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, resolutions, and general business.

Board and executive committee updates

• Board comprises Lorraine Witten (Chair), Keith Watson, Brent Robinson, Jung Meng Tseng, Keith Oliver, five independent directors, and representatives from the two largest shareholders.

• Two board vacancies due to retirements; search underway for a director with financial skills to chair the Audit and Risk Committee.

• Interim CFO Mark Dunwoodie introduced; recent executive efforts during takeover process acknowledged.

• 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 verticals (space, AI), manufacturing optimisation in India, and investment in semiconductor and XMEMS® nanotechnology.

• ESG and climate-related disclosures integrated into strategy; organisational transformation and efficiency initiatives continue.

• Strategic acquisitions are paused; focus on technology leadership and world-class manufacturing.

• FY25 guidance: Underlying EBITDA expected between $5-15m, with growth in Space and AI hardware offset by slow recovery in other segments.