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PBL Financial Reporting Exemption

6 December 2021

Pacific Biotechnologies Limited (Subject to Deed of Company Arrangement)

ACN 117 957 383

(Pacific Biotech)

 

Update to shareholders

The Directors of Pacific Biotech sought relief of its reporting requirements under the Corporations Act 2001 (CA) from the Australian Securities and Investments Commission (ASIC).

Relief was sought under (i) section 340 (relief from Part 2M.3 of the CA).  ASIC has granted the requested relief, and issued an order as detailed below (the Order).

Section 340 of the CA

ASIC granted the Order under section 340 of the CA on 30 November 2021.

The exemptions and relief provided in the Order is outlined below:

  1. Pacific Biotech does not have to comply with any of the following obligations under Part 2.3M of the CA:
    • report to members of Pacific Biotech under section 314 within the time required by section 315;
    • send reports to a member of Pacific Biotech in accordance with a request under subsection 316(1) within the time required by subsection 316(2); and
    • lodge reports with ASIC under subsection 319(1) within the time required by subsection 319(3);

in relation to:

    • the financial year of Pacific Biotech ending 30 June 2021; and
    • a financial year of Pacific Biotech ending during the deferral period.

This paragraph applies until the last day of the deferral period.

The deferral period ends on the earlier of:

    • 13 September 2022; or
    • the date Pacific Biotech ceases to be under a Deed of Company Arrangement.

2. Pacific Biotech does not have to comply with an obligation under Part 2.3M of the CA of a kind specified in paragraph 1 above in relation to:

    • the financial years ended 30 June 2019 and 30 June 2020

This paragraph applies until the last day of the deferral period.

Conditions

The Order is subject to numerous conditions, including but not limited to, the following:

Pacific Biotech must arrange for a notice explaining the relief granted to be:

    • published (i.e., this notice) in a place that is readily accessible on a website maintained by the Deed Administrators (i.e., Hall Chadwick’s website); and
    • have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of Pacific Biotech about the external administration.

Should any party have queries in relation to the above, please contact Jodie Munroe for the Directors of Pacific Biotech on +61 3 9086 9926.

Steven Gladman | Deed Administrator

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