Ann: Annual General Meeting 2023 Addresses and Presentation, page-6

Here are my notes from the AGM.

Yes debt at the moment is too high ( Chairman Weiss refers to p11 of the Annual Report ) but with the proposed sale of Polish assets and other recent sales debt will be back in CMW's preferred range.
Chairman Weiss hammered home the point the Board's main focus is debt reduction to strengthen the balance sheet.

Announced sale of 7th Polish asset for net proceeds of $67M to be received in Feb 2024.
The other 6 Polish assets, currently in due diligence, HOPE to sign a contract before Christmas.

Not in a position for a buyback at the moment.
Once the balance sheet is repaired will consider a Buyback of securities if still trading at a big discount to nta.

In future will focus on Australian assets where CMW has a strong competitive position.
Still have some assets not core, but keeping key assets in Australia.

Some proceeds from recent asset sales to be received in FY24.
Operating earnings decrease due to 1. lose income on the sold assets and 2. increase in interest rates.
Selling the high risk assets first, mentioned higher yields on these.

Directors can't buy shares at the moment as the Trading window is closed re insider knowledge.

Weiss reply to Steven Mayne, Capital raising at these levels highly dilutive = brushed off.

Dividends - prudent approach going forward, no guidance other than an indication each quarter for the next dividend.

From 2014 the previous Board, spent $1.4 billion buying European assets.
Problems coming from European assets, valuation of Australian assets held up better.
Recent sales at or above Book Value ( Polish assets will be at a big discount ).

I'm satisfied the Board / Management focus is in the right direction.

My opinion, interesting hunting ground in REITs at the moment especially Office REITs for patient value investors.
I own COF CMW and GOZ.