Midway
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Midway (MWY) investor relations material

Midway has been delisted

Midway AGM 2024 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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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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