Shareholders Vote to Extend Investment Manager Agreement

In December the company called an Extraordinary General Meeting (EGM) to be held on 24 January 2022 to enable shareholders to vote for the renewal and extension of the investment management agreement with the manager of the investment portfolio, EC Pohl & Co. The existing agreement would otherwise expire on 16 May 2022.

The primary services that the Manager, EC Pohl & Co are to continue to perform include:

(a) Manage the investment of the Portfolio, including keeping it under review;

(b) Ensure investments by the Company are only made in Authorised Investments as part of the Manager’s investment mandate;

(c) Comply with the Company’s Investment Policy;

(d) Identify, evaluate and implement the acquisition and disposal of Authorised Investments;

(e) Provide the Company with quarterly investment performance reporting;

(f) Promote investment in the Company by the general investment community; and

(g) Provide investor relationship services.

At the meeting, the number of votes to renew and extend the management agreement were in excess of 34:1 in favour of the resolution and the resolution was overwhelmingly carried. We thank shareholders for their vote of support for the investment manager to continue providing their services to the company.

The support of EC Pohl & Co has been tremendously important in the execution of the Company’s strategy and the operations of the business which is why the independent Board members unanimously recommend that Shareholders vote in favour of the resolution.

In the Shareholders’ Quarterly Report released through the ASX on the 14th of January the skill and experience of the investment manager was demonstrated in the underlying portfolio investment report (Table 1) significantly outperforming the MSCI (both in AUD and USD) since inception in 2006.

As the company looks to introduce a greater allocation to active investments that skill will be a great advantage.