The Reject Shop (TRS) Scheme Meeting 2025 summary

Opening remarks and agenda

• Meeting opened by the Chair, with all directors and key executives introduced and present online.

• The agenda included an address from the Chair, voting on the scheme resolution, and a Q&A session.

• Procedural details for virtual participation and voting were outlined, ensuring equal access for all attendees.

• Board provided a Scheme Booklet detailing the proposed acquisition, process, key dates, and voting instructions.

• Shareholders were informed of the Scheme Meeting date, voting procedures, and the importance of reviewing the full documentation.

Financial performance review

• FY24 sales reached $852.7m, with pre-AASB 16 EBITDA of $17.6m and EBIT of $5.4m; 1H25 sales were $471.7m, pre-AASB 16 EBITDA $29.1m, and EBIT $22.6m.

• The company typically generates higher sales and profit in the first half of the year, driven by the Christmas period.

• Broker consensus forecasts sales growth at a CAGR of 3.8% and EBIT growth at 47.8% from FY24 to FY27.

• The company maintained a strong cash position, with $74.9m at 1H25, and no drawn debt facilities.

• Dividends were reinstated, with a 12c interim dividend paid in 1H25 and a franking account balance of $62m at December 2024.

Board and executive committee updates

• The board comprises Steven Fisher (Chair), David Grant, Nicholas Perkins, and Margaret Zabel.

• The executive team includes CEO Clinton Cahn and other key officers across operations, finance, commercial, legal, IT, and supply chain.

• Directors collectively held 241,905 shares as of the last practicable date and intend to vote in favour of the scheme.