UnUsUaL Limited AGM 2025: Key Decisions, Executive Pay Scrutiny, and Strategic Shifts Signal New Directions

Highlights from the 2025 Annual General Meeting

UnUsUaL Limited convened its Annual General Meeting (AGM) on July 28, 2025, setting the stage for a year marked by strategic pivots, tight cost controls, and renewed scrutiny of executive pay. The meeting, held at Play@DPS in Singapore, covered a comprehensive agenda that included financial results, board elections, remuneration discussions, and forward-looking mandates. Here’s a detailed breakdown of the key points that shareholders—and prospective investors—need to know.

1. Financial Results and Strategic Write-Downs

• Financial Statements and Loss Allowances: The company adopted its audited financial statements for the year ended March 31, 2025. Notably, management addressed significant loss allowances on financial assets tied to two major projects—Walking With Dinosaurs and the Apollo Project—that were halted during the COVID-19 pandemic. The company has now recognized impairment losses on these assets, choosing to focus on robust post-pandemic demand for live concerts instead.
• Prepayments for Upcoming Events: S\$8.2 million recorded under “Other Current Assets” are prepayments for upcoming concerts. These will be recognized as expenses after the events, suggesting a strong pipeline of upcoming shows.
• Trade Receivables and Collection Cycle: Some trade receivables have been outstanding for over five years, mainly due to canceled events during the pandemic. Management is actively engaging with long-term partners to resolve these balances. Typically, the collection cycle is under three months after event completion—indicating stable operational cash flow in normal times.

2. Board Decisions, Elections, and Share Issuance Mandates

• Directors’ Fees: Shareholders approved a total of S\$100,000 in directors’ fees for the coming year, to be paid quarterly.
• Board Re-elections: Mr. Johnny Ong (Executive Director & COO) and Mr. William Tan (Independent Director, Chairman of Remuneration Committee) were both re-elected. Mr. Tan will continue to be considered independent under SGX Catalist rules.
• Auditors: Messrs CLA Global TS Public Accounting Corporation were re-appointed as external auditors.
• Share Issuance Authorities: Shareholders granted board authority to issue new shares and convertible instruments up to 100% of issued shares (with up to 50% on a non pro-rata basis), in line with SGX guidelines. Separate mandates were also approved for the UnUsUaL Employee Share Option Scheme and Performance Share Plan, with total dilution capped at 15% of issued shares.
• Share Buyback Mandate: The company renewed its share buyback mandate, authorizing repurchases of up to 10% of issued shares at a price of up to 105% of the five-day average for market purchases and 120% for off-market purchases. This gives management flexibility to support the share price and return value to shareholders.

3. Executive Pay Under Shareholder Scrutiny

• CEO & COO Remuneration: Shareholders raised concerns about increased executive pay and the lack of dividends since IPO. The Remuneration Committee clarified that pay comprises fixed cash and performance-based bonuses, linked to group profit before tax. The board will conduct a comparative review of executive pay and consider future dividends, signaling responsiveness to shareholder feedback.

4. Forward Strategy and Cost Controls

• Budget and Cost Measures: The company is tightly monitoring budgets and costs, especially given higher expenses in Singapore. Management is exploring alternative venues and locations in the region to optimize costs.
• Diversification: Beyond concerts, UnUsUaL is pursuing opportunities in family entertainment (e.g., Disney productions) and merchandise sales, with planned events in Singapore, Kuala Lumpur, Taiwan, Manila, and Australia.
• Impact of Event Scheduling: The company did not organize the 2025 Jacky Cheung concert due to schedule and venue changes, highlighting the importance of flexibility in event management.

5. Voting Results and Shareholder Participation

• All nine resolutions—including board appointments, share issuance mandates, and the buyback authority—were overwhelmingly approved, with nearly unanimous support on most items.

Potential Price-Sensitive Developments

• Impairment of Dormant Projects: The strategic write-off of previously suspended projects and renewed focus on live events may improve earnings visibility and investor confidence.
• Share Buyback Mandate: The flexibility to repurchase up to 10% of shares could provide downside support for the stock and signal management’s confidence in the company’s prospects.
• Executive Pay and Dividend Policy: Ongoing scrutiny of executive compensation and potential introduction of dividends could be positive catalysts for sentiment and valuation.
• Diversification and Regional Expansion: Efforts to control costs, diversify offerings, and target new markets suggest potential for growth and margin improvement.

Conclusion

UnUsUaL Limited’s 2025 AGM signals a period of strategic recalibration, proactive cost management, and openness to shareholder feedback. The board’s willingness to consider executive pay reforms and dividends, combined with renewed mandates for share issuance and buybacks, could drive renewed investor interest. Watch for further announcements on dividend policy, new event launches, and developments in outstanding receivables as potential share price catalysts in the coming months.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research or consult a qualified financial advisor before making investment decisions. The author and publisher are not liable for any losses arising from reliance on the information provided.

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