Australian Foundation Investment Company (AFI) Evening Shareholder Meeting summary

Financial performance review

• ASX All Ordinaries Accumulation Index CAGR since 1992 is 9.2%, highlighting strong long-term equity market returns despite periods of volatility such as the GFC and COVID-19 downturns.

• AFIC delivered a 1-year return of 8.1%, 3-year return of 11.0%, 5-year return of 7.4%, and 10-year return of 8.6% to 30 April 2025, including franking.

• Djerriwarrh reported a 1-year return of 7.7%, 3-year return of 11.0%, 5-year return of 4.6%, and 10-year return of 4.2% per annum, including franking.

• Mirrabooka achieved a 1-year return of 6.2%, 3-year return of 6.7%, 5-year return of 3.9%, and 10-year return of 7.0% per annum, including franking.

• AMCIL posted a 1-year return of 2.6%, 2-year return of 11.0%, 5-year return of 6.2%, and 10-year return of 8.6% per annum, including franking.

Dividend announcements

• AFIC maintained consistent ordinary dividends per share, supported by a strong franking reserve balance, ensuring reliable payouts even during volatile periods.

• Djerriwarrh paid a total dividend of 15.25 cents per share for the year, fully franked.

• Mirrabooka announced a 1-for-7 rights issue, with new shares entitled to a 6.5 cent dividend, subject to board approval in July 2025.

Strategic initiatives and plans

• Mirrabooka is raising up to $85 million via a non-renounceable rights issue at a 5% discount to the current share price, aiming to capitalize on market volatility and replenish capital.

• The capital raise is intended to provide investment flexibility and maintain dividend capacity, leveraging significant franking credit reserves.

• AMCIL, Djerriwarrh, and Mirrabooka all reported active portfolio management, with significant purchases and sales in 2025 to optimize returns.