Metro Performance Glass (MPG) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with safety instructions and acknowledgment of both in-person and online attendees.

• Agenda focused on recapitalization, with three interlinked resolutions to be voted on.

• Introductions of board members, executive team, and key advisors.

Financial performance review

• Business had a high debt-to-value ratio since mid-2022, prompting the need for recapitalization.

• Performance was poor due to both external industry changes and internal issues.

• Significant improvements in New Zealand operations since June 2024, with better delivery and production metrics.

• Focus on profit growth rather than just sales growth moving forward.

Board and executive committee updates

• Board restructured in late 2023, reducing its size and bringing in new directors.

• Simon Bennett appointed as Executive Director and Managing Director in June 2024.

• Management changes implemented to drive urgency and performance.