M.P. Evans Group (MPE) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced at Tallow Chandlers' Hall, with a quorum confirmed and live streaming for remote stakeholders.

• Board members present and available for questions, with acknowledgment of the previous year's 150th anniversary celebration.

Board and executive committee updates

• Philip Fletcher retired after 41 years; Luke Shaw joined as CFO and board member.

• Chandra Sekaran transitioned from executive to non-executive director and consultant, with Ravichandran appointed as new President Director for Indonesian operations.

• Chair Peter Hadsley-Chaplin shifted from Executive to Non-Executive Chair, maintaining an engaged role.

Financial performance review

• Crop volumes increased by 8% overall and 10% in majority-owned areas, with higher margins from these areas.

• Oil extraction rate improved to 23.4% for the first five months; sales prices remained stable at $770 per ton.

• Acquisition of the remaining 5% in Indonesian plantations, now owning 100% of the majority of these assets.

• Purchase equated to 1,700 hectares at $9,000 per hectare, paralleling the share buyback program.