Chairman’s AGM Address

Monash Absolute Investment Company

Chairman’s AGM Address (10th November 2016) – Paul Clitheroe AM

Introduction
Good morning and on behalf of the Board, a warm welcome to the first Annual General Meeting of Monash Absolute Investment Company Limited (“MA1” or the Company).

My name is Paul Clitheroe and I am the Chairman of the Board of Directors and I will be chairing the meeting today. I would like to start by introducing my fellow Board members, Suvan de Soysa (Independent Non-Executive Director) and Simon Shields Executive Director and portfolio manager of the Investment Manager, Monash Investors). I would also like to introduce key personnel from the Investment Manager, Shane Fitzgerald (Portfolio Manager) and Sandra Donnarumma (Chief Operating Officer), our Company Secretary Tharun Kuppanda and our audit partner from Pitcher Partners, Chris Chandran.

The Company aims to provide its shareholders with access to a diversified portfolio of predominantly Australian securities that are actively managed using an Absolute Return investment style that has a focus on capital preservation with no regard to an equity index and aims to achieve targeted positive returns over a full investment cycle of roughly 5 to 7 years.

Result for the year ended 30th June 2016
After the successful capital raising, the Company was listed on the ASX on 12th April 2016 (inception date) under the code MA1 and the options under the code MA1O. On behalf of the Board I would like to thank all our shareholders for their support of the Company during this relatively short period of trading as a public Company.

Since inception to 30 June 2016, the gross portfolio return for the Company before all fees and expenses was approximately +0.51% for the period and the return (before tax and after all costs) was -.26%. The cost of capital raising, net of tax totalled $1,389,048. There was no performance fee payable to the Investment Manager for this period.

Investment Performance
Simon Shields will be presenting an Investment Management’s update today and provide the latest performance results for the Company to 31st October 2016.

Dividends
As disclosed in the Company’s Prospectus, the Company intends to pay a dividend at the end of its first full financial year, 30 June 2017, and accordingly no dividend was declared for the period ended 30 June 2016.

Options
As all shareholders would be aware, under the IPO for the Company, shareholders were issued with options (for no additional consideration) of 1 option for every 1 share issued under the IPO. Each option is exercisable at $1.00 at any time after the issue on or before 29 September 2017.

Corporate Governance Matters
In the past year, the Non-Executive Directors are pleased to report they have continued to monitor the performance of the Investment Manager, Monash Investors Pty Ltd, and its adherence to the Investment Management Agreement. We are confident in the integrity and reporting of the Company’s financial results to shareholders.

Outlook for the rest of 2016 and 2017
It is very early days for the Company, but I share together with the Investment Managers confidence that it is well placed for future growth. The search for investment returns in a low inflation and low interest environment is not a simple challenge for any investor. In my lifetime I have never seen interest returns on deposits at such low levels. Properties, in particular in our bigger cities are selling at quite extraordinary prices and the traditional “blue chip” shares which have generally performed well for investors are in the main, fully priced.

So a “different” philosophy to share selection as outlined in Company’s prospectus and in the Investment Manager’s presentation today is of great interest to me and I know to my fellow shareholders in this Company.

In closing, I would like to thank the Investment Manager’s team for their efforts in the successful launch and ongoing management of the Company and to my fellow Board members.

Paul Clitheroe AM
Chairman

Paul Clitheroe talks about the Monash Absolute Investment Company and his decision to become its Chairman

Simon Shields talks about the investment strategy of Monash Investors

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Monash Absolute Investment Company Limited (ACN 610 290 143) (Company) is the issuer of a prospectus dated 23 February 2016. The prospectus contains the Company’s offer to subscribe for ordinary shares in the Company, each with an attaching option, to raise a minimum of $25 million and a maximum of $80 million (before oversubscriptions) (Offer). A copy of the Company’s prospectus can be downloaded here www.monashinvestors.com or by calling Boardroom Limited on 1300 737 760. Investors should read the prospectus in full before deciding whether to participate in the Offer. Capitalised terms have the same meaning as they do in the prospectus. Anyone who wants to acquire shares and options in the Company, and participate in the Offer, will need to complete the application form accompanying the Company’s prospectus.

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