L1 Global Long Short Fund (GLS) Scheme Meeting 2025 summary

Opening remarks and agenda

• Chair opened the hybrid meeting, acknowledged traditional custodians, and confirmed a quorum was present.

• Board members were introduced, including Hunter, Joanne Jefferies, and Katrina Glendinning.

• Notice of meeting was provided to shareholders on 11 July 2025 and supplemented on 5 August 2025.

• Voting procedures and poll opening were explained for both in-person and online participants.

Shareholder proposals

• Shareholders were asked to vote on an on-market buyback of up to 50% of issued share capital, with a 20% cap prior to an upcoming EGM requisitioned by L1 Capital.

• The buyback proposal followed the withdrawal of a scheme of arrangement with Platinum International Fund Complex ETF due to insufficient support.

• L1 Capital and associates, controlling about 18% of shares, confirmed support for the buyback resolution under the 20% cap.

Strategic initiatives and plans

• The buyback aims to provide liquidity for shareholders wishing to exit closer to NTA, aligning with objectives from the strategic review announced in April 2024.

• The board is working with external brokers and internal teams to manage the buyback, targeting completion of the 20% buyback within six to eight weeks.

• The board considered but did not pursue an off-market buyback to expedite shareholder action.