The board of Pacific Assets Trust plc has taken the decision to recommend a reduced dividend payment of 2.2 pence per share. This dividend will be paid on 4 July 2016 to shareholders on the register at 3 June 2016. The associated ex-dividend date will be 2 June 2016.

The board subsequently appointed Sian Hansen as a Director with effect from 3 August 2015. She is the Executive Director of Legatum. Earlier in her career she had extensive involvement with Asian securities markets, and brings useful experience of these to the board. Nigel Rich will be retiring from the board at the conclusion of this year's Annual General Meeting. He has been a Director since 1997. He has brought to Board business experience at a senior level both as a Chief Executive and as a Company Director, enabling him to make a contribution of great value to the Company. He has also been a robust chairman of the Audit Committee, a role in which he has now been succeeded by Charlotta Ginman. On his retirement, Charlotta will also succeed him as the Senior Independent Director. He has set a high standard and wish to thank him for all his work on behalf of the Company. A search for a new Director is under way and an announcement will be made in due course.