E&P Financial Group (EP1) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced at 9:00 A.M. with a quorum present, held both in person and online via Lumi platform.

• Attendees were briefed on voting and question procedures, with opportunities for both written and verbal questions.

• Directors and key officers were introduced, and the agenda included several resolutions, notably the proposed ASX delisting.

• Chairman and CEO addresses focused on strategic direction and shareholder value, with a formal agenda including these presentations.

Board and executive committee updates

• Board and management emphasized the strategic rationale for delisting, citing illiquidity, undervaluation, and high compliance costs.

• Board comprises a mix of executive and independent non-executive directors, with clear committee roles for audit, risk, compliance, and remuneration.

• No changes to board composition are planned post-delisting; future director appointments will remain subject to shareholder approval.

Shareholder proposals

• Resolutions included delisting from ASX, an equal access buyback, and issuance of convertible notes and options to directors.

• Buyback of up to 48,076,923 shares at AUD 0.52 per share, representing a premium to recent trading prices and net asset value, with a $30,000 scale back threshold.

• Buyback funded by $12.5 million placement and $12.5 million debt facility; future entitlement offer planned to refinance debt.

• Convertible notes and options to directors were proposed as part of funding the buyback.