Dear fellow shareholder,

It is my pleasure to invite you to attend Sydney Renewable Power Company’s (SRPC) 2018 Annual General Meeting (“AGM”) and provide you with an overview of SRPC’s performance.

We hope you will be able to join us for SRPC’s second AGM.

  • On Thursday 27 November, 2018

  • At 6.00pm

  • In the Boardroom at Boroughs, Chartered Accountants, Level 6, Skygarden, 77 Castlereagh St, Sydney, NSW, 2000

 Items for consideration

The 2018 Notice of Meeting (NOM) 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 them 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 page 2 of the Notice of Meeting, under the heading Voting Information.

Electronic shareholder communication

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 distribute the reports to every shareholder by email. If you wish, you can opt to not receive this information. We will publish SRPC's reports at our website at sydneyrenewable.com

2018 Overview

The 2018 Financial Year was our first full year of operations with the PV Array generating the entire time.

Over the past 12 months, the Board has moved from a more active role to one of oversight of the PV installation.  

Financial Overview

Net profit after tax (NPAT) for the 12 months ended 30 June 2018 was $85,372, 53.7% ahead of the PDS forecast of $55,552. 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  

Your PV Array generated more electricity in each month of the 2018 Financial Year than the minimum required to deliver the forecast.

Given PV Array’s performance, the Board considers it prudent to propose a capital return to shareholders. The Board’s reasoning is that:

  • SRPC has a healthy cash position,

  • the PV Array is continuing to generate ahead of forecast in the Offer Information Statement dated 31 October 2016, and

  • retained earnings were paid out following the dividend declared and paid in February and March 2018 respectively.

The NOM contains more detail on the proposed capital return.

The 2018 financial report, which includes the director’s report and auditor’s statement have all been lodged with ASIC.

Thank you for your support. We look forward to seeing you at the meeting.

Yours sincerely,

 

Allegra Spender

Chairman Sydney Renewable Power Company