Announcement • Jun 17
K2 Asset Management Holdings Limited Announce Board Changes, Effective June 15, 2026 K2 Asset Management Holdings Limited advised that Mr. Neil Sheather had notified the Board of his intention to retire as a Non-Executive Director effective June 15, 2026. Mr. Sheather had served as a Non-Executive Director of K2 since July 2023. K2 Asset Management Holdings Limited announced the appointment of Dr Andrew MacDonald (founder and CEO, Bionic Advisor) as a Non-Executive Director effective June 15, 2026. Dr MacDonald would also be appointed a Non-Executive Director of K2 Asset Management Limited, a wholly owned subsidiary of K2. Dr Andrew MacDonald is an experienced company director and senior executive with over 25 years of board, advisory and operating experience across funds management, banking, wealth management and professional services. He has previously chaired an ASX-listed funds management company and currently holds chair and chief executive roles in privately held technology and advisory businesses focused on the financial services sector. His expertise spans portfolio governance, dividend and capital management policy, investment mandate oversight, AFSL-regulated operations and the governance of artificial intelligence and data platforms used by financial institutions. Dr MacDonald will stand for election at K2’s annual general meeting to be held in November 2026. New Risk • May 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.3m (US$9.45m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 391% Market cap is less than US$10m (AU$13.3m market cap, or US$9.45m). Minor Risk Revenue is less than US$5m (AU$6.4m revenue, or US$4.6m). Board Change • Dec 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 Neil Sheather was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
