Excelsior Capital board rejects proposed liquidation, director changes

Excelsior Capital Limited (ECL) has scheduled its Annual General Meeting (AGM) for Tuesday, November 18, 2025, at 11:00 am (Sydney Time). Shareholders will vote on a series of resolutions, including proposals from requisitioning shareholders to remove two existing directors, appoint two new ones, and voluntarily wind up the company. The board of directors has unanimously recommended that shareholders vote against Resolutions 4 through 9, stating these are not in the best interests of shareholders.

The requisitioning shareholders, Saccharin Pty Ltd and Baauer Pty Ltd ATF The Baauer Family Trust, hold at least 5% of ECL's issued shares. They submitted notices on September 26 and September 29, 2025, to force these resolutions. Their proposals include the removal of Mr. Danny Herceg and Mr. Ryan Mount, the appointment of Mr. Luke Cummings and Mr. David Prescott, and the voluntary liquidation of ECL with James Taplin of BRI Ferrier appointed as liquidator. The board highlights previous unsuccessful attempts by this shareholder group to influence company direction, including a failed request in April 2024 to wind up the company.

The board also points to significant successful outcomes, such as the sale of CMI Operations Pty Ltd for circa $93.8 million, which was completed on January 31, 2024. Directors Herceg and Mount are credited with delivering over 100% return on share price and consistent dividend growth over the past three financial years, positioning ECL as a top-performing listed investment company.