Dexus Convenience Retail REIT · ASX:DXC
Dexus Convenience Retail REIT — APN Property Group — Shareholder Meeting (November 2015)
30 slides from Dexus Convenience Retail REIT's shareholder meeting presentation, Nov 23, 2015
Slide 1: Meeting Script
AGM Monday 23 November 2015 Commencing 10.00 am Hall & Wilcox Level 11, Rialto South Tower 525 Collins Street Melbourne Vic 3000 Meeting Script -- 1 --
Slide 2: Annual General Meeting script: introductions
APD AGM 2015 APN Property Group Limited Annual General Meeting – Monday 23 November 2015 at 10.00 am Introduction Good morning Ladies and Gentlemen and welcome to the eleventh Annual General Meeting of APN Property Group [Slide 1] Limited. As it is now 10.00 am and we have a quorum present, I have p
Slide 3: Presentation of FY15 Results and Outlook
APD AGM 2015 Presentation of The purpose of this meeting is to review the financial year FY15 Results and ended June 2015 and to give you the opportunity to discuss Outlook the affairs of the Company. There are also a number of resolutions which are important for the effective running of the [Slide
Slide 4: Pre-amble to Resolutions
APD AGM 2015 Pre-amble to The remaining items are resolutions for your consideration. Resolutions As there are five resolutions and each must be separately considered by shareholders, I propose to keep the process as short as possible by noting in advance, the following items: With the exception o
Slide 5: Re-election of Clive Appleton; placement capacity approval
APD AGM 2015 Clive has had a successful career in property and funds management, having worked for some of Australia’s leading retail property investment, management and development groups. Prior to joining the Company, Clive was the Managing Director of the Gandel Group and between 1990 and 1997 he
Slide 6: Ratification of May 2015 share placement
APD AGM 2015 On 8 May 2015, the Company issued approximately 36.9 million shares at an issue price of $0.37 per share to existing and new institutional and sophisticated investors via a placement. The shares issued were fully paid ordinary shares in the Company, ranking equally with and having ident
Slide 7: Non-executive director fee pool increase
APD AGM 2015 [Slide 18] Listing Rule 10.17 provides that a listed company may not, without shareholder approval, increase the total amount of fees payable to non-executive directors of the company or any of its ‘child entities’. The company’s wholly-owned subsidiary, APN Funds Management Limited, wh
Slide 8: Executive Director's Address
APN Property Group Limited Executive Director’s Address Ladies and gentlemen welcome to APN Property Group Limited’s 2015 annual general meeting. My name is Tim Slattery and I am an Executive Director of the company. I have prepared a brief review of our 2015 performance and overview of our business
Slide 9: Three-year performance and capital raising update
[Slide 7] Looking back over a slightly longer period than the most recent financial year, over the last three years APN has significantly increased key performance metrics including operating and statutory profit and our Funds Under Management, which has been accompanied by progressive strong share
Slide 10: Divisional review: Industria REIT
[Slide 11] In terms of each of our business divisions, starting with our $400 million listed Industrial and Business Parks REIT Industria, a considerable effort was made over 2015 to execute the fund’s leasing strategy. The team has now completed over 30,000 sqm of leasing transactions since July 20
Slide 11: Direct property funds and guidance
Steller offers sophisticated investors the opportunity to invest alongside one of Melbourne’s leading apartment development and construction businesses, with a strong risk management focus and an attractive rate of return forecast. More recently we have launched the APN Convenience Retail Fund with
Slide 12: 2015 Annual General Meeting Presentation
2015 ANNUAL GENERAL MEETING PRESENTATION MONDAY, 23 NOVEMBER 2015 www.apngroup.com.au ASX Code: APD
Slide 13: Introduction
Introduction Presenting Chris Aylward Clive Appleton Howard Brenchley Executive Chairman Non-Executive Director Non-Executive Director Presenting Tim Slattery John Freemantle Michael Groth Executive Director Company Secretary Chief Financial Officer 2
Slide 14: Agenda
Agenda Welcome and Chairman’s introduction Business review and outlook Formal business of the meeting Meeting close 3
Slide 15: Business Review
BUSINESS REVIEW APN | Property Group 4
Slide 16: FY2015 Financial Performance
FY2015 Financial Performance $000s FY2015 FY2014 Net income breakdown 1,3 Funds Under Management ($ billion) 2.2 ▲ 10% Income statement Performance & Net Funds Management Income 22,001 ▲ 7% Transaction Fees 25% Total Net Income 25,411 ▲ 14% Funds Operating earnings after tax 6,922 ▲ 41% 75% Manageme
Slide 17: Funds Under Management growth
Funds Under Management1 growth $2.5bn Sale of APN 541 St APN Coburg North Kilda Rd Fund and Retail Fund Net FuM increase establishment and $2,227m Newmark APN Auburn $173m Property Fund asset revaluations $2,023m ($80m) $84m $26m $2.0bn Securities $1.5bn Securities $1.0bn Direct Direct Healthcare He
Slide 18: Consistent performance improvement over three years
APN has delivered consistent performance improvement over three years Funds Under Management Statutory Profit $2.5bn $14.0m $2.2bn $12.6m $2.0bn $12.0m $2.0bn $1.6bn $10.0m $1.5bn $8.0m $7.4m $1.0bn $6.0m $4.0m $0.5bn $2.1m $2.0m $0.0bn $0.0m FY13 FY14 FY15 FY13 FY14 FY15 Share price performance $0.
Slide 19: Executing on APN's strategic initiatives
Executing on APN’s strategic initiatives Progress on strategy since capital raising Strategy to source and develop new opportunities Deploy capital to take advantage of attractive new Initiatives Progress 1 and existing growth opportunities Continue to co-invest with investors to ensure Generation H
Slide 20: Market commentary
Market commentary High level of transaction activity in Australian commercial property markets Domestic and international buyers active Disconnect between transactional and occupier (leasing) markets, particularly across different parts of Australia Timing of economic growth uncertain Tigh
Slide 21: APN remains well positioned to grow
APN remains well positioned to grow 1 Established funds management business with strong track record over 19 years 2 Multiple capital raising channels including deep retail distribution network 3 Specialist investment manager focusing solely on real estate Balance sheet capacity and flexibility, ena
Slide 22: Outlook and growth opportunities
Outlook and growth opportunities Attractive opportunities to continue to increase APN’s scale exist across the business Active property management and leasing in challenging market conditions – over 30,000 sqm leasing since 1 July 2014 Delivered occupancy of 94.4% and portfolio WALE of 5.3yrs
Slide 23: Outlook and earnings guidance
Outlook and earnings guidance Remain well positioned for continued growth in FY2016 Number of new investment opportunities identified to enhance product suite and deliver to market leading distribution platform Continue to evaluate range of new opportunities for existing and new funds against
Slide 24: Formal Business of the Meeting
FORMAL BUSINESS OF THE MEETING 13
Slide 25: Resolution 1: Remuneration Report
Resolution 1 “ That the Remuneration Report for the financial year ended 30 June 2015 be adopted. ” Summary of Proxy instructions For Open Against Abstain Votes 90,508,284 20,154,320 496,676 38,611 Percentage 81.42% 18.13% 0.45% - 14
Slide 26: Resolution 2: Re-election of Clive Appleton
Resolution 2 “ That Mr Clive Appleton, who retires by rotation in accordance with clause 4.3(c) of the Constitution, and being eligible, be re-elected as a Director. ” Summary of Proxy instructions For Open Against Abstain Votes 175,777,672 20,154,320 11,577,629 25,000 Percentage 84.71% 9.71% 5.58%
Slide 27: Resolution 3: Approval of 10% placement capacity
Resolution 3 “ That, for the purpose of Listing Rule 7.1A and for all other purposes, approval is given for the issue of Equity Securities totalling up to 10% of the Shares on issue, calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and on the terms and conditions set out i
Slide 28: Resolution 4: Ratification of prior share issue
Resolution 4 “ That, for the purpose of Listing Rule 7.4 and for all other purposes, approval is given for the prior issue of 36,866,288 Shares on 8 May 2015 on the terms and conditions set out in the Explanatory Notes. ” Summary of Proxy instructions For Open Against Abstain Votes 140,632,854 20,15
Slide 29: Resolution 5: Non-executive director fee increase
Resolution 5 “ That the maximum aggregate amount of remuneration available to be paid to non- executive Directors of the Company and its child entities be increased by $150,000 per annum from $750,000 per annum to $900,000 per annum. ” Summary of Proxy instructions For Open Against Abstain Votes 94,
Slide 30: APN Property Group
APN PROPERTY GROUP APN | Property Group 19
APN Property Group — Shareholder Meeting (November 2015) on 6ix