Dear Shareholder
Brisbane Markets Limited (BML) held its Annual General Meeting (AGM) on Wednesday, 13 November 2019. During the course of the AGM, the Board reported on a number of key figures relating to BML’s ongoing investment in developing and improving the Brisbane Markets site.
As at 30 June, BML had total assets of $379.4 million, up by 4.9% on last year’s figures of $361.8 million. The net asset figure stood at $187.7 million, up by 20.7% on the prior year.
These increases in asset value relate largely to the capital raising and the completion of Building C1 earlier this year. This revenue-producing investment, combined with the completion of Building E1, which is expected to occur by August 2020, collectively are expected to generate a revenue increase of $2.3 million in rent per year. These projects demonstrate BML’s focus on investing in the long-term best interests of Shareholders and the fresh produce industry.
BML’s continued investment in creating new lettable space has seen the total lettable area within the site, excluding land leases, increase to 141,603m2 at 30 June 2019. This figure has shown an upward trend over time as a number of older properties have been refurbished and as new premises, predominantly warehouses, have been constructed, creating additional revenue streams for BML.
The Board also reported that the group has maintained a fully franked dividend at 16.25 cents per fully paid share, which is the same level as the prior year. However, the total value of the dividend paid has increased due to the share issue completed during the financial year.
Over the 15 year period since the first full financial year of operation, dividends have increased from 8 cents per share, fully franked to 16.25 cents per share, fully franked.
It was announced at the AGM that Director, Mr Peter Tighe, was due to stand for re-election. As no other nominations were received, Mr Tighe was re-elected unopposed.
Following the AGM, the Board convened for its November Board Meeting. At this meeting, Tony Joseph was returned as Chairman and Tony Kelly was re-appointed as Deputy Chairman for the 2019/20 term.
Despite what has been inferred by media coverage this week, Shareholders at the AGM showed strong support for the direction of the Company under the leadership of the Board of Directors, which remains unchanged:
- Anthony (Tony) Joseph, Chairman
- Anthony (Tony) Kelly, Deputy Chairman
- Bruce Hatcher, Director
- Stuart Lummis, Director
- Evonne Collier, Director
- Noel Greenhalgh, Director
- Peter Tighe, Director
- Andrew Young, CEO and Director
Board of Directors
Brisbane Markets Limited
For more information regarding this notice, please contact BML on (07) 3915 4200.