On 17 January 2017, the Chairman of Powerhouse, Mr. Kerry McDonald has resigned from the board of Powerhouse Ventures Limited, effective from 5.00 p.m. on 27 January 2017, the date of the company's next board meeting. His intention to resign was advised at the 16 December 2016 annual general meeting of the company. Mr. McDonald also acknowledged the substantial number of proxy votes recorded against his re-election at the annual general meeting.