Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Danny Herceg was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Danny Herceg was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Oct 18
Excelsior Capital Limited, Annual General Meeting, Nov 18, 2025 Excelsior Capital Limited, Annual General Meeting, Nov 18, 2025. Location: the bennelong room, dexus place, level 15, farrer place, nsw, sydney Australia Annonce • Oct 01
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On October 1, 2025, Excelsior Capital Limited announced that it has received notices pursuant to Section 203D and Section 249D of the Corporations Act 2001) issued by two Requisitioning shareholders Baauer Pty Ltd and Saccharian Pty Ltd to call and arrange to hold a general meeting of shareholders to consider and vote on the following resolutions: (1) to voluntarily wind up and appoint liquidators to the Company; (2) to remove both Ryan Mount and Danny Herceg as existing directors of the Company; (3) to appoint both Luke Cummings and David Prescott as directors to the Company as at the close of that meeting; and (4) to remove any person appointed as a director of the Company between September 17, 2025 and the end of the meeting other than Luke Cummings or David Prescott. Annonce • Aug 29
Excelsior Capital Limited Announces Fully Franked Ordinary Dividend for the Six Months Ended June 30, 2025, Payable on September 19 , 2025 Excelsior Capital Limited announced fully franked ordinary dividend of AUD 0.04000000 per share for the six months ended June 30, 2025, payable on September 19, 2025. Ex Date: September 4, 2025 and Record Date: September 5, 2025. Board Change • Dec 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Luke Cummings was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Oct 26
Excelsior Capital Limited, Annual General Meeting, Nov 28, 2024 Excelsior Capital Limited, Annual General Meeting, Nov 28, 2024. Location: the bennelong room, dexus place, level 15, 1 farrer place, sydney, nsw Australia Declared Dividend • Sep 01
Final dividend increased to AU$0.10 Dividend of AU$0.10 is 200% higher than last year. Ex-date: 5th September 2024 Payment date: 20th September 2024 Dividend yield will be 4.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 79% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (79% accrual ratio). Minor Risks Revenue is less than US$5m (AU$2.6m revenue, or US$1.7m). Market cap is less than US$100m (AU$93.9m market cap, or US$63.6m). Board Change • Jul 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jul 04
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On July 3, 2024, Excelsior Capital Limited announced that it has received a request of notice under section 203D and section 249D of the Corporation Act 2001 from requisitioning shareholders, Baauer Pty Ltd and Gliocas Investments Pty Ltd, requesting the Company to call and convene a general meeting of the Company to consider and vote on resolutions for the appointment of Luke Cummings and David Prescott as directors of the Company along with the removal of existing Director Danny Herceg and Ryan Mount, and any other director appointed between the 11 June 2024. The Company added that the directors unanimously recommend shareholders vote against all the resolutions. Board Change • Mar 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 02
First half dividend increased to AU$0.035 Dividend of AU$0.035 is 17% higher than last year. Ex-date: 5th March 2024 Payment date: 20th March 2024 Dividend yield will be 2.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Mar 01
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On March 1, 2024, Excelsior Capital Limited announced that it has received a request of notice under section 249D of the Corporation Act 2001 from Requisitioning Shareholder, Baauer Pty Ltd and Benjamin Graham to call and arrange to hold a general meeting of shareholders to consider a resolution to voluntarily wind up and appoint liquidators to the Company. The Company intends to convene a meeting with a date to be announced to shareholders in a notice within 21 days after the date the request was received by the Company, and to hold the meeting within 2 months after the date of the request. Annonce • Feb 01
IPD Group Limited (ASX:IPG) completed the acquisition of CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL). IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million on November 28, 2023. Under the terms, consideration comprises an upfront payment of AUD 92.1 million, subject to customary working capital and net debt adjustment, and a maximum contingent payment of AUD 8.9 million depending on CMI’s FY24 results. IPD will fund the acquisition through a combination of a fully underwritten equity raising of AUD 65 million consisting of an institutional placement to raise approximately AUD 40 million along with an accelerated pro rata non-renounceable entitlement offer of new fully paid ordinary to raise approximately AUD 25.0 million and new debt facilities of AUD 40 million. CMI reported net sales of AUD 104.3 million, EBITDA of AUD 17.1 million and EBIT of AUD 15.5 million for the financial year 2023. IPD Group has the right to receive and pay a break fee of AUD 1 million. The acquisition is subject to approval by shareholders of Excelsior. The Board of ECL unanimously recommends that ECL shareholders vote in favor of the transaction. Completion of the acquisition is anticipated to occur by February 2024. ECL intends to use the net proceeds delivered by the transaction to further develop and grow its primary investment portfolio business. The acquisition delivers pro forma FY23A EPS accretion of over 30% for IPD Group. RSM Australia acted as an independent expert, Houlihan Lokey acted as financial advisor and Nicholson Ryan Lawyers acted as legal advisor for ECL. Gordon McCann, Seema Sandhu,Sarah Roettgers,Sarah Gilkes,Charmian Holmes and Veno Panicker of Hamilton Locke acted as legal advisor and Due-diligence provider to IPD Group Limited.
IPD Group Limited (ASX:IPG) completed the acquisition of CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) on January 31, 2024. Recent Insider Transactions • Dec 06
Executive Director recently bought AU$1.0m worth of stock On the 1st of December, Leanne Catelan bought around 322k shares on-market at roughly AU$3.13 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Annonce • Nov 30
IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million. IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million on November 28, 2023. Under the terms, consideration comprises an upfront payment of AUD 92.1 million, subject to customary working capital and net debt adjustment, and a maximum contingent payment of AUD 8.9 million depending on CMI’s FY24 results. IPD will fund the acquisition through a combination of a fully underwritten equity raising of AUD 65 million and new debt facilities of AUD 40 million. CMI reported net sales of AUD 104.3 million, EBITDA of AUD 17.1 million and EBIT of AUD 15.5 million for the financial year 2023. IPD Group has the right to receive and pay a break fee of AUD 1 million. The acquisition is subject to approval by shareholders of Excelsior. The Board of ECL unanimously recommends that ECL shareholders vote in favor of the transaction. Completion of the acquisition is anticipated to occur by February 2024. ECL intends to use the net proceeds delivered by the transaction to further develop and grow its primary investment portfolio business. The acquisition delivers pro forma FY23A EPS accretion of over 30% for IPD Group. RSM Australia acted as an independent expert, Houlihan Lokey acted as financial advisor and Nicholson Ryan Lawyers acted as legal advisor for ECL. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$3.19, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 8x in the Electrical industry in Australia. Total returns to shareholders of 56% over the past year. Board Change • Oct 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 31
Full year 2023 earnings released: EPS: AU$0.35 (vs AU$0.28 in FY 2022) Full year 2023 results: EPS: AU$0.35 (up from AU$0.28 in FY 2022). Revenue: AU$104.0m (up 11% from FY 2022). Net income: AU$10.2m (up 28% from FY 2022). Profit margin: 9.8% (up from 8.6% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Aug 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$84.4m market cap, or US$54.8m). Board Change • Aug 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 11
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (AU$62.9m market cap, or US$42.4m). Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$2.12, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 15x in the Electrical industry in Australia. Reported Earnings • Feb 28
First half 2023 earnings released: EPS: AU$0.17 (vs AU$0.11 in 1H 2022) First half 2023 results: EPS: AU$0.17 (up from AU$0.11 in 1H 2022). Revenue: AU$51.6m (up 29% from 1H 2022). Net income: AU$4.80m (up 47% from 1H 2022). Profit margin: 9.3% (up from 8.1% in 1H 2022). The increase in margin was driven by higher revenue. Board Change • Jan 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 29
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
