Marlin Global (MLN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and virtual attendance options.

• Board and management team introduced, including committee chairs and portfolio managers.

• Agenda included financial review, portfolio update, Q&A, and annual meeting resolutions.

• Q&A procedures for both in-person and online participants were outlined.

Financial performance review

• Net profit after tax for 2024 was NZD 37.2 million, up from NZD 23.6 million in 2023, a 58% increase.

• Total shareholder return was 13.8%, with a dividend yield of 7.9%.

• Net asset value per share rose from NZD 0.93 to 1.03; adjusted NAV return was 19.5%, outperforming the benchmark at 15.2%.

• Earnings per share increased to 17.59c in 2024 from 11.63c in 2023.

• Portfolio outperformed the benchmark over one and five years, but lagged over three years.

Board and executive committee updates

• Board succession planning ongoing, with two new directors appointed in the last three years.

• Board members include Andy Coupe, Carol Campbell, David McClatchy, and Fiona Oliver.

• Carol Campbell and David McClatchy stood for re-election, both supported unanimously by the board.

• Board emphasized focus on governance, risk management, and director tenure.

• Senior portfolio management and investment team roles highlighted.