L1 Global Long Short Fund (GLS) AGM 2025 summary

Opening remarks and agenda

• Chair opened the hybrid AGM, acknowledged traditional custodians, confirmed quorum, and outlined the agenda and key items for shareholder approval, including remuneration, director re-elections, fee pool increase, replacement of investment manager, and company name change.

• Notice of meeting and supplementary notice were issued to shareholders prior to the meeting.

• Ordinary and special business items were presented for shareholder voting, covering both governance and strategic changes.

Board and executive committee updates

• Introduced current directors and PricewaterhouseCoopers audit partner present for questions.

• Outlined board changes following director elections, with L1 Capital nominees joining and previous directors resigning.

• Board now consists of three independent and two non-independent directors.

• IBC, composed of independent non-executive directors, was formed to assess manager transition proposals.

Financial performance review

• Statutory pre-tax operating profit was AUD 13.9 million, post-tax profit AUD 9.7 million for FY ended 30 June 2025.

• FY2025 profit before tax was $3.3 million, with earnings per share at 4.3 cents.

• Fully-franked final ordinary dividend of AUD 0.03 per share, total yield 6.5% for the year.

• Dividend yield for 2025 was 4.8%, with a dividend declared of 6 cents per share.

• Pre-tax net tangible asset return was 3.4%, significantly underperforming the MSCI ACWI Index return of 18.4%.

• Five-year compound annual return was 5.7% versus the index's 11.8%.

• Share price continued to trade at a significant discount to NTA.