Annual General Meeting 20 November 2019
Welcome from the Chairman Martyn Pickersgill Agenda Overview • Outline of scheduled proceedings • Please turn your phones to silent • Amenities and evacuation process • Tea and coffee facilities The Second Annual Meeting as Longevity Group Australia Ltd 2 Annual General Meeting 2019
Introducing the Board Gerry Bullon Martyn Pickersgill Philip Lovel AM Director Director/Chairman Director Derek Cafferty Sharon Brearley Roberts Managing Director Director/Company Secretary 3 Annual General Meeting 2019
Introducing Management Management Back row • Matthew Jones CPA – Group Accountant • Sally Eddison – Executive Assistant • Frank McMullen – Project Manager Front row • Sharn Jenkins – Interiors Manager • Annelies Gonzaga – Communications & Marketing Manager • James Choi - Development Manager 4 Annual General Meeting 2019
Our Partners Our Partners • Auditors - RSM • Financial Advisors - JBWere • A panel of legal advisors including: Gadens and Russell Kennedy • Share Registry - Computershare • Banker – Westpac • Builders – FLUX by Figurehead & Virgon 5 Annual General Meeting 2019
Overview from the Chairman Martyn Pickersgill Minutes of the 2018 AGM • Available for viewing at the registration desk 6 Annual General Meeting 2019
Overview from the Chairman Martyn Pickersgill Notice of Meeting 2019 AGM • Available for viewing at the registration desk 7 Annual General Meeting 2019
Chairman’s Report A year of opportunities, The Future challenges and progress • • We continue to pursue our vision of a new model for Review of senior management and key staff has been downsizer living. undertaken and we are now in a good position to ensure that the business is agile and competitive. • One project “out of the ground” a second has works commenced with the third not far behind! • Construction underway now but the aim is to have two more projects out of the ground next year – four in • The slow-down in the property market appears to have total. turned a corner. This is good news for Longevity as its projects come on to the market. • Noticing an increase in enquiries after the unsettled period where the Federal Election and Banking Royal • The national challenges the retirement sector face are Commission caused uncertainty in many areas not a validation of the importance of the sale of The just building and real estate. Mornington. • Continuation of our pipeline (purchasing appropriate • The sale of the Swan Street property was a fantastic sites) requires cash funding therefore the decision to result! With the final sale price being well above the sell 487 Swan St. sworn valuation, it exceeded all expectations allowing us to use the funds for our new strategy. • My thanks to all staff who have contributed to the operation of the company in the last financial year. • It is important that we thank our shareholders who have supported us and also those who provide us with feedback so that we can incorporate this into our business practices and strategies. 8 Annual General Meeting 2019
Managing Director’s Report 2019 - Continuing to face the challenges and Derek Cafferty grow from these experiences Managing Director • Four sites, and we now have four council planning permits. • Construction is well underway on our Camberwell Avenue Rise project. Structural work will be completed this year! The fit out work will continue through to the end of 2020. • We have appointed builders and will commence construction on the Kings Vue Project in Balwyn by the end of the year. • Finally obtained VCAT approval for the Castle Rise project – Castran have been appointed as the sales team for this project which we hope to commence in the first half of 2020. • Redefined our designs based on customer needs and feedback. • Continued growth and awareness of the Longevity brand and launched project brands along with regular updates to both potential purchasers and shareholders. • Achieved strong pre-sales and interest of Longevity branded residences/homes for projects – Over 50% of Avenue Rise has been sold. • Regrouped and implemented a revised strategy to improve project and asset management to deliver maximum benefits to all stakeholders. 9 Annual General Meeting 2019
Managing Director’s Report Our Model As we have previously reported, Longevity identified a market gap for a new housing product for older Australians. This was based on our extensive knowledge of retirement living, research and feedback from older people seeking their next home. We could have ignored what we had uncovered and stood still, we chose to act and create an alternative. • We understand that people want to own their own home outright. • We understand that large Deferred Management Fees erode family wealth. • We realised that homes should be designed so that people can age in place. • We know that people want a simplified lifestyle with less maintenance but don’t want to be squeezed into a few tiny rooms. • We understand that people want to stay living in the communities they have helped to build. The homes we design and build are helping to fill this gap and provide comfortable, dignified next stage living. 10 Annual General Meeting 2019
Strategic decisions made - Where we were Prior to demutualisation we struggled to operate businesses in heavily regulated sectors, decisions have been made which ensured the continuance of service delivery, no loss of jobs and no negative financial impact on the company. Sector Our exposure Decision Industry 2019 Private health Third smallest fund First ever sale of a private Increased regulation, royal insurance nationally, increased health fund to large ASX commission. Industry now regulation & competition listed entity under APRA regulation Aged care One 60 bed facility, which is Sold to large not for profit- Royal Commission, sector heavily regulated nationally, high reputation operator under increased a changed funding model regulation, large operators that we saw as struggling to deliver unsustainable Dental services One 3 chair outlet, only Sold to large ASX listed Greater exposure to clients our own heavily operator that has multiple competition and expensive subsidized health fund service delivery sites new technology members Retirement Village One completed aging Improved performance Royal Commission, sector village, no vacant land. and management of under increased Major industry downturn village led to sale of regulation, large operators due to bad national village to large national struggling to survive. publicity. Initially unable to not for profit operator at Unpopular service model sell at valuation valuation for next generation of retirees 11 Annual General Meeting 2019
The Vision To build on our strengths What we do and develop innovative • Today, under the banner of Longevity Group solutions. Australia Ltd, we’ve developed an innovative way we’ve to continue doing what always done: improving the quality of people’s lives. • With our experience, Longevity discovered a gap in the thinking and approach to next stage living for empty nesters. This presented a significant market opportunity for a unique property solution that satisfied both lifestyle aspirations and financial security needs. 12 Annual General Meeting 2019
Managing Director’s Report Our Future Pipeline We have spoken in detail about our current projects and will elaborate in further slides, but what’s next after Avenue Rise and Kings Vue are completed? Castle Rise – Finally after great frustration and 3 attempts we have achieved a realistic outcome for our Eaglemont site: 8 3-bedroom townhouses will be constructed commencing 2020. • We now have appointed Castran project property sales to develop and implement our sales campaign, a sneak preview of the sales campaign will shortly commence. • An onsite sales office depicting the plans and finishes will be used on this project to engage potential buyers. • There has been an unexpectedly strong pre-launch interest from the local community in this project. Kings Reserve • We intend to kick this project off after the Kings Vue project is completed. • The project consists of 8 townhouses with a mix of two and three-bedroom options. Other suburbs are also on our horizon: • Northern suburbs and Frankston in the south are areas we are keeping a close eye on – we are keen to provide a more economic version of our houses in other well established suburbs. 13 Annual General Meeting 2019
Managing Director’s Report 580 Riversdale Road, Camberwell Marketed as Avenue Rise • • A luxury apartment site Over 50% pre sales which include the large penthouse • 11 bespoke apartments over three levels with • basement car parking Project to be completed in the summer of 2020 • Structure to be completed by end of 2019 14 Annual General Meeting 2019
Managing Director’s Report 26-28 King St, Balwyn – Marketed as Kings Vue • With interest picking back up in the property market and the on-site sales suite, we are receiving strong enquiries on purchasing off-the-plan. • The site has secured development approval for seven low-maintenance future-proof spacious townhouses over two levels with individual basement garages. • The builder has been appointed and has taken possession of the site, construction commencing by year end. 15 Annual General Meeting 2019
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