WAM Strategic Value (WAR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened as a hybrid event, acknowledging traditional owners and introducing board members and moderator.

• Notice of meeting was circulated and taken as read; shareholders encouraged to read the Chairman's address.

• Voting conducted by poll on all items of business, with clear instructions for both in-person and online participants.

Financial performance review

• Portfolio performed soundly for the period ending FY2024, supporting an increase in dividends as profit reserves grew.

• Fully franked dividend yield was over 5.2%, grossed-up to about 7.4%, with plans to continue growing both profit reserve and dividend.

• Pre-tax NTA reported at AUD 1.27; see-through NTA at AUD 1.42, reflecting underlying investments.

Board and executive committee updates

• Glenn Burge stood for re-election, emphasizing oversight, compliance, and focus on narrowing the NTA discount and maintaining dividend policy.

• Virginia Waterhouse, with 30 years' legal and governance experience, introduced as a new independent director and ARC chair.