ASSET VISION CO LTD — AGM Information 2019

Oct 23, 2019

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PS&C Ltd

ACN 164 718 361

Notice of Annual General Meeting

Notice is hereby given that the 2019 Annual General Meeting of PS&C Ltd (ACN 164 718 361) (‘ Company ’) will be held at the time and location, and to conduct the business, specified below:

Date 28 November 2019 Registration 10.30am (AEDT) Meeting Start Time 11.00am (AEDT)

Location Moore Stephens, Level 18, 530 Collins Street, Melbourne, VIC., 3000

Business

The following business will be conducted:

1. Chairman’s Address and Report

2. Financial Statements and Reports

To receive and consider the reports of the Directors and the Auditor and the financial statements for the year ended 30 June 2019 for the Company and its controlled entities. (Refer to the Explanatory Statement annexed for further details).

3. Remuneration Report

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 1

“That the Remuneration Report for the financial year ended 30 June 2019 be adopted.” (Refer to the Explanatory Statement annexed for further details)

Please note the vote on this resolution is advisory only and does not bind the Directors or the Company.

Voting Exclusion Statement

A vote must not be cast (in any capacity) on Resolution 1 – Remuneration Report by or on behalf of a member of the PS&C Ltd’s key management personnel (“ KMP ”), details of whose remuneration are included in the Remuneration Report, and their closely related parties, whether as a shareholder or as a proxy.

However, the Company will not disregard a vote cast on Resolution 1 by a KMP, or a closely related party of a KMP, if the vote is cast as a proxy:

• (a) Appointed by writing that specifies how the proxy is to vote on Resolution 1; and

• (b) The vote is not cast on behalf of KMP or a closely related party of a KMP.

Please note that the Chairman of the Meeting intends to vote undirected proxies in favour of all resolutions.

If the Chairman of the Meeting is appointed as your proxy, or if the Chairman of the Meeting becomes your proxy by default, and you do not provide a voting direction, you are expressly authorising the Chairman of the Meeting to exercise your proxy even if the resolution is connected directly or indirectly with the remuneration of a member of the KMP.

4. Election of Directors

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 2

• (a) “To elect Mr Glenn Fielding as a Director of the Company under clause 12.17 of the Constitution of the Company”. (Refer to the Explanatory Statement annexed for further details).

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 3

• (a) “To elect Mr Robert Hogeland (who was appointed a Director of the Company pursuant to clause 12.16 of the Constitution of the Company) as a Director of the company under clause 12.17 of the Constitution of the Company”. (Refer to the Explanatory Statement annexed for further details).

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 4

• (a) “To elect Mrs Renata Sguario (who was appointed a Director of the Company pursuant to clause 12.16 of the Constitution of the Company) as a Director of the company under clause 12.17 of the Constitution of the Company”. (Refer to the Explanatory Statement annexed for further details).

5. Approval of placement facility

To consider, and if thought fit, pass the following resolution as a Special Resolution:

Resolution 5

“That, for the purposes of ASX Listing Rule 7.1A, shareholders approve the Company having the capacity to issue fully paid ordinary shares in the capital of the Company up to the maximum number permitted under ASX Listing Rule 7.1A at an issue price which is not less than 75% of the volume weighted average market (closing) price of the Company’s ordinary shares calculated over the last 15 days on which trades of the Company’s ordinary shares were recorded on ASX immediately before the date on which the issue price is agreed or the date the issue is made”. ( Refer to the Explanatory Statement annexed for further details).

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Voting Exclusion

The Company will disregard any votes cast in favour of this resolution by:

• (a) a person who is expected to participate in the proposed issue and a person who will obtain a material benefit, except a benefit solely by reason of being a holder of ordinary securities if the resolution is passed; and

• (b) any associates of those persons.

However, the Company will not disregard a vote on this resolution if:

• (a) it is cast by a person as proxy for a person who is entitled to vote, if the vote is cast in accordance with the directions on the Proxy Form; or

• (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction of the Proxy Form to vote as the proxy decides.

6. Approval of proposed issue of Ordinary Shares to Renata Sguario

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 6

“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval be given for the issue of Ordinary Shares to Mrs Renata Sguario, Non-Executive Director, on the terms described in the Explanatory Statement annexed”. ( Refer to the Explanatory Statement annexed for further details).

Voting Exclusion

The Company will disregard any votes cast in favour of this resolution by:

• (a) Mrs Renata Sguario; or

• (b) any associate of Mrs Renata Sguario.

However, the Company will not disregard a vote on this resolution if:

• (a) it is cast by a person as proxy for a person who is entitled to vote, if the vote is cast in accordance with the directions on the Proxy Form; or

• (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction of the Proxy Form to vote as the proxy decides.

Except for the Chairman of the meeting, when authorised to vote an undirected proxy (as described above), members of the key management personnel and their closely related parties may not vote as proxy on this resolution unless the proxy appointment specifies the way the proxy is to vote on this resolution.

7. Ratification and approval of previous allotment and issue of securities

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution:

Resolution 7

“That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, shareholders ratify and approve the previous allotment and the issue of 6,976,431 shares at $0.132 per share, calculated on the Volume Weighted Average Price (VWAP) for the period 90 days prior to 1 February 2019 to the vendors of Artisan Consulting Pty Ltd. ( Refer to the Explanatory Statement annexed for further details).

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Voting Exclusion

The Company will disregard any votes cast in favour of this resolution by:

• (a) the vendors of Artisan Consulting Pty Ltd; and

• (b) any associates of those persons.

However, the Company will not disregard a vote on this resolution if:

• (a) it is cast by a person as proxy for a person who is entitled to vote, if the vote is cast in accordance with the directions on the Proxy Form; or

• (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction of the Proxy Form to vote as the proxy decides.

8. Approval of proposed issue of performance rights to Mr Robert Hogeland

To consider, and if thought fit, pass the following resolution as an Ordinary Resolution: ( Refer to the Explanatory Statement annexed for further details).

Resolution 8

“That for the purposes of ASX Listing Rule 10.14 and for all other purposes, approval be given for the issue of performance rights under the PS&C Employee & Directors Benefit Plan to Mr Robert Hogeland, Director, on the terms described in the Explanatory Statement annexed”.

Voting Exclusion

The Company will disregard any votes cast in favour of this resolution by:

• (a) a Director of the Company; or

• (b) any associate of a Director of the Company.

However, the Company will not disregard a vote on this resolution if:

• (a) it is cast by a person as proxy for a person who is entitled to vote, if the vote is cast in accordance with the directions on the Proxy Form; or

• (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction of the Proxy Form to vote as the proxy decides.

Except for the Chairman of the meeting, when authorised to vote an undirected proxy (as described above), members of the key management personnel and their closely related parties may not vote as proxy on this resolution unless the proxy appointment specifies the way the proxy is to vote on this resolution.

Other matters

Clause 12.11 of the Company’s Constitution requires one-third of the Directors to retire from office by rotation.

The Board advises that Mr Kevin McLaine will be retiring from the board and is not seeking reelection

No resolution is required for this item.

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By order of the Board of Directors

Date 18 October 2019

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NOTES

The Explanatory Statement forms part of this Notice of Annual General Meeting and should be read in conjunction with it.

VOTING ENTITLEMENTS

Pursuant to regulation 7.11.37 of the Corporations Regulations, the Board has determined that, for the purpose of voting at the meeting, members are those persons who are the registered holders of shares at 7.00 pm (AEDT) on 26 November 2019.

PROXIES

In accordance with section 249L of the Corporations Act 2001 (Cth):

A member who is entitled to attend and vote at the Annual General Meeting may appoint a proxy. A proxy can be either an individual or a body corporate. Should you appoint a body corporate as your proxy, that body corporate will need to ensure that it:

• (a) appoints an individual as its corporate representative to exercise its powers at meetings, in accordance with section 250D of the Corporations Act 2001 (Cth); and

• (b) provides satisfactory evidence of the appointment of its corporate representative prior to commencement of the meeting.

If satisfactory evidence of appointment as corporate representative is not received before the meeting, then the body corporate (through its representative) will not be permitted to act as your proxy.

If a shareholder is entitled to cast two or more votes they may appoint two proxies and may specify the percentage of votes each proxy is appointed to exercise. If the proxy appointments do not specify the proportion of the member’s voting rights that each proxy may exercise, each proxy may exercise half of the member’s votes. A proxy need not be a member.

To be effective, the proxy form (and, if the appointment is signed by the appointer’s attorney, the authority under which it was signed or a certified copy of the authority) must be received by the Company’s share registry, Boardroom Pty Limited, no later than 48 hours prior to the commencement of the Annual General Meeting which will be held at 11.00 am (AEDT), on 21 November 2019.

If you appoint a proxy, the Company encourages you to direct your proxy how to vote on each item of business.

The Chairman of the Meeting intends to vote undirected proxies able to be voted in favour of all items of business.

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The completed proxy form may be:

Mailed/delivered to the Company’s share registry, Boardroom Pty Limited at:

Street Address:	Postal Address:	Fax to:
Boardroom Pty Limited	Boardroom Pty Limited	Boardroom Pty Limited
Level 12, 225 George Street	GPO Box 3993	+61 2 9290 9655
Sydney NSW 2000	Sydney NSW 2001

Or lodged online at http://www.votingonline.com.au/pszagm2018

CORPORATE REPRESENTATIVES

A corporation may elect to appoint an individual to act as its representative in accordance with section 250D of the Corporations Act 2001 (Cth) in which case the Company will require a Certificate of Appointment of Corporate Representative executed in accordance with the Corporations Act 2001 (Cth). The Certificate must be lodged with the Company before the meeting or at the registration desk on the day of the meeting. The Company will retain the certificate.

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EXPLANATORY STATEMENT

Introduction

This Explanatory Statement has been prepared for the shareholders of PS&C Ltd ( Company ) to provide information about the items of business to be considered at the Annual General Meeting of shareholders to be held on 28 November 2019.

Resolutions 1, 2, 3, 4, 6, 7, and 8 are to be voted on as ordinary resolutions. Ordinary resolutions require a simple majority of votes cast by shareholders entitled to vote on the resolution.

Resolution 5 requires a special resolution. A special resolution requires at least 75% of votes cast by shareholders entitled to vote on the resolution to be in favour of the resolution for it to be passed.

ITEM 1 – Chairman’s Address and Report

The Chairman will address the meeting and comment on the performance of the Company for the Financial Year ended 30 June 2019 as well as future strategic and operational initiatives. The Chairman will also respond to questions raised by Shareholders.

ITEM 2 – Financial Statements and Reports

As required by section 317 of the Corporations Act 2001 (Cth), the annual accounts of the Company and the associated reports of the Directors and the Auditor for the most recent financial year will be laid before the meeting.

No resolution is required for this item, but shareholders will be given the opportunity to ask questions and to make comments on all aspects of the accounts and reports.

ITEM 3 – Remuneration Report

Resolution 1 – Remuneration Report

The Board submits its Remuneration Report to shareholders for consideration and adoption by way of non-binding resolution. This resolution is advisory only and does not bind the Directors of the Company.

However, if at least 25% of the votes cast on the resolution are voted against adoption of the Remuneration Report at the meeting, and then again at the 2020 AGM, the Company will be required to put to Shareholders a resolution proposing the calling of an extraordinary general meeting to consider the appointment of Directors of the Company (spill resolution).

If more than 50% of shareholders vote in favour of the spill resolution, the Company must then convene an extraordinary general meeting (spill meeting) within 90 days of the 2020 AGM. All of the Directors who were in office when the 2019 Director’s Report is approved, other than the Managing Director, will cease to hold office immediately before the end of the spill meeting but may stand for re-election at the spill meeting. Following the spill meeting those persons whose election or re-election as Directors is approved will be the Directors of the Company.

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The Remuneration Report is set out in the Director’s Report in the 2019 Annual Report. The Report:

• (a) Explains the Board’s policy for determining the nature and amount of remuneration of Executive Directors and senior executives of the Company;

• (b) Sets out the actual remuneration for the financial year ended 30 June 2019 for each Director and each member of the Company’s senior executive management team; and

• (c) Details and explains any performance hurdles applicable to the remuneration of Executive Directors and senior executives of the Company.

Shareholders will be given the opportunity to ask questions and to make comments on the reports.

Recommendation

The Directors recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

ITEM 4 – Election of Directors

Resolution 2

This resolution seeks the election of Mr Glenn Fielding, noting that he was originally appointed as CEO and Managing Director pursuant to his employment agreement, as a Director of the company under clause 12.17 of the Constitution of the Company.

Recommendation

The Directors recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

Resolution 3

This resolution seeks approval for the election of Mr Robert Hogeland, a Director who was appointed to the Board on 16 August 2019 in accordance with clause 12.16 of the Company’s Constitution.

This clause states that the Board has the power to appoint any person as a Director either to fill a casual vacancy or as an addition to the Board. Any Director appointed under this clause may hold office only until the next Annual General Meeting and is then eligible for election at that meeting.

Mr Hogeland is eligible for election under clause 12.17 and offers himself for election as a Director of the Company.

Mr Robert Hogeland

Age: 44 years

Occupation: CEO

Academic and professional qualifications:

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Academic and professional qualifications:

Bachelor of Business – Monash University 1996

Business Experience:

Robert has extensive experience in the IT Services industry spanning more than 15 years. He is presently the Regional Director of Sales in Victoria having joined PS&C Ltd as part of the Seisma Pty Ltd acquisition completed in March 2018. Previously, Robert worked as the Group Executive, Southern Region at ASX listed RXP Services Limited. The appointment at RXP followed 9 years as a major account executive at FinXL Professional Solutions.

Recommendation

The Directors recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution

Resolution 4

This resolution seeks approval for the election of Mrs Renata Sguario, a Director who was appointed to the Board on 2 September 2019 in accordance with clause 12.16 of the Company’s Constitution.

This clause states that the Board has the power to appoint any person as a Director either to fill a casual vacancy or as an addition to the Board. Any Director appointed under this clause may hold office only until the next Annual General Meeting and is then eligible for election at that meeting.

Mrs Sguario is eligible for election under clause 12.17 and offers herself for election as a Director of the Company.

Mrs Renata Sguario

Age: 47 years

Occupation: Transformation Director

Academic and professional qualifications:

• Bachelor of Computer Science and Information Management – The University of Melbourne 1992

• Institute of Executive Coaching (IECL) Level 1&2 2013

Business Experience:

Renata is an experienced senior executive with almost three decades specialising in customer centred, technology enabled, business transformation at leading companies both in Australia and abroad. Renata’s extensive operational experience has seen her deliver large scale and complex business change, sustainable cost to income ratio improvement and risk management uplift in highly regulated environments.

Recommendation

The Directors recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution

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ITEM 5 - Approval of placement facility

Resolution 5

Under ASX Listing Rule 7.1A, certain companies may seek shareholder approval by special resolution passed at an annual general meeting to have the additional capacity to issue equity securities which do not exceed 10% of the existing ordinary share capital without further shareholder approval.

Approval of the special resolution outlined in Resolution 5 is sought for the Company to issue ordinary shares under Listing Rule 7.1A.

If the special resolution is approved, the Company may make an issue of ordinary shares under ASX Listing Rule 7.1A at any time – on either a single date or progressively – up until the earlier of:

• (a) The date which is 12 months after the date of the 2019 Annual General Meeting (28 November 2020); or

• (b) The date on which shareholders approve a transaction under ASX Listing Rule 11.1.2 (significant change to nature or scale of activities) or 11.2 (disposal of main undertaking).

As at the date of this Explanatory Statement, the Company is an “eligible entity” and able to seek approval under Listing Rule 7.1A as it is not included in the S&P/ASX 300 and has a market capitalisation of $300 million or less. If the Company ceases to be an eligible entity by the date of the 2019 Annual General Meeting, this resolution will be withdrawn.

The maximum number of ordinary shares which may be issued in the capital of the Company under the approval sought by this resolution is calculated in accordance with the following formula as set out in Listing Rule 7.1A.2:

(A x D) - E

Where:

A is the number of fully paid ordinary shares on issue 12 months before the date of issue or agreement to issue:

• (a) Plus the number of fully paid ordinary shares issued in the past 12 months under an exception in ASX Listing Rule 7.2;

• (b) Plus the number of partly paid shares that become fully paid in the 12 months;

• (c) Plus the number of fully paid shares issued in the 12 months with approval of holders of ordinary shares under ASX Listing Rule 7.1 and 7.4. This does not include an issue of fully paid ordinary shares under the Company’s 15% placement capacity without shareholder approval;

• (d) Less the number of fully paid ordinary shares cancelled in the 12 months.

• D is 10%

E is the number of equity securities issued or agreed to be issued under Listing Rule 7.1A.2 in the 12 months before the date of the issue or agreement to issue, that are not issued with shareholder approval under ASX Listing Rule 7.1 or 7.4.

The ability of the Company to make an issue under ASX Listing Rule 7.1A is in addition to its 15% placement capacity under Listing Rule 7.1.

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As at the date of this Notice, the Company has on issue 251,960,053 ordinary shares and will have the capacity to issue:

• (a) Subject to shareholder approval being received under Resolution 5; 62,990,013 ordinary shares under Listing Rule 7.1A.

The actual number of ordinary shares that the Company will have the capacity to issue under Listing Rule 7.1A will be calculated at the date of issue of the shares in accordance with the formula in Listing Rule 7.1A.2 (as described above).

For the purposes of Listing Rule 7.3A, the following information is provided:

The minimum price at which the ordinary shares the subject of this special resolution will be issued is 75% of the volume weighted average market (closing) price of the Company’s ordinary shares calculated over the last 15 days on which trades are recorded immediately before either:

• (a) The date on which the price at which the securities are to be issued is agreed; or

• (b) If the securities are not issued within 5 trading days of the date on which the price at which the securities are to be issued is agreed, the date on which the securities are issued.

If this special resolution is approved and the Company issues ordinary shares under the 10% Placement Facility, the existing shareholders voting power in the Company will be diluted as shown in the table below.

There is a risk that:

• (a) The market price for the Company’s ordinary shares may be significantly lower on the issue date than on the date of the approval of this special resolution; and

• (b) The ordinary shares may be issued at a price that is at a discount to the market price for the Company’s ordinary share on the issue date, which may have an effect on the amount of funds raised by the issue.

The table below sets out the dilution of existing shareholders on the basis of the current market price of shares and the current number of ordinary shares for variable “A” calculated in accordance with the formula in Listing Rule 7.1A.2.

The table also shows:

• (a) Two examples where variable “A” has increased, by 50% and 100%. Variable “A” is based on the number of ordinary shares the Company has on issue. The number of ordinary shares may increase as a result of issues of ordinary shares which do not require shareholder approval (for example, a pro rata entitlements issue) or future placements under Listing Rule 7.1 that are approved by shareholders; and

• (b) Two examples of where the issue price of ordinary shares has decreased by 50% and increased by 100% as against the current market price.

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Dilution
Variable "A" in Listing 50% decrease 100% increase
Rule 7.1A.2 in Issue Price Issue Price in Issue Price
$0.031 $0.061 $0.122
Current Vairable A 10% voting
Dilution 25,196,005 25,196,005 25,196,005
251,960,053
Funds raised $768,478 $1,536,956 $3,073,913
50% increase in
current Variable A 10% voting
Dilution 37,794,008 37,794,008 37,794,008
377,940,080
Funds raised $1,152,717 $2,305,434 $4,610,869
100% increase in
current Variable A 10% voting
Dilution 50,392,011 50,392,011 50,392,011
503,920,106 Funds raised $1,536,956 $3,073,913 $6,147,825
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The table has been prepared on the following assumptions. The Company does not represent that they will necessarily occur:

• (a) The Company issues the maximum number of shares available under the 10% Placement Facility.

• (b) The 10% voting dilution reflects the aggregate percentage dilution against the issued share capital at the time of issue. This is why the voting dilution is shown in each example as 10%.

• (c) The table does not show an example of dilution that may be caused to a particular Shareholder by reason of placements under the 10% Placement Facility, based on that Shareholder’s holding at the date of the Meeting.

• (d) The table shows only the effect of issues of ordinary shares under Listing Rule 7.1A, not under the 15% placement capacity under Listing Rule 7.1.

• (e) The issue price is $0.061, being the closing price of the Shares on ASX on 10 October 2019.

• (f) The number of shares in Variable “A” is the total shares on issue based on the shares issued in Resolutions 6, 7, and 8.

• (g) The number of shares issued for the 12 month period to 18 October 2019under f) above is 8,819,526.

The Company may seek to issue ordinary shares under the Placement Facility for either:

• (a) A cash issue price, in which case the Company may use the funds for working capital or other corporate purpose; or

• (b) Non-cash consideration, such as for the acquisition of new assets or investments, subject to applicable ASX requirements

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In either case, the cash issue price or the value of the non-cash consideration must comply with the minimum issue price noted above.

The Company’s allocation policy is dependent on the prevailing market conditions at the time of any proposed issue pursuant to the 10% Placement Facility. The identity of the allottees of securities will be determined on a case-by-case basis having regard to the factors including but not limited to the following:

• (a) the methods of raising funds that are available to the Company, including but not limited to, rights issue or other issue in which existing security holders can participate;

• (b) the effect of the issue of the securities on the control of the Company;

• (c) the financial situation and solvency of the Company; and

• (d) advice from corporate, financial and broking advisers (if applicable).

The allottees under the 10% Placement Facility have not been determined as at the date of the Notice but may include existing substantial Shareholders and/or new Shareholders who are not a related party or an associate of a related party of the Company.

The total number of equity securities issued, including unlisted options, during the 12 months preceding the date of this meeting is 8,819,526. This represents 3.6% of the total number of equity securities on issue at the commencement of that 12 month period.

The following table details the issues of equity securities not previously approved, including unlisted options, by the Company in the 12 month period prior to this meeting.

	Purpose of issue	Number of Shares	Class of Shares	Issue Price		Date
				Per Share	Total
Artisan Consulting Pty Ltd	Sale and purchase Agreement	6,976,431	Ordinary	$0.132	$920,888.89	18 February 2019
Employees	Employees	1,843,095	Ordinary	Exercise Price $0.065	$119,801.175	14 August 2019

As required by Listing Rule 7.3A.3, the Company will only issue and allot the Placement Securities during the 12 months after the date of this Meeting which the Company anticipates will end on 27 November 2020. The approval under Resolution 5 for the issue of the Placement Securities will cease to be valid in the event that shareholders approve a transaction under Listing Rule 11.1.2 (a significant change to the nature or scale of activities of the Company) or Listing Rule 11.2 (the disposal of the main undertaking of the Company) before the anniversary of the Annual General Meeting.

A voting exclusion statement is included in the Notice. At the date of the Notice, the Company has not approached any particular existing Shareholder or security holder or an identifiable class of existing security holder to participate in the issue of the securities. No existing Shareholder's votes will therefore be excluded under the voting exclusion in the Notice.

Recommendation

The Directors believe that Resolution 5 is in the best interests of the Company and recommend that shareholders vote in favour of the resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

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ITEM 6 – Approval of proposed issue of Ordinary Shares

Resolution 6

Issue of Ordinary Shares to Renata Sguario

ASX Listing Rule 10.11 prevents the Company from issuing securities to Directors, unless approved by the members of the Company

The Company is entitled to issue shares, options and/or performance rights to Directors, officers, employees and contractors, subject to such terms and restrictions as the Board identifies and at issue or exercise prices as the Board determines.

For the purposes of aligning her interests with shareholders the Board has decided to issue Renata Sguario, Non-Executive Director, with 500,000 Ordinary Shares for nil consideration.

The Company is now seeking shareholder approval for the issue of Ordinary Shares on the

terms outlined below.

To enable the members to approve the resolution under Item 5, the following information is provided in compliance with ASX Listing Rule 10.13:

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Shares issued to Renata Sguario
Issue Date: Within 30 days of approval of the members
Number of Securities: 500,000 Ordinary Shares
Issue Price: $0.055
Terms of Issue: The Shares rank equally with all existing Shares on issue
Allottees: Renata Sguario
Use of funds: No funds were raised as the Shares were issued for nil Consideration
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Note: Pursuant to ASX Listing Rule 7.2 Exception 14, where Shareholders approval under ASX Listing Rule 10.11 is given, approval under ASX listing Rule 7.1 is not required.

Recommendation

The Directors, (other than Mrs Renata Sguario who is not eligible to vote), recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

ITEM 7 Ratification and approval of previous allotment and issue of securities

Resolution 7

The purpose of Resolution 7 is for shareholders to approve and ratify, under ASX Listing Rule 7.4, the issue of securities by the Company during the 12 months before the date of the meeting which count toward the Company’s 15% limit under ASX Listing Rule 7.1 and 10% limit under ASX listing rule 7.1A.

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ASX Listing Rule 7.1 provides that subject to certain exceptions (none of which are relevant here) prior approval of shareholders is required for an issue of securities if the securities will, when aggregated with the securities issued by the entity during the previous 12 months, exceed 15% of the number of the securities at the commencement of that 12 month period.

ASX Listing Rule 7.1A provides that subject to certain exceptions (none of which are relevant here) prior approval of shareholders is required for an issue of securities if the securities will, when aggregated with the securities issued by the entity during the previous 12 months, exceed 10% of the number of the securities at the commencement of that 12 month period.

The allotment and issue of securities detailed in Resolution 7 did exceed the 15% threshold. However, ASX Listing Rule 7.4 provides that where an entity ratifies an issue of securities, the issue will be treated as having been made with the approval for the purpose of ASX Listing Rule 7.1 and ASX Listing Rule 7.1A, thereby replenishing that entity’s 15% and 10% capacity and enabling it to issue further securities up to that limit.

Resolution 7 proposes the ratification and approval of the allotment and issue of fully paid ordinary shares ( Shares ) detailed below for the purposes of satisfying the requirements of ASX Listing Rule 7.4.

The following table shows the number of shares issued and the VWAP for the 90 day period prior to issue.

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Shares issued to the vendors of Artisan Consulting Pty Ltd
Issue Date: 18 February 2019
Number of Securities: 6,976,431 ordinary shares
Issue Price: $0.132, being the Volume Weighted Average Price of the securities for
the period 90 days prior to 1 February 2019
Terms of Issue: The Shares rank equally with all existing Shares on issue
Allottees: Richard Adrian Clarke as vendor of Artisan Consulting Pty Ltd
Use of funds: No funds were raised as the Shares were issued as part consideration
for the acquisition of Artisan Consulting Pty Ltd
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Recommendation

The Directors recommend voting in favour of the allotment and issue of securities to the vendors of Artisan Consulting Pty Ltd. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

ITEM 8 – Approval of proposed issue of performance rights

Resolution 8

Issue of performance rights to Robert Hogeland under the Directors and Employee Benefits Plan

ASX Listing Rule 10.14 prevents the Company from issuing securities to Directors and their associates under the Company's Directors and Employee Benefits Plan unless approved by

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the members of the Company. The Company has previously adopted the PS&C Directors and Employee Benefits Plan ( Plan ). A brief summary of the proposed terms of the Plan was contained in the Prospectus. Further details of the Plan are set out in the Schedule to this Explanatory Statement.

Under the Plan, the Company is entitled to issue shares, options and/or performance rights to Directors, officers, employees and contractors, subject to such terms and restrictions as the Board identifies and at issue or exercise prices as the Board determines.

In accordance with the terms of the Plan, the Board has designed a performance rights scheme for Robert Hogeland, Director, which provides for the issue and exercise of performance rights on the satisfaction of certain hurdle requirements, as detailed below.

The Company is now seeking shareholder approval to the issue of the performance rights on the terms outlined below.

To enable the members to approve the resolution under Item 8, the following information is provided in compliance with ASX Listing Rule 10.15:

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Eligibility The following individuals are eligible to participate
under the Plan:
 A Director or Secretary of the Company or
any of its subsidiaries; or
 A permanent full-time or permanent part-
time employee or a contractor of the
Company selected by the Board to
participate.
The Company notes that the terms of Robert
Hogeland’s incentive scheme as outlined
in this table apply only Robert Hogeland in
his capacity as non-executive Director of
the Company.
Number of performance 5,002,339 rights issued the earlier of 31 December
rights to be issued 2021, subject to certain KPIs being achieved by
Robert Hogeland.
Exercise price The rights are issued at nil cost.
Loan available No
Date by which the Within 30 days of receiving required member
Company will issue the approval.
performance rights
Number of performance NIL
rights previously issued
to Robert Hogeland
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17

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Names of Directors and The Directors who are entitled to participate in the
Directors’ associates Plan are Glenn Fielding, Robert Hogeland, and
who are entitled to Renata Sguario.
participate in the Plan
The issue of performance rights under Resolution 7
has been designed specifically for Robert Hogeland
as non-executive Director and no other Director is
entitled to receive performance rights on the terms
outlined in this table.
Names of Directors and NIL
Directors’ associates
who received options
under the Plan since its
last approval
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Recommendation

The Directors, (other than Mr Robert Hogeland who is not eligible to vote), recommend voting in favour of this resolution. The Chairman of the meeting will be voting any undirected proxies in favour of this resolution.

18

Schedule

EMPLOYEE & DIRECTORS’ BENEFIT PLAN

PS&C Ltd has adopted the PS&C Employee & Directors’ Benefit Plan (the Plan ).

Under the Plan, PS&C Ltd is entitled to issue shares, options and/or performance rights to Directors, officers, employees and contractors, subject to such terms and restrictions as the Board identifies and at issue or exercise prices as the Board determines.

Invitations under the Plan must be made in writing and identify any restrictions to which the person accepting such an invitation will be subject under the terms of the Plan. Options and performance rights are non-transferable. Unless otherwise determined by the Board, options will only be exercisable into Shares 1 year from the date they are granted and will lapse 18 months from that date, or on the date that a participant ceases to be a Director, officer or employee, except in certain defined special circumstances such as total and permanent disablement or redundancy.

Performance rights will confer an entitlement to Shares at no cost upon satisfaction of certain performance criteria determined by the Board.

Shares issued pursuant to the Plan will be issued fully paid and rank equally for dividends with other Shares on or after the date of allotment. Further, the Directors may also determine that Shares may be purchased on market for the benefit of participants under the Plan. Shares, options or performance rights issued under the Plan that are subject to restrictions on disposal cannot be dealt with in any way until the restrictions have expired. However, if a takeover bid is made to acquire the whole or any number of the Shares, or a scheme of arrangement, selective capital reduction or other similar transaction is initiated that has a similar effect to a full takeover bid for all of the Shares, then the Board may in its absolute discretion lift the restrictions.

In the event that there is a reorganisation of the Company’s capital by way of bonus issue or rights issue or on reconstruction, the numbers of options or performance rights issued under the Plan may be adjusted.

The Board will administer the Plan and have an absolute discretion to: implement procedures for the administration of the Plan; resolve all questions of fact or interpretation arising in respect of the Plan; delegate to one or more persons any powers in respect of the Plan; amend the rules of the Plan, provided that such amendments do not unduly prejudice the rights of existing participants.

The Plan may be suspended, terminated or amended at any time by the Board, subject to any resolution of the Shareholders as required by the ASX Listing Rules. No broker’s fees or commissions are payable by participants in the Plan for the issue of shares, options or performance rights under the Plan.

Participants issued shares, options or participation rights are bound by the rules of the Plan and by the Constitution of PS&C Ltd.

19

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All Correspondence to:

 By Mail Boardroom Pty Limited GPO Box 3993 Sydney NSW 2001 Australia

 By Fax: +61 2 9290 9655

 Online: www.boardroomlimited.com.au

 By Phone: (within Australia) 1300 737 760 (outside Australia) +61 2 9290 9600

YOUR VOTE IS IMPORTANT

For your vote to be effective it must be recorded before 11:00am (AEDT) on Tuesday 26 November 2019.

 TO VOTE ONLINE BY SMARTPHONE

STEP 1: VISIT http://www.votingonline.com.au/pszagm2019 STEP 2: Enter your Postcode OR Country of Residence (if outside Australia) STEP 3: Enter your Voting Access Code (VAC):

.

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Scan QR Code using smartphone QR Reader App

TO VOTE BY COMPLETING THE PROXY FORM

STEP 1 APPOINTMENT OF PROXY

Indicate who you want to appoint as your Proxy.

If you wish to appoint the Chair of the Meeting as your proxy, mark the box. If you wish to appoint someone other than the Chair of the Meeting as your proxy please write the full name of that individual or body corporate. If you leave this section blank, or your named proxy does not attend the meeting, the Chair of the Meeting will be your proxy. A proxy need not be a securityholder of the company. Do not write the name of the issuer company or the registered securityholder in the space.

Appointment of a Second Proxy

You are entitled to appoint up to two proxies to attend the meeting and vote. If you wish to appoint a second proxy, an additional Proxy Form may be obtained by contacting the company’s securities registry or you may copy this form.

STEP 3 SIGN THE FORM

The form must be signed as follows:

Individual: This form is to be signed by the securityholder.

Joint Holding : where the holding is in more than one name, all the securityholders should sign.

Power of Attorney: to sign under a Power of Attorney, you must have already lodged it with the registry. Alternatively, attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: this form must be signed by a Director jointly with either another Director or a Company Secretary. Where the company has a Sole Director who is also the Sole Company Secretary, this form should be signed by that person. Please indicate the office held by signing in the appropriate place.

STEP 4 LODGEMENT

To appoint a second proxy you must:

(a) complete two Proxy Forms. On each Proxy Form state the percentage of your voting rights or the number of securities applicable to that form. If the appointments do not specify the percentage or number of votes that each proxy may exercise, each proxy may exercise half your votes. Fractions of votes will be disregarded.

(b) return both forms together in the same envelope.

STEP 2 VOTING DIRECTIONS TO YOUR PROXY

To direct your proxy how to vote, mark one of the boxes opposite each item of business. All your securities will be voted in accordance with such a direction unless you indicate only a portion of securities are to be voted on any item by inserting the percentage or number that you wish to vote in the appropriate box or boxes. If you do not mark any of the boxes on a given item, your proxy may vote as he or she chooses. If you mark more than one box on an item for all your securities your vote on that item will be invalid.

Proxy which is a Body Corporate

Where a body corporate is appointed as your proxy, the representative of that body corporate attending the meeting must have provided an “Appointment of Corporate Representative” prior to admission. An Appointment of Corporate Representative form can be obtained from the company’s securities registry.

Proxy forms (and any Power of Attorney under which it is signed) must be received no later than 48 hours before the commencement of the meeting, therefore by 11:00am (AEDT) on Tuesday, 26 November 2019. Any Proxy Form received after that time will not be valid for the scheduled meeting.

Proxy forms may be lodged using the enclosed Reply Paid Envelope or:

 Online https://www.votingonline.com.au/pszagm2019  By Fax + 61 2 9290 9655  By Mail Boardroom Pty Limited GPO Box 3993, Sydney NSW 2001 Australia  In Person Boardroom Pty Limited Level 12, 225 George Street, Sydney NSW 2000 Australia

Attending the Meeting

If you wish to attend the meeting please bring this form with you to assist registration .

PS&C Ltd ACN 164 718 361

Your Address

This is your address as it appears on the company’s share register. If this is incorrect, please mark the box with an “X” and make the correction in the space to the left. Securityholders sponsored by a broker should advise their broker of any changes.

Please note, you cannot change ownership of your securities using this form.

PROXY FORM

STEP 1 APPOINT A PROXY

I/We being a member/s of PS&C Ltd and entitled to attend and vote hereby appoint:

the Chair of the Meeting (mark box)

OR if you are NOT appointing the Chair of the Meeting as your proxy, please write the name of the person or body corporate (excluding the registered securityholder) you are appointing as your proxy below

or failing the individual or body corporate named, or if no individual or body corporate is named, the Chair of the Meeting as my/our proxy at the Annual General Meeting of the Company to be held at Moore Stephens, Level 18, 530 Collins Street, Melbourne, VIC, 3000 on Thursday, 28 November 2019 at 11:00pm (AEDT) and at any adjournment of that meeting, to act on my/our behalf and to vote in accordance with the following directions or if no directions have been given, as the proxy sees fit.

Chair of the Meeting authorised to exercise undirected proxies on remuneration related matters: If I/we have appointed the Chair of the Meeting as my/our proxy or the Chair of the Meeting becomes my/our proxy by default and I/we have not directed my/our proxy how to vote in respect of Resolutions 1, 6, and 8 I/we expressly authorise the Chair of the Meeting to exercise my/our proxy in respect of these Resolutions even though Resolutions 1, 6 and 8 are connected with the remuneration of a member of the key management personnel for the Company.

The Chair of the Meeting will vote all undirected proxies in favour of all Items of business (including Resolutions 1, 6 and 8). If you wish to appoint the Chair of the Meeting as your proxy with a direction to vote against, or to abstain from voting on an item, you must provide a direction by marking the 'Against' or 'Abstain' box opposite that resolution.

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STEP 2 VOTING DIRECTIONS
If you mark the Abstain box for a particular item, you are directing your proxy not to vote on your behalf on a show of hands or on a poll and your vote will not
be counted in calculating the required majority if a poll is called.
For Against Abstain
Resolution 1 To Adopt the Remuneration Report
Resolution 2 To Elect Mr Glenn Fielding as a Director
Resolution 3 To Elect Mr Robert Hogeland as a Director
Resolution 4 To Elect Mrs Renata Sguario as a Director
Resolution 5 Approval of Placement Facility
Resolution 6 Approval of Proposed Issue of Ordinary Shares to Renata Sguario
Resolution 7 Ratification and Approval of Previous Allotment and Issue of Securities
Resolution 8 Approval of Proposed Issue of Performance Rights to Mr Robert Hogeland
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For Against Abstain*

STEP 3 SIGNATURE OF SECURITYHOLDERS

This form must be signed to enable your directions to be implemented.

Individual or Securityholder 1 Securityholder 2 Securityholder 3 Sole Director and Sole Company Secretary Director Director / Company Secretary Contact Name…………………………………………….... Contact Daytime Telephone………………………................................ Date / / 2019