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Midway (MWY) investor relations material

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

  • Chair Gordon Davis opened the meeting, confirmed quorum, introduced directors and the Managing Director, and outlined a year of progress culminating in a binding Scheme Implementation Deed with River Capital for a proposed acquisition and delisting from the ASX.

  • Key agenda items included creating shareholder value, the River Capital offer, delivering on strategy, outlook, people, safety, and sustainability.

  • Voting on all resolutions was conducted online via poll, with results to be notified to the ASX.

  • Six items of business were on the agenda, five of which were subject to shareholder vote.

  • CEO and Chair outlined strategic achievements, financial performance, and the rationale for the River Capital offer.

Financial performance review

  • Underlying EBITDA for FY24 was $14.2M, an $11.3M improvement over the previous year.

  • Net profit after tax for FY24 was $1M, reflecting operational improvements and asset sales, with gross margin increasing to 18% from 16%.

  • Land and plantation sales since March 2022 totaled $173M, 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 Preest (also referred to as Andy Preece) was appointed as a non-executive director in March, bringing significant experience.

  • The Board was refreshed in 2022, with new Chair Gordon Davis and director Kelly/Kellie Bender/Benda joining.

  • A new CFO was appointed, and the Board led strategic reviews and asset sales.

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Frequently asked questions

Midway Limited is an Australian company engaged in the production, processing, and export of woodfibre. The company primarily sources woodfibre from sustainably managed plantations and native forests, supplying it to global markets for use in the production of paper, packaging, and other wood-based products. Midway Limited operates through its processing facilities and collaborates with landowners and forestry operators to ensure a reliable supply chain. The company is headquartered in Geelong, Australia, and its shares are listed on the ASX.

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