- Release Date: 12/02/16 16:16
- Summary: MEETING: PEB: Clarification of Director Fee Resolution
- Price Sensitive: No
- Download Document 2.68KB
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
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Ann: MEETING: PEB: Clarification of Director Fee Resolution
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