McPHERSON’S LIMITED

 ANNUAL REPORT 2015  

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In April 2015 the Group completed its refinancing which resulted in the Group significantly changing the structure and tenure of its funding 

sources.  The Group’s new funding sources now include $30,000,000 in variable rate corporate bonds that mature in March 2019; $30,000,000 in 

fixed rate corporate bonds that mature in March 2021; and a $63,000,000 two year revolving secured bank working capital facility which provides 

an additional $10,000,000 in seasonal uplift during the period 1 August to 28 February.  The funds generated from this refinance were used to 

repay the previous borrowing amounts.  Refer to Notes 19 and 21 for further details.

(G) EVENTS SUBSEQUENT TO BALANCE DATE

On 1 July 2015, the Group sold 51% of its New Zealand Housewares business to the Fackelmann Group for NZ$2,279,000.  The consideration 

received was equal to the adjusted carrying value of the net assets disposed.
On 6 July 2015, the Group’s Australian business acquired the remaining 17.79% of the Home Appliances business for $6,637,000.  The Home 

Appliances business is now a 100% owned subsidiary of the Group.
On 21 August 2015, the Directors of the Company declared a final dividend of 2.0 cents per share fully franked which is payable on 10 November 

2015 (refer to Note 6).
No other matter or circumstance has arisen since 30 June 2015 that has significantly affected the Group’s operations, results or state of affairs, or 

may do so in future financial years.

(H) LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS 

The Directors continue to pursue a sale of the Group’s Household Consumables business.  The Directors expect to complete the sale within the 

financial year ending 30 June 2016.  If the sale is completed the net proceeds generated are likely to be used to reduce the Group’s debt balance 

and to fund further acquisitions within the Group’s Health & Beauty and / or Appliances divisions.
In the opinion of the Directors, it would prejudice the interests of the Group to include additional information, except as noted above, and as 

reported elsewhere in the Directors’ Report and the financial statements, which relates to likely developments in the operations of the Group and 

the expected results of these operations in financial periods subsequent to 30 June 2015.

(I) 

INFORMATION ON DIRECTORS

Particulars of the qualifications, experience and special responsibilities of each Director as at the date of this report are set out on pages 14 to 15 of 

the Annual Report and form part of this Directors’ Report.
Particulars as to the number of Directors’ meetings (including meetings of the Audit Risk Management and Compliance and the Nomination and 

Remuneration Committees of Directors) and the number of meetings attended by each of the Directors of the Company during the year are set 

out on page 15 of the Annual Report and form part of this Directors’ Report.
The interests of Directors in the share capital of the parent entity or in a related entity are contained in the register of Directors’ shareholdings of 

the Company as at the date of this report and are set out on pages 14 to 15 of the Annual Report and form part of this Directors’ Report.

(J) COMPANY SECRETARIES

Particulars of the qualifications and experience of the Company Secretaries are set out on page 15 of the Annual Report and form part of this 

Directors’ Report. 

(K) REMUNERATION REPORT

The McPherson’s Limited 2015 remuneration report sets out key aspects of the Company’s remuneration policy and framework, and provides 

details of the remuneration awarded to the Company’s non-executive Directors, Managing Director and other key management personnel.
The remuneration report contains the following sections:

 

•Key management personnel (KMP) covered in this report

 

•Principles used to determine the nature and amount of remuneration

 

•Details of remuneration

 

•Contractual arrangements for executive KMP

 

•Share-based compensation 

 

•Additional information
The information provided in this remuneration report has been audited as required by section 308(3C) of the 

Corporations Act 2001.