Rakon (RAK) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with housekeeping, safety instructions, confirmation of quorum, and addresses from the Chair and CEO outlining the agenda, including financial review, Q&A, voting on resolutions, and general business.

Board and executive committee updates

• Board comprises Lorraine Witten (Chair), Keith Watson, Brent Robinson, Jung Meng Tseng, Keith Oliver, and representatives from major shareholders, with an ongoing search for two new directors, including one to chair the Audit and Risk Committee.

• Recent retirements acknowledged; interim arrangements in place for committee leadership.

• An Independent Board Committee was established to oversee the takeover process and strategic review.

Strategic initiatives and plans

• Strategy focuses on growing core telecoms, space, and AI markets, aiming for 15% compound annual growth in core business.

• Expansion into new markets, especially space and AI, to diversify revenue and reduce cyclicality.

• Major investments in R&D, manufacturing optimisation (especially in India), and semiconductor/XMEMS® nanotechnology.

• Strategic acquisitions are paused; organisational transformation and efficiency initiatives continue.

• ESG and climate change mitigation integrated into strategy, with public climate-related disclosures.