Dear fellow shareholder,
It is my pleasure to invite you to attend Sydney Renewable Power Company’s (SRPC) 2017 Annual General Meeting (AGM) and provide you with an overview of SRPC’s performance.
2017 Annual General Meeting
We hope you will be able to join us for SRPC’s AGM, its first as a public unlisted company.
On Thursday 30 November, 2017
In the Boardroom at Boroughs, Chartered Accountants, Level 6, Skygarden, 77 Castlereagh St, Sydney, NSW, 2000
Items for consideration
Click here to access the 2017 Notice of Meeting. It outlines the items for shareholders to consider at the meeting.
Our AGM is an opportunity for you to share your views directly with the Board and hear from the Directors about SRPC’s progress.
If you are not able to attend the meeting in person, but would like to vote on the items of business, you may do so by casting a Direct Vote or appointing a proxy. Further information on how to do either of these things is noted on pages 2 and 4 of the Notice of Meeting.
Electronic shareholder communication
In keeping with SRPC’s environmental focus, we have avoided physically printing and posting reports and communications. SRPC's reports and notice of AGM are being given to you electronically because under SRPC's constitution, shareholders are required to agree to receive notifications from the company electronically.
All shareholders are entitled to receive, free of charge, a copy of the reports for each financial year or a copy of a concise report if one is prepared. In the interests of keeping all shareholders informed our default position is to notify every shareholder by email that the reports are available for download at our website, www.sydneyrenewable.com when the reports are published. If you wish, you can opt to not receive these notifications. Also, at any time, you can ask us to send you a copy of the most recent results.
2017 Financial Year Overview
The 2017 Financial Year was an exciting period for your company. We completed the oversubscribed share offering, commenced generation and saw the PV Array perform better than expected when compared with the forecasts outlined in the October 2016 Offer Information Statement (OIS).
Successful share offering
In April 2017 we completed our share offer and raised $1.47 million. In a show of confidence in SRPC, the offer was oversubscribed. Consistent with SRPC’s focus on creating an investment for small-scale investors, all applicants were allocated at least one share, resulting in 146 holdings in the company.
Net profit after tax (NPAT) for the 12 months ended 30 June 2017 was $47,100, 39% ahead of the OIS forecast of $33,775. Earnings per share for the same period was $90 per share, compared to the PDS forecast of $65. NPAT was ahead of the forecast in the PDS reflecting higher than expected electricity sales and higher than expected income from the sale of large-scale generation certificates.
Generating ahead of forecast
For each month since December 2016, when generation commenced, your PV Array has generated electricity ahead of the minimum required to deliver the forecast 545 MWh in its first full year of production.
The directors are committed to making distributions to shareholders as soon as practicable after having due consideration of the performance of the PV array to date and other factors outlined in the OIS.
The 2017 Financial report, Directors’ Report and Auditor’s Report, all of which have been lodged with ASIC, and are available here.
Thank you for your support and we are looking forward to seeing you at the meeting.
Chair, Sydney Renewable Power Company