Sandon Capital Investments (SNC) AGM 2025 summary

Opening remarks and agenda

• The meeting commenced with confirmation of a quorum, acknowledgment of attendees, and outlined voting procedures for both in-person and online participants.

• The notice of meeting was taken as read, with the agenda covering financial reports, board elections, special resolutions, and a presentation on investment highlights and strategic initiatives for the year ended 31 October 2025.

Financial performance review

• Achieved a 1-year gross return of 14.5%, outperforming the Small Ordinaries Accumulation Index by 1.8% annualized since inception.

• Dividend yield is 6% (8% grossed up for franking), with a 6.4% discount to NTA as of 31 October 2025.

• Win/loss ratio of 58% demonstrates disciplined investment selection over the past 12 months.

• Monthly dividends have been implemented, narrowing the discount to NTA and improving shareholder income visibility.

• Portfolio companies operate in resilient sectors with strong balance sheets, supporting capital management and weathering economic headwinds.

Board and executive committee updates

• Board retains flexibility to raise capital if needed, though such authority has rarely been exercised.

• Board and management changes at portfolio companies over the past three years have led to improved financial and operational performance.

• Emphasis on prudent capital management and responsiveness to shareholder feedback regarding capital raising.

• Board announced an on-market buy-back and a 100% payout ratio for dividends at Fleetwood Ltd.