AMCIL Director Robert Mark Freeman Steps Down, Final Notice Shows Over 1.3 Million Shares Held at Departure

Robert Mark Freeman Officially Leaves AMCIL Board on 30 June 2026

AMCIL Limited confirmed in its update lodged on 2 July 2026 that Robert Mark Freeman formally ceased to be a director on 30 June 2026. The submission of Appendix 3Z — the ASX’s required form for a Final Director’s Interest Notice — complies with ASX Listing Rule 3.19A.3 and section 205G of the Corporations Act 2001. This notice provides the official record of Freeman’s relevant interests in company securities at the time of his departure.

The last director’s interest notice before this final filing was dated 25 February 2026, indicating that Freeman’s previous update was made about four months prior to his exit. The filing did not disclose the reasons for Freeman’s departure, whether due to resignation, retirement, or term completion. Shareholders seeking further details should monitor AMCIL’s future communications.

Freeman’s Shareholdings Across Three Accounts at Board Exit

According to Part 2 of the Appendix 3Z, Freeman held interests in AMCIL ordinary shares through three separate accounts at the time of leaving the board. The first account, "Robert Mark Freeman <Greville Investment A/C>", held 811,333 ordinary shares. The second, under the same name and designation, contained 224,002 ordinary shares.

The third account, "Freeman Superannuation Pty Ltd <The Freeman super fund>", held 265,242 ordinary shares. Combined, these three accounts represent a total of 1,300,577 ordinary shares in AMCIL Limited. The company did not specify the value of these holdings, and no direct registered holdings were listed under Part 1 of the notice, indicating Freeman’s interests were held indirectly through the Greville Investment accounts and the superannuation fund.

Structure of Investment Accounts and Superannuation Fund Holdings

The multiple account structure—including a personal investment account labeled "Greville Investment A/C" and a self-managed superannuation fund—is common among directors seeking tax efficiency or estate planning benefits. ASX Listing Rules and the Corporations Act require directors to disclose all relevant interests in company securities, whether held directly, via trusts, investment accounts, or superannuation funds.

Part 1 of the notice, which covers securities held directly in the director’s name, was left blank, indicating Freeman did not directly hold AMCIL shares at departure. All shareholdings were disclosed under Part 2, reflecting relevant interests where Freeman was not the registered holder but had a notifiable interest.

No Contracts or Other Securities Interests Disclosed at Departure

Part 3 of the Appendix 3Z, which requires disclosure of any contracts related to the company, was marked not applicable (N/A) in Freeman’s final notice. This confirms that at his departure, Freeman held no contractual interests in AMCIL beyond the ordinary shares listed in Part 2.

The absence of options, performance rights, convertible notes, or other securities aligns with AMCIL’s status as a listed investment company, where non-executive directors typically do not receive equity-based remuneration common in operating companies. Freeman’s clean exit, with only ordinary shares disclosed, simplifies regulatory and administrative requirements.

Regulatory Requirements for Departing AMCIL Directors Under Appendix 3Z

ASX Listing Rule 3.19A.3 mandates that a listed entity lodge a Final Director’s Interest Notice within five business days after a director leaves office. Freeman’s departure on 30 June 2026 and the notice lodged on 2 July 2026 comply with this timeline, as 30 June was a Tuesday and the filing occurred the following Thursday. This indicates AMCIL fulfilled its continuous disclosure obligations promptly.

The Appendix 3Z form creates a permanent public record of a director’s securities interests upon leaving the board, ensuring transparency for investors and market participants. The information becomes ASX property and is publicly accessible, forming part of AMCIL’s governance history. Company Secretary Matthew Rowe signed the lodgement on AMCIL’s behalf, acting as agent for the director under applicable legislation.

AMCIL’s Role as a Listed Investment Company and Board Change Implications

AMCIL Limited is an Australian listed investment company (LIC) focused on a diversified portfolio of Australian equities. As an LIC, the board’s oversight of investment strategy, governance, and shareholder returns is critical, making board changes particularly relevant to long-term investors. AMCIL is affiliated with the Australian Foundation Investment Company (AFIC) group, one of Australia’s oldest and largest listed investment vehicles.

For AMCIL investors, board stability and governance continuity are key, as the board directly influences portfolio management and capital allocation. Freeman’s departure may raise questions about succession planning and potential new appointments. The company did not disclose any information about a replacement director or committee changes in this filing.

Context from Previous Interest Notice in February 2026

The final notice references a prior director’s interest notice dated 25 February 2026, which was the last update before Freeman’s departure. The nearly four-month gap means any changes in Freeman’s shareholdings during this period are only reflected in the final notice or any interim filings.

The filing does not indicate whether Freeman’s total shareholding of 1,300,577 ordinary shares materially changed between February and June 2026. Investors interested in tracking Freeman’s holdings during his AMCIL tenure can consult the historical series of director’s interest notices lodged with the ASX, which are publicly available.

Investor Implications Following Freeman’s Board Exit

From a governance standpoint, director departures at listed investment companies are closely watched, especially if the director had a long tenure or held key committee roles like audit, risk, or remuneration. The filing did not disclose Freeman’s length of service, committee memberships, or reasons for leaving.

The immediate impact on AMCIL’s share price was not evident from public information. Shareholders should monitor upcoming company announcements regarding board composition, potential new director appointments, or governance changes following Freeman’s exit.

Company Secretary Matthew Rowe’s Role in Filing the Final Notice

Matthew Rowe, AMCIL’s Company Secretary, signed and submitted the Appendix 3Z notice. Acting as agent for the departing director, Rowe ensured AMCIL met its obligations under ASX listing rules and section 205G of the Corporations Act 2001, which governs disclosure of directors’ securities interests. The company secretary’s role is vital in managing compliance and timely regulatory filings related to board changes.

This lodgement confirms AMCIL’s compliance processes are operating effectively, with the final notice filed promptly after Freeman’s 30 June 2026 departure. Given AMCIL’s straightforward capital structure—primarily ordinary shares with no options, convertible instruments, or complex derivatives—the Appendix 3Z process is streamlined, as reflected in this filing.