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 for one absent director.

• Notice of meeting and explanatory memorandum were circulated and taken as read, with a quorum present.

• Voting was conducted by poll on all items, with online and in-person participation enabled.

Financial performance review

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

• As of end October, the investment portfolio had increased 6.9%.

• The company paid a AUD 0.06 fully franked dividend, yielding 5.6% (grossed up to 8%), and maintains a strong profit reserve.

• The current NTA is AUD 1.27, with shares trading at a 15% discount; the IPO price was AUD 1.25.

• The portfolio is positioned defensively with 30% cash, aiming for 7%-10% annual returns and capital protection during market downturns.

Board and executive committee updates

• Geoff Wilson stood for re-election, emphasizing his experience and commitment to improving share price performance and closing the NTA discount.

• The board is focused on growing the company and aligning share price with asset value.

• Independent directors now oversee decisions regarding related party holdings to address governance concerns.