Mirrabooka Investments Announces Director Mark Freeman's Exit and Details Final Shareholdings

Mark Freeman’s Departure from Mirrabooka’s Board

Robert Mark Freeman officially ended his role as a director of Mirrabooka Investments Limited on 30 June 2026, as confirmed by the Final Director's Interest Notice lodged the next day. Submitted by Company Secretary Matthew Rowe, this notice fulfills the requirements of ASX Listing Rule 3.19A.3, which mandates a final disclosure of a departing director’s securities interests.

The prior disclosure for Freeman was dated 19 February 2026, making this notice the conclusive record of his Mirrabooka shareholdings at the time of exit. The company did not specify whether Freeman’s departure was due to resignation, retirement, or term expiration, nor did it provide details on any potential replacement director.

Freeman’s Shareholdings at Time of Departure

At cessation, Freeman’s relevant interests in Mirrabooka were held through two accounts disclosed under Part 2 of the Appendix 3Z form, indicating he was not the registered holder but retained beneficial interests as defined by the Corporations Act.

Specifically, Freeman owned 86,609 ordinary shares via the Greville Investment Account and 248,297 ordinary shares via The Freeman Super Fund Account, totaling 334,906 ordinary shares. No shares were disclosed under Part 1 (directly registered in his name), suggesting all holdings were through these vehicles.

Insights into the Greville Investment and Super Fund Accounts

The division of Freeman’s shareholding between an investment account and a superannuation fund account reflects common Australian director wealth management and retirement planning strategies. Both accounts are associated with Freeman, giving him a relevant interest in the shares held.

While the combined 334,906 shares represent a significant personal investment, the announcement did not specify their monetary value or percentage of Mirrabooka’s total issued capital. Investors seeking this context should consult the company’s latest Annual Report or Capital Structure disclosures.

No Contractual Securities Interests at Departure

Part 3 of the Final Director's Interest Notice, covering contractual interests such as options or performance rights, was marked not applicable for Freeman. This indicates he held no such securities entitlements at the time of leaving the board.

This aligns with Mirrabooka’s profile as a listed investment company focused on equities rather than issuing performance-based equity incentives. Typically, LIC directors are non-executive and compensated with fees rather than equity awards, making the absence of contractual interests expected.

Mirrabooka Investments: A Long-Standing Australian Equities LIC

Mirrabooka Investments Limited, managed by the AFIC group and listed on the ASX, focuses on Australian shares, particularly in small and medium-sized companies. Known for its long-term investment approach, the company targets firms with growth potential outside the ASX’s largest tiers.

As a LIC, Mirrabooka’s results depend on its equity portfolio rather than operational activities. Board changes, such as Freeman’s departure, are closely watched by retail investors focused on capital growth and dividend income, as they impact governance and investment oversight.

Regulatory Framework for the Appendix 3Z Notice

The Appendix 3Z is a standard ASX regulatory form required under Listing Rule 3.19A.3 and section 205G of the Corporations Act 2001. It must be lodged when a director leaves office to provide a final record of their securities interests at departure, ensuring transparency.

The company, acting as agent for the director, submitted the notice. Company Secretary Matthew Rowe lodged it on 2 July 2026, one business day after Freeman’s cessation on 30 June 2026.

Future Board Composition and Investor Watch

Freeman’s exit reduces Mirrabooka’s board by one member until any new appointment is made. Given the importance of director expertise in managing the LIC’s portfolio, shareholders will be attentive to announcements regarding board succession or committee changes.

Mirrabooka has not yet disclosed any plans to appoint a successor. Upcoming shareholder communications, such as results releases, dividend updates, or Annual General Meeting notices, may provide further information on board developments.

Share Price Impact and Investor Perspectives

The immediate market reaction to this filing was not evident. Such Final Director's Interest Notices are routine and typically do not affect a company’s earnings outlook or dividend policy. However, investor sentiment may vary based on Freeman’s perceived contribution to governance and strategy.

For Mirrabooka’s retail investor base, focus will likely remain on portfolio performance, dividend announcements, and net tangible asset backing. Freeman’s departure is primarily a governance event, marking the end of his tenure and raising interest in his successor.

Limitations of the Notice Regarding Freeman’s Tenure

The Appendix 3Z notice solely records securities interests at the time of departure and does not provide details about Freeman’s length of service, committee roles, director fees, or contributions to investment oversight.

To gain a fuller understanding of Freeman’s role and tenure, one would need to review Mirrabooka’s historical annual reports, previous directors’ interest notices, and past company announcements. The notice does confirm that at departure, Freeman held a total of 334,906 ordinary shares across two accounts, reflecting a significant personal stake in Mirrabooka.