PEB
12/02/2016 16:16
MEETING
NOT PRICE SENSITIVE
REL: 1616 HRS Pacific Edge Limited
MEETING: PEB: Clarification of Director Fee Resolution
PEB proposes resolution to allow for payment of director's fees to new
US-based director
On 11 February 2016, Pacific Edge Limited advised of the appointment of a new
US-based director, David Levison, to the Pacific Edge Board.
To allow for David's remuneration as a director, shareholders are being asked
to approve an increase in the total pool of directors' fees from $198,000 to
$275,000. This increase will allow for payment of director's fees to David
Levison of $77,000 (the amount of the increase).
There will be no increase to the fees paid to all other Pacific Edge Board
directors, which are currently between $30,000 and $36,000 per director per
annum, with the chairman paid approximately $59,000. The managing director
does not receive director's fees.
The Board recognises that there is a disparity between the market rates paid
in the US and New Zealand for suitably qualified directors. Accordingly, in
order to attract a suitably qualified US person, the Company needs to pay US
market rates. The Board has taken advice and determined that the appropriate
fee for a US based director is $77,000 per annum. An offer has made to David
Levison on this basis, subject to obtaining shareholder approval.
David is an experienced executive with highly relevant skills and an indepth
knowledge and experience in the US healthcare market, which has been
identified as Pacific Edge's primary growth opportunity.
He has been CEO and a Director of CardioDx, a specialist molecular diagnostic
company, since 2004. This is a similar company to Pacific Edge, with a
targeted diagnostic product, high growth strategy and double digit revenue
growth.
David has overseen capital raising of $225m+ of private equity for CardioDx
and was also a Venture Partner in Texas Pacific Ventures, specialising in
healthcare and molecular diagnostic companies. At TRV, he was, among other
roles, Interim CEO of molecular diagnostics company XDx, and Founder of
Cardiodx. Prior to this, he was Founder President and CEO of iScribe (sold to
AdvancePCS) and President of Oncology Therapeutics Network (sold to
Bristol-Myers Squibb). David holds an MBA from Stanford Graduate School of
Business, and a Bachelor of Economics from Williams College.
More information on David's experience and the value he will add to Pacific
Edge was provided in the Notice of Special Meeting which was sent to
shareholders on 11 February 2016.
ENDS
For more information contact:
David Darling
Chief Executive Officer
Pacific Edge Ltd
P: +64 (3) 479 5800
End CA:00277598 For:PEB Type:MEETING Time:2016-02-12 16:16:06
