Clever Culture Systems (CC5) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum.

• Attendee and voting procedures outlined, with poll voting on all resolutions per ASX governance.

• Board, auditors, and registry representatives introduced; agenda limited to items in the notice of meeting.

• Managing Director's presentation delivered at the 2024 AGM, highlighting company progress and strategic direction.

Financial performance review

• Achieved 8 sales to pharmaceutical sector since March 2024 launch, with expected revenue of approximately $5.3 million over 7 years.

• Significant progress made after a strategic reset, with new capital raised and a strengthened balance sheet.

• Recent options exercise raised AUD 2.2 million, improving financial position and supporting expectations of positive cash flow in coming quarters.

• $2.5 million cash balance as of 30 September 2024, with potential for FY25 to be cash flow break even.

• Capital restructure raised $4.5 million, repaid share placement facility, and eliminated selling overhang.

Board and executive committee updates

• Brian O'Dwyer retired as non-executive director, recognized for guiding through clinical market challenges.

• Ian Wisenberg appointed to the board, bringing global pharmaceutical and biotech expertise.

• Board and management demonstrated alignment with shareholders through personal investment, holding about 20% of the company.

• New Chair and refreshed Board appointed, with management and Board exercising options and increasing ownership.