Glennon Small Companies (ASX:GC1) held its Annual General Meeting on 12 November 2026, disclosing proxy results for two resolutions, an unaudited pre-tax net tangible asset value of $0.6293 per share as at 5 November 2026, and a portfolio positioned with 63% of gross assets in cash.

Key Points

  • Michael Glennon was elected as a director, receiving 96.07% of valid proxy votes in favour.
  • The remuneration report was adopted with 51.58% of valid proxies voting in favour and 46.26% against.
  • Unaudited pre-tax NTA per share was $0.6293 and post-tax NTA was $0.6584 as at 5 November 2026, compared to a pre-tax NTA of $0.8218 on 2 October 2025.
  • The investment portfolio totalled $24.4 million, excluding $5.68 million in MEL loans, as at 6 November 2026, with 15 listed holdings.
  • Telix Pharmaceuticals was the largest holding at 7.4% of gross assets; Sandfire Resources recorded an unrealised gain of 179% on cost.

AGM Proxy Results for Resolutions 1 and 2

At the Annual General Meeting held on 12 November 2026, shareholders voted on two resolutions. The non-binding resolution to adopt the remuneration report for the financial year ended 30 June 2026 received 4,713,061 votes in favour (51.58% of valid proxies) and 4,227,679 votes against (46.26%), with 37,500 votes abstaining and 3,397,368 excluded. The ordinary resolution to elect Michael Glennon as a director was carried with 8,132,056 votes in favour, representing 96.07% of valid proxies, against 212,280 votes opposed, with no excluded votes recorded.

Portfolio Composition as at 6 November 2026

According to the filing, gross assets including MEL loans totalled $30.0 million as at 6 November 2026. The investment portfolio of $24.4 million, excluding $5.68 million in MEL loans, comprised 15 listed holdings. Cash represented 63% of gross assets, listed equities 35.1%, and accrued income and other assets 1.7%. The top five holdings by proportion of the investment portfolio were Telix Pharmaceuticals at 7.4%, Superloop at 3.6%, Sandfire Resources at 3.6%, Benjamin Hornigold at 3.5%, and Pantoro at 3.0%. The company's share price closed at $0.395 on 10 November 2026.

Sandfire Resources Position and Gains on Cost

The filing disclosed that Sandfire Resources recorded an unrealised gain of 179% on cost as at 6 November 2026, with the company's average cost per share at $6.85 and the price at $19.11 on that date. The total gain to GC1 from Sandfire was stated as approximately A$1.2 million, comprising approximately A$0.7 million banked and approximately A$0.6 million on paper. The filing noted that half the Sandfire position was sold in September, with A$0.69 million in profit already banked. The company also disclosed it sold out of Lycopodium and Duratec in early November 2026.