Diversified United Investment (DUI) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and notice sent to all entitled parties.

• Hybrid format enabled both in-person and online participation, with introductions of directors, secretary, auditor, and share registry provider.

• Outlined investment objectives focused on a diversified portfolio of quality Australian companies and select international markets, with a medium to long-term view for capital and income appreciation.

• Voting conducted by poll, with results to be published on the ASX.

Financial performance review

• Profit after tax for FY24 was $40.7M, with underlying profit and special income components detailed for recent years.

• Profit after tax for the year ended June 30, 2024, was AUD 36 million, down 16% from the previous year.

• Over 25 years to June 2024, $10k invested in DUI NTA Accumulation grew to $88,240, outperforming ASX200 Accumulation at $75,318.

• NTA accumulation performance over 10 years to June 2024 averaged 8.3% p.a., with share price accumulation at 7.7% p.a.

• Operating expenses (excluding borrowing costs) were 0.12% of average portfolio value, consistent with last year.

Dividend announcements

• Fully franked final dividend of AUD 0.09 per share paid in September, total annual dividend of AUD 0.16 per share, unchanged from last year.

• Commitment to maintain the dividend at AUD 0.16 per share for the coming year, barring unforeseen circumstances.

• Dividends paid have shown an annual growth rate of 4.0% over the long term, with consistent payments highlighted since 1999.