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Midway AGM 2024 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2024 summary27 Nov, 2024
Opening remarks and agenda
Meeting opened with confirmation of quorum, introduction of directors and managing director, and a focus on shareholder value, River Capital offer, strategy, outlook, people, safety, and sustainability.
Chair and CEO highlighted a year of progress, strategic achievements, and rationale for the River Capital offer, culminating in a binding Scheme Implementation Deed for acquisition and delisting from the ASX.
Voting on all resolutions was conducted online via poll, with results to be notified to the ASX.
Six items of business were addressed, five subject to shareholder vote, with opportunity for Q&A provided.
Financial performance review
Underlying EBITDA for FY24 reached AUD 14.2 million, an AUD 11.3 million improvement over the previous year.
Net profit after tax for FY24 was AUD 1 million, with gross margin increasing to 18% from 16%.
Land and plantation sales since March 2022 totaled AUD 173 million, eliminating all long-term debt.
Geelong and Tasmanian operations saw increased volumes, improved performance, and new supply contracts.
Eliminated exposure to biological asset revaluations and plantation management costs.
Board and executive committee updates
Andy Priest (also referred to as Andy Preece) appointed as non-executive director in March, bringing significant experience.
Board refresh in 2022 included new Chair and CFO appointments, with Gordon Davis and Kellie Benda joining the Board.
ASX listing's impact on value creation
Carbon strategy revenue/profitability timeline
Roll option implications for shareholders
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Frequently asked questions
Midway Limited is an Australian company engaged in the production, processing, and export of woodfibre. The company primarily sources woodfibre from sustainably managed plantations and native forests, supplying it to global markets for use in the production of paper, packaging, and other wood-based products. Midway Limited operates through its processing facilities and collaborates with landowners and forestry operators to ensure a reliable supply chain. The company is headquartered in Geelong, Australia, and its shares are listed on the ASX.
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