Mutual as a key PAC shareholder and others are calling for PAC's serving director GILLES GUÉRIN to do the right thing by the Company's shareholders and resign.
Pacific Current Group, can be better managed than it has been over the past 4 years, says ASI Mutual.
GILLES GUÉRIN only came onto PAC’s board as a result of the now failed 2014 joint venture (JV). BNP was the partner and co-shareholder in Northern Lights Capital Partners in the JV with PAC.
The joint venture failed at a huge cost to PAC and its shareholders.
Northern Lights Capital Partners and BNP Paribas sold up their interests in the failed JV in early 2017. So why is GUÉRIN the man from BNP, who resides half way across the globe, still on the board. It makes no sense. He personally has no ties here. He owns no shares in PAC. Again, why is he still on the board.
GILLES GUÉRIN needs to be told by shareholders he is no longer wanted here, in Australia. We have told him that. As far as we can see, he or the Company he represents, add no value to PAC’s shareholders, in managing the affairs of their Company.
PAC’s broker Ord Minnett said in a research report, it was shocked when BNP failed to produce on their side of the JV??
PAC’s long-term shareholder, ASI Mutual is continuing to pursue its demands for accountability over the failed Joint venture/merger with Laird Norton LLC, BNP Paribas Capital Partners LLC, Northern Lights Capital Partners LLC, and their cohorts at Northern Lights Capital Group LLC.
ASI Mutual as a PAC shareholder, has been protesting loudly about PAC's poor Corporate Governance record. PAC is a woefully managed Company. Its share price is languishing under the remnants of a failed joint venture and opaque corporate strategy. There may well be other shareholder protests, said ASI Mutual.
The Corporate regulator has also raised concerns about Pacific Current Group's management, not just ASI Mutual.
ASI Mutual 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 +61.402.039.993