Sandon Capital Investments (SNC) AGM 2024 summary

Opening remarks and agenda

• Chairman confirmed all proxies held at discretion would be voted in favor of all resolutions, with all items decided by poll and results announced at the conclusion.

• Voting exclusions applied to Resolution One, and questions were invited on each resolution, both in-person and online.

• Presentation held on 19 November 2024, outlining investment highlights and company strategy.

Financial performance review

• Shares offered a 7.1% yield (9.5% grossed up for franking) and traded at a 16.9% discount to NTA as of 31 Oct 2024.

• Gross performance to 31 Oct 2024: 1-year return 37.6%, 3-year return 0.8%, since inception 9.7% p.a.

• 65% win/loss ratio for the 12 months to 31 Oct 2024, with top contributors including Nuix, A2B, Coventry, and Spectra Systems; underperformers included Karoon and COG Financial.

• Profits reserves and franking balance can sustain current dividend for approximately four years.

• Portfolio composition focused on SME financial services, infrastructure, resources, agriculture, and unique technologies, with 54% of holdings in key sectors.

Board and executive committee updates

• Jacqueline Sullivan, with extensive experience in financial services and funds management, was re-elected as Director.

• Board and management changes at several portfolio companies over the last two years are expected to improve performance.

• Sandon Capital's leadership team includes Gabriel Radzyminski, Campbell Morgan, and Derek Skeen, each with over 15 years of experience.