Ellipsiz Ltd 2025 AGM Minutes: Key Resolutions, Egg Farm Project Updates, and Shareholder Q&A

Ellipsiz Ltd 2025 AGM: Key Developments and Strategic Updates for Investors

Overview

The 30th Annual General Meeting (AGM) of Ellipsiz Ltd was held on 28 October 2025 at the Orchid Country Club, Singapore. The meeting was attended by the full Board of Directors, key management, auditors, legal and share registrar representatives, as well as shareholders. The AGM featured important resolutions, strategic project updates, and a comprehensive Q&A session addressing investor concerns.

Key Highlights and Resolutions

All resolutions were passed with overwhelming support: Shareholders voted by poll with the vast majority (>99%) approving all ordinary and special resolutions, including the adoption of financial statements, re-election of directors, dividend declaration, directors’ fees, auditor re-appointment, authority to issue new shares, and renewal of the share purchase mandate.
Final Dividend: A tax-exempt (one-tier) dividend of 1.00 cent per ordinary share was declared, payable on 27 November 2025. This provides direct returns to shareholders.
Directors’ Fees: Directors’ fees of \$352,000 for FY2026 were approved, to be paid quarterly in arrears.
Authority to Issue Shares & Share Purchase Mandate: The general mandate allows the Board to issue shares and instruments at their discretion, providing flexibility for capital raising and strategic investments.

Strategic Project Updates

Egg Farm Project – Major Diversification Initiative

Progress & Rationale: The egg farm project is seen as a stable, defensive diversification for Ellipsiz, tapping into Singapore’s annual consumption of 2.2 billion eggs and benefiting from government support for food security.
Production Capacity & Revenue Potential: At full capacity, the farm will produce up to 1 million eggs per day. This scale positions Ellipsiz for significant revenue in the context of local retail prices.
Development Cost & Funding: Total development cost is estimated at \$100–\$110 million, with bank funding expected to cover 50–65%. External equity partner Unicore Agri has committed funding, though the third tranche payment is deferred pending project commencement, with interest of 2% p.a. until paid.
Ownership Structure: Ellipsiz will hold a 66% equity stake prior to the final Unicore Agri share subscription, after which it will be diluted to ~52%.
Lease Period: The farm lease is for 30 years, securing long-term operational stability.
Technical Expertise: The company has a technical services agreement with Japan’s ISE Foods, local staff with direct experience, and a dedicated core team. Farm design best practices are consolidated from study visits worldwide.
Automation & Maintenance: Suppliers for “smart” farm automation have been identified, with aftersales support as a key selection criterion.
Future Product Diversification: Plans include marketing specialty eggs (e.g., Omega-rich) based on feed formulation.
Government Grants: Disbursements are phased, with no claw-back if criteria are unmet; funds are only given upon fulfillment of benchmarks (non-repayable once disbursed).
Development Costs Accounting: Capital expenditure for farm development and equipment will be capitalised as per Singapore Financial Reporting Standards.

Semiconductor & DSS Segment

Growth Trends: The semiconductor business continues to outperform, tracking global trends with an estimated 11% sector growth in 2025, driven by AI demand. Ellipsiz aims to tap into the AI supply chain for future expansion.
DSS Segment: The Distribution and Services Solutions segment focuses on distributing machines and critical chemicals for the semiconductor industry and provides technical services, especially in failure analysis for increasingly complex chip designs.
Comparative Position: DSS is not in direct competition with AEM Holdings Ltd, which specializes in test solutions. DSS is primarily a distributor and service provider.
Potential IPO: Management is open to considering an IPO for DSS if it achieves sufficient scale.

Golf Simulator Business

New Market Entry: Ellipsiz has entered the golf simulator business, capitalizing on declining physical golf courses and rising popularity of esports, including golf simulators, particularly in markets like Korea and potentially Singapore.
Capital Expenditure: FY2025 capex included \$3.6 million for renovating two simulator centres and the new corporate office, plus \$0.7 million for simulator purchases.
Ownership & Strategy: The golf simulator business is wholly owned by Ellipsiz. The company is targeting NTUC Club’s My Golf Kaki members and ramping up marketing activities. Return on investment is still early to assess.

Bintan Land – Long-Term Asset

Land Value Appreciation: Bintan land has appreciated since acquisition and remains part of the Group’s land bank. Current priority is on egg farm and golf simulator businesses; development will require future resource allocation.
Fair Value Accounting: The segment posted lower gains due to reduced fair value revaluation in FY2025.

Financials and Cash Management

Strong Cash Position: Ellipsiz maintains substantial cash reserves. The company sold some investment portfolio shares and will reallocate proceeds for new investments.
Dividend Policy: Special interim dividend in FY2025 coincided with subscription proceeds received; management clarified there is no direct link and future distributions will be prudently assessed against upcoming funding needs.
Directors’ Consultancy Fees: Two directors received consultancy fees for hands-on support in financial oversight and management committee duties following the departure of the previous CEO and CFO.

Potential Share Price Sensitive Information

Egg farm project is progressing toward major operational milestones with secured funding and government support, potentially adding a stable, high-volume revenue stream.
Strategic focus on AI-driven semiconductor supply chain positions Ellipsiz for future growth in a high-demand sector.
Golf simulator business represents new market diversification, with significant capital investment and growth potential.
Bintan land value appreciation remains a long-term asset for future monetization or development.
Company retains flexibility for further capital raising, investments, and possible divisional IPOs.

Conclusion

The 2025 AGM demonstrated Ellipsiz Ltd’s commitment to diversification, prudent financial management, and strategic capital deployment. With major projects like the egg farm and golf simulator business advancing, and ongoing strength in the semiconductor sector, the company is well-positioned for future growth. Investors should closely monitor further developments, funding milestones, and operational performance, as these could significantly impact Ellipsiz’s share value.

Disclaimer: This article is based on information presented at Ellipsiz Ltd’s 2025 AGM. It is not intended as investment advice. Investors should conduct their own due diligence and consult professional advisers before making any investment decisions. The information herein may contain forward-looking statements subject to risks and uncertainties.