3 questions lodged at 2025 LSF virtual AGM
November 11, 2025
Below is the text of the 3 written questions submitted at the 20 minute L1 Long Short Fund (LSF) virtual AGM held at 11.01am on November 11, 2025 via the Link/MUFG platform, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results with no protest votes. Market cap was $2.21b on AGM day after another great year. The proxies were not disclosed early in this minimalist 1 page chair address. Another online shareholder called Stephen asked some better more specific questions then that was it.
Q1. Best practice is now to disclose the proxy position to the ASX along with the formal addresses to offer more timely disclosure to the market? The likes of Origin, NAB, Car Group, Viva Energy, Webjet, Xero, Myer, Brambles and JB Hi Fi all do this. Will you adopt this practice at next year's AGM and have there been any material proxy protest votes against any of today's items of business? If so, was it caused by a proxy adviser recommending an against vote?
Answer: The chair Andrew Larke said they would look into this for next year and there were no protest votes. Watch video of exchange via Twitter.
Q2. Well done for going long gold stocks, a big factor in our out-performance. What is the history of our bullish attitude to gold and did we manage to lighten some of our exposures at the very top of the market before the modest recent decline. Do we remain long term gold bulls?
Answer: Mark Landau gave a good considered answer explaining that they'd taken some profit at the top. Watch video of exchange via Twitter.
Q3. Why is Mark serving on this board when he is not serving on the L1 Group board, effectively our parent company? Does he need to be a director of this company to focus on stock picking and shouldn't we add more independent directors to the board?
Answer: Mark Landau gave a good considered answer saying that he would take feedback and remain on the board whilst it was in the best interests of shareholders. Watch video of exchange via Twitter.
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