Sandon Capital Investments (SNC) Investor Presentation summary

Key financial highlights

• Shares offer a 6.3% yield (8.5% grossed up for franking) and trade at a 9.8% discount to NTA as of July 2025.

• Profits reserves and franking balance support current dividend levels for approximately four years.

• Cumulative dividends paid since inception total 65.8 cps, with 24.9 cps in imputation credits.

• Gross performance to July 2025: 1-year return 19.0%, 3-year return 13.8%, since inception 9.9% annualised.

• Win/loss ratio of ~70% over the past 12 months, demonstrating strong investment selection.

Portfolio and investment strategy

• Investments focus on undervalued companies, often trading at discounts to intrinsic value.

• Portfolio companies generally have strong balance sheets and are positioned to benefit from economic shifts and capital management.

• Turnaround opportunities are pursued, with board and management changes driving improved performance.

• Activist approach includes public campaigns, board engagement, and coalition-building with other investors.

• Value creation strategies are tailored to each situation, using both visible and less visible techniques.

Notable portfolio holdings

• Carbon Conscious Investments Ltd: Generates ACCUs, with major contracts to Origin and BP; received $720K fully franked dividend in Feb 2025.

• QPM Energy Ltd: Expanding gas-fired power generation, developing a 112MW power station, targeting 284MW capacity.

• Southern Cross Media Group Ltd: Holds valuable media assets, trades at a discount; public campaign for board changes underway.

• COG Financial Services Ltd: Largest SME finance broker in Australia, recent board changes and asset sales to fund growth.

• Karoon Energy Ltd: Oil and gas producer, now paying dividends and conducting buybacks following activist engagement.