3 questions lodged at 2024 WAM Capital hybrid AGM

Q1. As our FUM grows, the management fees leaked to external manager Wilson Asset Management continue to grow. How exposed are we to a hostile shareholder resolution to either reduce the management fees or even internalise management to save costs, similar to what happened at various externally managed Macquarie vehicles after the GFC? If the shareholders decided they wanted to sack Wilson as manager, what sort of go away fee are we currently contractually obliged to pay, if any?

Q2. We've been a big investor in Star Entertainment and have lost large chunks of capital as the casino company craters under the pressure of regulatory over-reach. Which of our 6 LICs shared these gambling losses and how does Star compare with other disasters from over the years? Is it up there with Slater & Gordon? Please name our 3 worst investments over the journey but don't just focus on the negative and please mention our 3 or 4 best investments.

Q3. Will a full unedited copy of the AGM webcast archive be made available on the company website? Even better, why not lodge a full copy of the transcript with the ASX to ensure there is a permanent public record of the debate. Kathmandu did this in 2019.

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