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ARC FUNDS LIMITED — Remuneration Information 2019
Oct 20, 2019
64416_rns_2019-10-20_51bafebd-4ad2-4d18-bccd-6fba9c7ff1a3.pdf
Remuneration Information
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21 October 2019
Shareholder Update Remuneration of Executive Chairman for FY20
Taking into account the difficult trading conditions and being mindful of shareholders’ interests, the Board of Australian Rural Capital Limited (ASX:ARC) (the Company) wishes to advise that, if Resolution 3 is passed by shareholders at the upcoming 2019 Annual General Meeting, the Executive Chairman, Mr James Jackson, has made an undertaking to reduce the total grant of ordinary fully paid shares from 375,000 shares down to 250,000 shares which is, equal to an amount of $100,000.
Under the 2019 Notice of Annual General Meeting, despatched on 2 October 2019; Resolution 3 asks shareholders to consider and, if thought fit, to approve the issue of a total of 375,000 ordinary shares to the Executive Chairman, in consideration of his appointment as Executive Chairman, in place of cash remuneration for the period 1 July 2019 to 30 June 2020.
Subject to the passing of Resolution 3, the Executive Chairman has voluntarily agreed to reduce his Director Fees for the period 1 July 2019 to 30 June 2020 from $150,000 per annum to $100,000 per annum.
The aforementioned adjustment will not affect the Notice of Meeting for the 2019 Annual General Meeting nor the wording of Resolution 3. The Executive Chairman will make reference to this announcement and to the adjustment of the grant at the commencement of the Meeting.
As advised in the Notice of Meeting, the 2019 Annual General Meeting will be held on Wednesday 30 October 2019 at 12.00pm (Brisbane time) at the offices of Broadley Rees Hogan, located at Level 24, 111 Eagle Street, Brisbane QLD 4000.
By order of the Board of Directors
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Tamara Barr Joint Company Secretary
Australian Rural Capital Limited ABN 52 001 746 710
c/- Broadley Rees Hogan, Level 24, 111 Eagle Street, BRISBANE, QLD 4001 GPO Box 635 BRISBANE QLD 4001 phone: (07) 3223 9170