RF Capital Group (RCG) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders and guests, introduced board members and executive team, and outlined the meeting agenda, including a CEO presentation and Q&A session.

• Confirmation of quorum and proper notice of meeting was received, and the meeting was declared duly constituted.

Board and executive committee updates

• Election of 10 directors was conducted and all nominees were unanimously elected to serve until the next AGM.

• KPMG LLP was reappointed as auditor, with the board authorized to fix their remuneration.

• New executive appointments included a COO, VP of Business Strategy and Analysis, branch manager for Southwestern Ontario, and VP of Wealth Planning and Solutions, strengthening leadership.

Financial performance review

• 2023 revenue was CAD 351 million, matching 2022's record, with AUA at CAD 35.2 billion, up CAD 288 million year-over-year.

• Adjusted EBITDA for 2023 was CAD 59.5 million; Q1 2024 saw AUA rise to CAD 37.1 billion and a 4% increase in adjusted EBITDA to CAD 13.5 million.

• Free cash flow of CAD 7.5 million was generated in Q1 2024, supporting growth initiatives.