Pacific Current Group (PAC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 10:00 A.M. with a quorum present; board and key executives introduced and thanked for their contributions.

• AGM presentation held on 15 November 2024, providing a comprehensive review of FY24 and outlining strategic priorities for the coming year.

• External auditor from Ernst & Young present to answer audit-related questions; agenda and meeting formalities outlined.

• Voting and Q&A procedures explained, with poll voting for all resolutions and clear instructions for participation.

Financial performance review

• FY 2024 described as transformational, with significant asset sales and one new investment; revenue and underlying profits grew despite asset disposals.

• Statutory net profit after tax was AUD 110 million, heavily impacted by asset sales; underlying net profit after tax was AUD 32.2 million, up 24% from FY 2023.

• Underlying EBITDA grew 18%; dividends of AUD 0.38 per share declared, all unfranked.

• Net asset value increased to AUD 13.47 per share; estimated fair value NAV of AUD 13.47 exceeds statutory NAV by AUD 1.99 per share.

• Cost base reduced by over 40% through outsourcing and organizational restructuring.

Board and executive committee updates

• Michael Clarke and Joanne Dawson joined the board on July 1, 2024; Michael also appointed acting CEO and led the business overview.

• Board affirmed support for the chair, with governance structures in place to manage conflicts of interest.

• Chair Tony Robinson announced intention to step down after completion of the proposed buyback.