Pacific Current Group (PAC) AGM 2025 summary

Opening remarks and agenda

• Meeting opened at 2:00 P.M. with a quorum present; directors and key executives introduced.

• Agenda included formalities, business overview, financial review, strategy, and voting on resolutions.

• Presented an overview of the group’s global investment strategy and portfolio diversification across 8 investment firms in the US, Europe, and Australia.

Board and executive committee updates

• Two long-standing directors retired; new appointments included Michael Clarke as Managing Director and Ron Patel as Acting CFO.

• CFO Ashley Killick and General Counsel David Griswold retired, with both recognized for their significant contributions.

• Board renewal and transition to an externalised investment management arrangement completed.

Financial performance review

• Statutory net profit of AUD 58.2 million and underlying net profit of AUD 26 million reported, both down from the previous year.

• Underlying earnings per share declined to AUD 0.5576, with fair value NAV rising to AUD 15.51 per share.

• Off-market share buyback of over 22 million shares at AUD 12 per share, reducing issued capital by 42%.

• On-market buyback of up to 2 million shares (~6.8% of issued capital) announced, funded from cash reserves.

• Corporate costs reduced by nearly 60% due to restructuring and externalisation, with further improvements expected after early debt repayment.

• Asset realisations and exits from several investments impacted boutique results, with a large portion of net assets now held in cash.