L1 Global Long Short Fund (GLS) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum, held as a hybrid event to encourage broader shareholder participation.

• Chair Margaret Towers introduced board members, investment manager, and auditor.

• Housekeeping covered voting and question procedures for both in-person and virtual attendees, with a recording to be made available online.

Financial performance review

• Pre-tax operating profit for FY2024 was AUD 18.2 million, post-tax profit AUD 12.8 million.

• Total dividends for FY2024 were AUD 0.06 per share, yielding 6.1% grossed-up based on 30 June share price.

• Investment return for the year was 3.7% (pre-tax NTA), underperforming the MSCI All World Index's 19%.

• Five, ten, and since inception compound annualized returns to 30 June were 5.6%, 7.1%, and 10.9% respectively.

• Total shareholder return, including franking credits, was 18.6% for the year ended 30 June.

• For the four months to 31 October 2024, pre-tax NTA return was 2.6% versus the index's 6.1%.

Board and executive committee updates

• Board introduced, including directors and audit committee members; auditor present to answer questions.

• Ian Hunter stood for re-election as non-executive director, highlighting his tax and regulatory expertise.