Thorney Opportunities (TOP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and apologies for absent directors.

• Meeting held online, enabling shareholders and proxy holders to participate, ask questions, and vote.

• Notice of Meeting and Annual Report were distributed to all shareholders.

• Agenda included Chairman's address, instructions for Q&A and voting, business items, and a Q&A session.

Financial performance review

• One portfolio delivered after-tax NTA growth over 24%, outperforming the S&P/ASX Small Ordinaries Accumulation Index by 15%.

• Another portfolio finished the year down 15.6% after tax, with optimism for future performance.

• Key contributors included M&A activity in infrastructure and resources, and standout investments in Clarity Pharmaceuticals and Southern Cross Electrical Engineering.

• Unlisted portfolios faced valuation pressures and limited realization events, negatively impacting results.

• Total gross tax losses of AUD 135 million available to offset future earnings.

Board and executive committee updates

• Directors and key executives attended online; apologies noted for absent directors.

• Board remains focused on narrowing the share price to NTA discount and improving investment performance.