Metro Performance Glass (MPG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with health and safety instructions, welcomes, and confirmation of quorum for both in-person and online participants.

• Housekeeping covered online access, support, and meeting documentation, with minutes to be posted online.

• Agenda included Chair and Executive Director addresses, formal resolutions, and shareholder Q&A.

• Questions were to be held until after presentations and resolutions, with a commitment to answer all queries.

Board and executive committee updates

• Board members and key executives introduced, including Shawn Beck (Chair), Simon Bennett, Pramod Khatri, and Julia Mayne.

• Recent changes and new appointments highlighted, with Steve Hamer and Angus Wilson joining the turnaround team.

• Directors have backgrounds in turnaround management, finance, and manufacturing, emphasizing commitment to recovery.

• Board composition now features a smaller, more agile team focused on action and efficiency.

Strategic initiatives and plans

• Three main priorities: fix the balance sheet, reset the New Zealand business, and exploit Australian growth opportunities.

• Turnaround strategy focuses on cost reduction, operational excellence, and stopping non-customer-centric activities.

• Australian operations are expanding capacity to meet increased demand from regulatory changes, with a focus on high service delivery.

• Scenario planning and forecasts indicate a strong turnaround by FY 2026, with further growth targeted in FY 2027.

• Capital raise of NZD 10-15 million planned, with pro rata offer and CBG committed to take up entitlement; banks refinanced by Cowes Bay Group with a three-year extension.