Midway (MWY) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of directors and managing director, and a focus on shareholder value, River Capital offer, strategy, outlook, people, safety, and sustainability.

• Chair and CEO highlighted a year of progress, strategic achievements, and rationale for the River Capital offer, culminating in a binding Scheme Implementation Deed for acquisition and delisting from the ASX.

• Voting on all resolutions was conducted online via poll, with results to be notified to the ASX.

• Six items of business were addressed, five subject to shareholder vote, with opportunity for Q&A provided.

Financial performance review

• Underlying EBITDA for FY24 reached AUD 14.2 million, an AUD 11.3 million improvement over the previous year.

• Net profit after tax for FY24 was AUD 1 million, with gross margin increasing to 18% from 16%.

• Land and plantation sales since March 2022 totaled AUD 173 million, eliminating all long-term debt.

• Geelong and Tasmanian operations saw increased volumes, improved performance, and new supply contracts.

• Eliminated exposure to biological asset revaluations and plantation management costs.

Board and executive committee updates

• Andy Priest (also referred to as Andy Preece) appointed as non-executive director in March, bringing significant experience.

• Board refresh in 2022 included new Chair and CFO appointments, with Gordon Davis and Kellie Benda joining the Board.