Perpetual Equity Investment Company (PIC) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a welcome, acknowledgment of traditional landowners, introductions of the board, executive team, and auditor, and the Chairman's address, followed by an investment manager update, Q&A session, and formal voting.

• The hybrid format was highlighted, allowing broader shareholder participation.

Financial performance review

• Reported FY24 net profit after tax of AUD 28.6 million, with a 7.7% return for the year and 10.4% p.a. over five years, outperforming the benchmark by 3.2% p.a.

• Total FY24 fully franked dividend was AUD 0.08 per share, the highest full-year dividend, with a yield of 6.5% (grossed-up 9.3%).

• Profit reserve stands at AUD 82.5 million, covering 2.7 years of dividends; franking account balance at AUD 12.7 million.

• Portfolio delivered 16.9% return over one year and 9.7% p.a. since inception, outperforming its benchmark.

Board and executive committee updates

• Board focused on prudent capital management and review of the management agreement with Perpetual Investment Management Limited (PIML).

• Deloitte conducted an independent review of PIML's investment process and alternatives.

• Board recommended continuing with PIML as manager after a thorough review.

• Board comprises five directors, including a new non-executive director appointed in September 2023.

• Executive and investment management team highlighted for their experience and stability.