WAM Strategic Value (WAR) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened as a hybrid event, acknowledging traditional landowners and introducing board members, with apologies noted for one absent director.

• Notice of meeting and agenda were circulated and taken as read, with a quorum confirmed and voting procedures explained for both in-person and online attendees.

Financial performance review

• Portfolio increased 8.6% for the year to June 30, slightly below market performance, with an average of 20% cash held during the period.

• As of end-October, the investment portfolio rose 6.9%.

• The company currently holds about 30% cash, reflecting a cautious approach due to perceived market froth.

Dividend announcements

• A fully franked dividend of AUD 0.06 was paid for the year, representing a 5.6% yield and a grossed-up yield near 8%.

• The board plans to gently increase dividends, supported by a reasonable profit reserve.