PACIFIC CURRENT GROUP LIMITED (PAC) SHAREHOLDERS CONSIDER LEGAL ACTION AGAINST THE COMPANY AND ITS DIRECTORS

Dear Fellow Pacific Current Group Limited (PAC) Shareholder

In November 2014, Treasury Group Limited (TRG), now called Pacific Current Group Limited (PAC), executed on a joint venture with Northern Lights Capital Partners LLC (NLCP). PAC advised its shareholders NLCP was backed by Laird Norton Company (LNC) and BNP Paribas Capital Partners LLC (BNP) who were its biggest investors.

The joint venture arrangement with NLCP included the merging of its wholly owned USA based, Registered Investment Adviser (RIA) Northern Lights Capital Group LLC (NLCG) together with NLCG’s wholly owned subsidiary NLCG Distributors LLC (NLCGD), also USA based, and which is a FINRA registered broker. All of TRG’s assets, economic or otherwise, together with of those of NLCP (including NLCG and NLCG), were vended (sold) into a joint venture vehicle called the Aurora Trust (Trust). TRG was later (late 2015) rebranded as Pacific Current Group Limited. (TRG’s 20-year ‘valuable’ Australian brand name was cast aside by the Company > driven by the Joint Venture partners?).    

After completion of the joint venture/merger, TRG raised $30 million dollars of equity through an institutional placement, and a further $10 million dollars raised from existing shareholders under a share purchase plan. Both equity raisings were done at $10.25 per share.

When the joint venture/merger was announced, the market and existing shareholders were told that the value of Northern Lights Capital Partners’ contribution was AUD$193 million dollars. Less than two years later, the Trust had impaired the carrying value of the Northern Lights assets by AUD$137 million dollars.  

The merger was a monumental disaster!

Shareholders have lost a lot of money, especially those who participated in the 2014 institutional placement and the 2015 share purchase plan.

Were you a participant in the 2014 institutional placement or share purchase plan?

I am considering legal action against the company and its directors. You may wish to join me.  

If so, please contact me, details below. 

Michael de Tocqueville

Investment Director

Mobile: 0402.039.993

mdet@asimutual.com

ASI MUTUAL

93 High Street 

Woodend VIC 3442

Australia

Phone +61 (0) 3 5427 4561

info@asimutual.com