1. CONTINUOUS DISCLOSURE TO ASX

The continuous disclosure policy requires all executives and Directors to inform the Managing Director or in their absence the Company Secretary of any potentially material information as soon as practicable after they become aware of that information.

Information is material if it is likely that the information would influence investors who commonly acquire securities on ASX in deciding whether to buy, sell or hold the Company’s securities.

Information need not be disclosed if:

  • It is not material and a reasonable person would not expect the information to be disclosed, or it is material but due to a specific valid commercial reason is not to be disclosed; and
  • The information is confidential; or
  • One of the following applies:
    • It would breach a law or regulation to disclose the information;
    • The information concerns an incomplete proposal or negotiation;
    • The information comprises matters of supposition or is insufficiently definite to warrant disclosure;
    • The information is generated for internal management purposes;
    • The information is a trade secret;
    • It would breach a material term of an agreement, to which the Company is a party, to disclose the information;
    • The information is scientific data that release of which may benefit the Company’s potential competitors.

The Managing Director (or in their absence, the Chairman) is responsible for interpreting and monitoring the Company’s disclosure policy and where necessary informing the Board. The Company Secretary is responsible for all communications with ASX.

2. COMMUNICATION WITH SHAREHOLDERS

The Company places considerable importance on effective communications with shareholders.

The Group’s communication strategy requires communication with shareholders and other stakeholders in an open, regular and timely manner so that the market has sufficient information to make informed investment decisions on the operations and results of the Group.

The strategy provides for the use of systems that ensure a regular and timely release of information about the Group is provided to shareholders.

Mechanisms employed include:

(a) Annual Report - the full Annual Financial Report is distributed to all shareholders who have elected to receive it by mail and is made available in full on the company’s website at www.pacificenergy.com.au.  It includes relevant information about the operations of the Group during the year, changes in the state of affairs and details of future developments.

(b) Half Yearly Report - the half-yearly report contains summarised financial information and a review of the operations of the Group during the period.  The half-year reviewed financial report is lodged with the Australian Securities and Investments Commission and the ASX, placed on the company’s website and sent to any shareholder who requests it.

(c) ASX Announcements – all announcements made to the market, and related information (including information provided to analysts or the media during briefings) are placed on the company’s website after they are released to the ASX.

(d) Annual General Meeting – proposed major changes in the Group which may have an impact on share ownership rights are submitted to a vote of shareholders.

The external auditor attends the Annual General Meeting to answer questions concerning the conduct of the audit, the preparation and content of the auditor’s report, accounting policies adopted by the company and the independence of the auditor in relation to the conduct of the audit.

The Board encourages full participation of shareholders at the Annual General Meeting to ensure a high level of accountability and understanding of the Group’s strategy and goals. Shareholders are requested to vote on the appointment and aggregate remuneration of directors, the granting of options and shares to directors, the Remuneration report and changes to the Constitution. Copies of the Constitution are available to any shareholder on request.

Shareholders have the option to receive communications from, and send communications to, the entity and its security registry electronically.