Clever Culture Systems (CC5) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum.

• Attendee and voting procedures outlined, with poll voting on all resolutions per ASX governance.

• Board, auditors, and registry representatives introduced; agenda limited to items in the notice of meeting.

Financial performance review

• Significant progress made after a strategic reset, with new capital raised and a strengthened balance sheet.

• FY25 year-to-date sales performance supports expectations of positive cash flows in the next two quarters.

• $2.5 million cash balance as of 30 September 2024, with potential for FY25 to be cash flow break even.

• Capital restructure raised $4.5 million, eliminating selling overhang and strengthening financial position.

• Early validation and commercial traction achieved through a major partnership with AstraZeneca, including a sale worth up to AUD 4.1 million.

Board and executive committee updates

• Brian O'Dwyer retired as non-executive director, recognized for guiding through clinical market challenges.

• Ian Wisenberg appointed to the board, bringing global pharmaceutical and biotech expertise.

• New Chair and refreshed Board appointed, with management exercising options and owning about 20% of the additional $2.2 million raised.