General Capital (GEN:NZ) Annual Meeting Presentations

Welcome to
General Capital Limited’s
Annual Meeting
11:00am Friday, 3 September 2021

Chairman:
Rewi Bugo
2

1. Chairman’s Introduction
2. Apologies
3. Chairman’s Address
4. Extraordinary Business
5. Regular Business
3

4
Shareholder & Proxyholder Q&A Participation
Written Questions:Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at anytime.
Type your question into the field and press submit.
Your question will be immediately submitted.
Voice Questions:Click on the “Click here” and
follow the on-screen instructions.
Help:The Q&A tab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question and
a Computershare representative will respond to
you directly.

5
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions and voting
options will allow voting.
To vote, simply click on the Vote tab, select your voting
direction from the options shown on the screen. You can vote
for all resolutions at once or by each resolution.
Your vote has been cast when the tick appears. To change your
vote, select ‘Change Your Vote’.

Brent KingRewiBugoHueiMin (Lyn) Lim
Simon McArleyGraeme Brown
6

7

Rewi Bugo
8

9
Issue of Shares for Wholesale Capital Raising– To consider and, if thought fit, pass the
followingordinaryresolution:
◦That, the shareholders approve (for the purposes of NZX Listing Rule 4.1.1) the issue of up to $5,000,000 of new
ordinarysharestosuchpersons(notbeingRelatedPersonsoftheCompany)andinsuchnumbersandproportions
asdeterminedbytheBoardoftheCompanyinitsabsolutediscretionandatsuchpriceandonsuchtermsasthe
BoardoftheCompanybelieveisfairandreasonabletotheCompanyandtoallexistingshareholdersbutatnot
lessthan5.75centspershare.
AllshareholdersarepermittedtovoteonResolution1.
Resolution 1

10
Issue of Shares to Borneo Capital Limited (“Borneo Allotment”) -To consider and, if
thought fit, to pass the following ordinary resolution:
◦That,theshareholdersapprove(forthepurposesofNZXListingRule4.1.1andRule7(d)oftheTakeoversCode)the
issueofupto8,333,333ordinarysharesinthecompanytoBorneoCapitalLimitedatanissuepriceof6.0centsper
share.
The information required by Rule 16 of the Takeovers Code and other relevant information is contained in the
Explanatory Notes-See 5.3.
Rewi Hamid Bugo and Borneo Capital Limited are prohibited (by NZX Listing Rule6.3 and Rule 17 of the Takeovers
Code) from voting any shares they hold on Resolution 2. General Capital shareholders not associated with Borneo
are permitted to vote on Resolution 2.
Resolution 2

11
PurchaseofSharesbyBorneoCapitalLimitedfromBelianHoldingsLimited(“Borneo
Acquisition”)-Toconsiderand,ifthoughtfit,topassthefollowingordinaryresolution:
◦That,theshareholdersapprove(forthepurposesofrule7(c)oftheTakeoversCode)theacquisitionof12,377,869
ordinarysharesintheCompanybyBorneoCapitalLimitedfromBelianHoldingsLimitedatapurchasepriceof6.0
centspershare.
The information required by Rule 15 of the Takeovers Code and other relevant information is described in the
ExplanatoryNotes-See5.4.
Rewi Hamid Bugo, Borneo Capital Limited, Belian Holdings Limited, Graeme Brown and any of their associated
parties are prohibited (by Rule 17 of the Takeovers Code) from voting any shares they hold on Resolution 3.
GeneralCapitalshareholdersnotassociatedwithBorneoCapitalLimitedorBelianHoldingsLimitedarepermitted
tovoteonResolution3.
Resolution 3

12
Issue of Warrants to Senior Management –To consider and, if thought fit, to pass the following
ordinaryresolution:
◦That, the Company approve (for the purposes of NZX Listing Rule 4.1.1) an issue the following warrants, and the shares to issue
on the exercise of those warrants, to the senior managers of the Company being Brent Douglas King (Managing Director) and
Jonathan Brian Vijay Clark (Chief Financial Officer) in such numbers and proportions as determined by the Board of the
Company in its absolute discretion and on such terms as the Board of the Company believe is fair and reasonable to the
Company and to all existing shareholders:
Up to 8,500,000 warrants that entitle the holder of each warrant to subscribe for cash for one ordinary share in the
Company at an exercise price of 8.0 cents per share at any time prior to 30 June 2023; and
Up to 8,500,000 warrants that entitle the holder of each warrant to subscribe for cash for one ordinary share in the
Company at an exercise price of 9.0 cents per share at any time prior to 30 June 2024;
Provided that not more than 50% in aggregate of either tranche of warrants may be issued to Brent Douglas King and associated
persons of Brent Douglas King.
Brent Douglas King, Barter Investments Limited and Jonathan Brian Vijay Clark and their associated persons are prohibited
(byNZXListingRule6.3)fromvotingsharestheyholdonResolution4.GeneralCapitalshareholdersnotassociatedwithBrent
DouglasKing,BarterInvestmentsLimitedandJonathanBrianVijayClarkarepermittedtovoteonResolution4.
Resolution 4

13
Toreceive,consideranddiscusstheAnnualReportoftheCompanyfortheyearended31
March 2021, including the financial statements for that year and the Directors’ and
auditor’sreportstotheshareholders.
Annual Report

Brent King
14

15

16
954
127
1,081
8,753
15,155
23,908
9,382
41,782
51,164
9,525
58,639
68,164
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Equity ($000)Total Liabilities ($000)Total Assets ($000)
Group Balance Sheet Growth
Mykco - 31 March 2018GCL - 31 March 2019GCL - 31 March 2020GCL - 31 March 2021

17
12.9
13.2
13.5
12.7
14.5
17.2
20.2
25.2
31.4
40.2
47.7
47.1
51.4
61.0
64.5
71.3
9.6
10.2
10.1
9.3
11.1
12.2
15.1
20.1
25.8
34.5
41.8
41.2
45.4
55.2
58.5
65.0
3.3
3.0
3.4 3.4
3.4
5.0
5.1
5.2
5.5
5.7
5.8
5.9
6.0
5.8
6.1
6.3
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Growth in General Finance Limited (Subsidiary)
Total Assets ($m)Total Liabilities ($m)Equity ($m)

18
FY22 Guidance
Outlookto30September2021:
-WeexpectSeptembertobea record6monthlyprofitforthe
groupduetothecontinuedgrowthinthebalancesheet.
Outlookto31March2022:
-GiventheuncertaintiesoftheCovid-19pandemicandcapital
and debt raising efforts we are unable to accurately forecast
thefullyearresultatthistime.
-However, Directors do currently expect that NPAT will be in
therangeof$650,000–$850,000,butthiswillbedependent
on:
Trading conditions post the Covid delta lockdown
The successful listing of Greenfern Industries.
Raising at least $2.0m of new capital.
Continued growth in deposits and loans.
No unexpected major events.
No adverse regulatory events.
-
Guidance
6 months
ending
30/09/2021
Loan Receivables (Net) $63m-$65m
Total Assets$78m-$80m
Term Deposit Liabilities $67-$69m
Total Liabilities$68-70m
Total Equity$10.2m-$11.0m
Revenue$2.3m-$2.6m
Net Profit After Tax $260k-350k

19
Synthony Sponsorship

20
Synthony Sponsorship

21

22
Auditors: To record that the Company’s auditors, Baker Tilly Staples Rodway Auckland,
are automatically reappointed as auditors pursuant to section 207T of the Companies Act
1993 and to consider, and if thought fit, to pass the following ordinary resolution:
◦“That the directors of the Company be authorised to fix the fees and expenses of the auditors of the Company for
the financial year ending 31 March 2022.”
Resolution 5

23
Re-election of Director: Brent Douglas King: To consider and, if thought fit, to pass the
following ordinaryresolution:
◦That Brent Douglas King, who retires by rotation at the Annual Meeting and is eligible for re-election, be elected as
a director of the Company.
Resolution 6

24
Re-election of Director: Graeme Iain Brown: To consider and, if thought fit, to pass the
following ordinaryresolution:
◦That Graeme Iain Brown, who retires by rotation at the Annual Meeting and is eligible for re-election, be elected as
a director of the Company.
Resolution 7

25
Re-election of Director: Simon John McArley: To consider and, if thought fit, to pass
the following ordinaryresolution:
◦That Simon John McArley, who retires by rotation at the Annual Meeting and is eligible for re-election, be elected as
a director of the Company.
Resolution 8

26

27

---

General Capital Limited Annual Meeting
Meeting Scheduled 27
th
August adjourned to 3
rd
September 2021
Presentation – Chairman of the Board of Directors Mr. Rewi Bugo
[Slide 1]
1.1 Chairman’s Introduction
Good morning everybody.
It is a little past 11:00am and it is time to start the Annual Meeting of
Shareholders of General Capital Limited.
[Slide 2]
My name is Rewi Bugo, I am the Chairman of the Board of Directors of
General Capital.
[Slide 3]
The agenda for today’s meeting is shown on screen.
We are stalling a little to ensure that all shareholders are able to join the
meeting. General Capital is the first company to use this technology with
Computershare and Vidcom.
We know this may create a few teething issues as we and you find our
respective ways around the systems.
We have staff and Directors each in their own homes today and hence the
normal eye contact and passing of notes is not possible. Our CFO Jonathan
Clark will act as the moderator and he will manage questions and queries.
Please accept our apologies in advance for any technical difficulties.
The meeting platform allows Shareholders, Proxies and Guests to attend
the meeting virtually. All attendees can watch a live webcast of the meeting
and read the company documents associated with the meeting. In addition,
shareholders and proxies have the ability to ask questions, speak to
resolutions and submit votes.

[Slide 4]
If you are a shareholder or proxyholder and have a written question to
submit during the live meeting, please select the Q&A tab on the right half
of your screen anytime. Type your question into the field and press send.
Your question will be immediately submitted. If you wish to submit an
audio question, please click on the “click here” under the webcast and open
the link in a new tab. Follow through the screens until you end up in the
lobby. A moderator will prompt you when it’s your turn to ask a question.
Please ensure the webcast is muted on the Computershare page.
Should you require any assistance, you can type your query into the Q&A
tab and one of the Computershare team will assist with the chat function
and reply to your query. Alternatively, you can call Computershare on
0800-650-034.
Please note that while you can submit questions from now on, I will not
address them until the relevant time in the meeting. Please also note that
your questions may be moderated or if we receive multiple questions on
one topic, amalgamated together. As there is a slight delay in our live feed,
we will pause at certain times to allow shareholder questions to come
through. We ask you to please ask questions as efficiently as possible to
allow them to be answered before we move on to the next item of business.
Finally, due to time constraints we may run out of time to answer all your
questions. If this happens, we will answer them in due course via email or
other means.
Voting today will be conducted by way of a poll on all items of business. In
order to provide you with enough time to vote, I will shortly open the
voting for all resolutions.
[Slide 5]
At that time, if you are eligible to vote at this meeting, you will be able to
cast your vote under the Vote tab. Once the voting has opened, the
resolutions will allow votes to be submitted. To vote, simply select your
voting direction from the options shown on screen. You can vote for all
resolutions at once or by each resolution. Your vote has been cast when the
green tick appears. To change your vote, simply select ‘Change Your Vote’.
You have the ability to change your vote, up until the time I declare voting
closed.

I now declare voting open on all items of business. The resolutions will now
be open in the vote tab, please submit your votes at any time. I will give you
a warning before I move to close voting.
We can proceed to the formal part of the meeting.
[Slide 6]
I would like to introduce my fellow Directors.
 Ms. Lyn Lim, Independent Director.
 Simon McArley, an Independent Director and Chair of our
Audit committee.
 Graeme Brown, an independent Director, joining us live from
Singapore
 Our Managing Director, Brent King.
 We also have in attendance:
o Jonathan Clark the Chief Financial Officer of our Group.
o Greg Pearce, Independent Director of General Finance.
o General Capital’s auditors, Baker Tilly Staples Rodway
represented by Mr. Geetesh Raniga.
o Peter Simmons of Simmons Corporate Finance; and
o Andrew Mather and the team from Computershare.
 I want to give a special welcome to representatives and
members of the New Zealand Shareholders Association. The
NZSA do a great job for investors and we appreciate the
insightful report that they prepared for their members and
shared with us.
[Slide 7]
 We have an apology from Mr Don Hattaway, General Capital
Shareholder and Chairman of General Finance Limited.
 [Any others?]

I am advised:
That the correct procedure has been followed to convene this adjourned
meeting of the original meeting called for the 27
th
August 2021.
➢ that the notice of meeting has been in shareholders hands for the
required period; and

➢ that the Annual Report has been available to Shareholders for the
required period; and
➢ that we have a quorum present and hence we have a correctly
constituted meeting.
I advise that we have received 37 proxies representing 62.2% of the
votes.
1.2 Chairman’s Address
[Slide 8]
It is my pleasure to welcome you all here today to the 3rd Annual Meeting
of General Capital Limited.
I know this is a tough time for many people. I am sure a number of our
shareholders and staff are finding the lockdowns and the impacts on parts
of our lives very difficult. Please accept my thanks for your interest in
General Capital. I totally empathise with you. I share my time between
Malaysia and New Zealand and I have been through 5 x 2 week periods in
managed isolation facilities. They are not bad and they are necessary, but I
can think of better ways to spend my time!
I wanted to personally thank you for the support for General Capital. We
are a small company but are growing very strongly and we have been
making small but increasing profits. Growing this fast is expensive. We will
give guidance of our expected results to 30 September 2021 and 31 March
2022.
Each year we have been able to announce new milestones we have
achieved. Our MD will summarise these in his presentation.
Given that we have had disrupted trading periods from March 2020 right
through till today means that it has been difficult to get the consistent
momentum businesses want and need. One of our key factors, and we said
this last year, is to ensure the safety of our depositors’ funds. This means
that we must be cautious in unsettled times. We have followed this path
and it has meant that we hold higher level of liquid assets. This of course
has an impact on profits.
Ladies and gentlemen, thank you for your support.

1.3 Extraordinary Business
We will move on to the Extraordinary Business.
As items 2 and 3 relate to me I will ask Mr McArley to take the chair for the
four resolutions.
I pass the chair to Simon McArley.
[Slides 9 – 12 in Simon’s Section]

1.4 Regular Business
[Mr. Bugo assumes the Chair]
Thanks for a great job, Simon.
[Slide 13]
I turn now to considerations and discussion on the Annual Report
I now ask our Managing Director to speak to the report.
Over to you Brent.
[Slides 14 – 21 in Brent’s Section]
Do we have any questions on the Annual Report ?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
Thanks Everyone.
We will now move to Resolution 5:
[Slide 22]
“That the directors of the Company be authorised to fix the fees and expenses
of the auditors of the Company for the financial year ending 31 March 2022.”
I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.
I will make a few comments:
We have used Baker Tilly Staples Rodway as our Auditors since
General Capital has been listed.
They have been reliable and helpful.
We have always been able to work through issues with them and we
find them to be a good business partner
They have had issues during lockdown as all of us have. I want to
personally thank them for their contribution.
Do we have any questions or discussion points from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 5 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 6.
[Slide 23]
“That Brent Douglas King, who retires by rotation at the Annual Meeting and
is eligible for re-election, be elected as a director of the Company.”
I move the resolution, do I have a seconder?
Thankyou ______________.
Brent’s profile is included in section 5.7a of the Notice of Meeting
explanatory notes.
Brent, could you please give shareholders a short introduction about
yourself.
{Brent to give short introduction}

Thank you, Brent.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 6 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 7.
[Slide 24]
“That Graeme Iain Brown, who retires by rotation at the Annual Meeting and
is eligible for re-election, be elected as a director of the Company.”

I move the resolution, do I have a seconder?
Thankyou ______________.
Graeme’s profile is included in section 5.7b of the Notice of Meeting
explanatory notes.
Graeme, could you please give shareholders a short introduction
about yourself.
{Graeme to give short introduction}
Thank you, Graeme.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 7 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 8.

[Slide 25]
“That Simon John McArley, who retires by rotation at the Annual
Meeting and is eligible for re-election, be elected as a director of the
Company.”

I move the resolution, do I have a seconder?
Thankyou ______________.
Simon’s profile is included in section 5.7c of the Notice of Meeting
explanatory notes.
Simon, could you please give shareholders a short introduction about
yourself.
{Graeme to give short introduction}
Thank you, Simon.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 8 prior to the close of the meeting if you haven’t done so
already.

1.5 Summary
[Slide 26]
That concludes the formalities of the meeting.
In a couple of minutes, we will close the voting system. Please ensure
that you have cast your vote on all resolutions.
In the meantime, do we have any questions, comments, or items of
general business from shareholders?

{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, we will now move to the
conclusion of our meeting.
Voting has now been closed. The results of these votes will be
released to the stock exchange later today and on the announcements
page of our website.
I want to thank you all again for your attendance and your interest in
General Capital. I think you will agree that we have made significant
progress and we are well placed for the future.
The Board believes that to reach critical or optimal scale this
business needs to continue growing for the coming 2 years and
achieve total assets of between $100m and $150m. However as
additional assets are acquired by General Finance through additional
deposit funding, the Group is required to contribute additional
capital to General Finance in order to satisfy the prudent capital ratio
determined by the independent board of GFL or otherwise required
under the Non-bank Deposit Takers Act 2013.
You have seen that I am putting my money where my mouth is and
intend to increase my stake in the business. I encourage you all to
think about doing this as well.
We are determined to make this a significant financial services
business.
[Slide 27]
Thanks to all who have made this meeting possible and all for their
attendance.
Please be healthy and safe. Look after your loved ones. We look
forward to meeting you all next year in person.
I declare the meeting closed.

General Capital Limited Annual Meeting
Meeting Scheduled 27
th
August adjourned to 3
rd
September 2021
Presentation – Chairman of the Board of Directors Mr. Rewi Bugo
[Slide 1]
1.1 Chairman’s Introduction
Good morning everybody.
It is a little past 11:00am and it is time to start the Annual Meeting of
Shareholders of General Capital Limited.
[Slide 2]
My name is Rewi Bugo, I am the Chairman of the Board of Directors of
General Capital.
[Slide 3]
The agenda for today’s meeting is shown on screen.
We are stalling a little to ensure that all shareholders are able to join the
meeting. General Capital is the first company to use this technology with
Computershare and Vidcom.
We know this may create a few teething issues as we and you find our
respective ways around the systems.
We have staff and Directors each in their own homes today and hence the
normal eye contact and passing of notes is not possible. Our CFO Jonathan
Clark will act as the moderator and he will manage questions and queries.
Please accept our apologies in advance for any technical difficulties.
The meeting platform allows Shareholders, Proxies and Guests to attend
the meeting virtually. All attendees can watch a live webcast of the meeting
and read the company documents associated with the meeting. In addition,
shareholders and proxies have the ability to ask questions, speak to
resolutions and submit votes.

[Slide 4]
If you are a shareholder or proxyholder and have a written question to
submit during the live meeting, please select the Q&A tab on the right half
of your screen anytime. Type your question into the field and press send.
Your question will be immediately submitted. If you wish to submit an
audio question, please click on the “click here” under the webcast and open
the link in a new tab. Follow through the screens until you end up in the
lobby. A moderator will prompt you when it’s your turn to ask a question.
Please ensure the webcast is muted on the Computershare page.
Should you require any assistance, you can type your query into the Q&A
tab and one of the Computershare team will assist with the chat function
and reply to your query. Alternatively, you can call Computershare on
0800-650-034.
Please note that while you can submit questions from now on, I will not
address them until the relevant time in the meeting. Please also note that
your questions may be moderated or if we receive multiple questions on
one topic, amalgamated together. As there is a slight delay in our live feed,
we will pause at certain times to allow shareholder questions to come
through. We ask you to please ask questions as efficiently as possible to
allow them to be answered before we move on to the next item of business.
Finally, due to time constraints we may run out of time to answer all your
questions. If this happens, we will answer them in due course via email or
other means.
Voting today will be conducted by way of a poll on all items of business. In
order to provide you with enough time to vote, I will shortly open the
voting for all resolutions.
[Slide 5]
At that time, if you are eligible to vote at this meeting, you will be able to
cast your vote under the Vote tab. Once the voting has opened, the
resolutions will allow votes to be submitted. To vote, simply select your
voting direction from the options shown on screen. You can vote for all
resolutions at once or by each resolution. Your vote has been cast when the
green tick appears. To change your vote, simply select ‘Change Your Vote’.
You have the ability to change your vote, up until the time I declare voting
closed.

I now declare voting open on all items of business. The resolutions will now
be open in the vote tab, please submit your votes at any time. I will give you
a warning before I move to close voting.
We can proceed to the formal part of the meeting.
[Slide 6]
I would like to introduce my fellow Directors.
 Ms. Lyn Lim, Independent Director.
 Simon McArley, an Independent Director and Chair of our
Audit committee.
 Graeme Brown, an independent Director, joining us live from
Singapore
 Our Managing Director, Brent King.
 We also have in attendance:
o Jonathan Clark the Chief Financial Officer of our Group.
o Greg Pearce, Independent Director of General Finance.
o General Capital’s auditors, Baker Tilly Staples Rodway
represented by Mr. Geetesh Raniga.
o Peter Simmons of Simmons Corporate Finance; and
o Andrew Mather and the team from Computershare.
 I want to give a special welcome to representatives and
members of the New Zealand Shareholders Association. The
NZSA do a great job for investors and we appreciate the
insightful report that they prepared for their members and
shared with us.
[Slide 7]
 We have an apology from Mr Don Hattaway, General Capital
Shareholder and Chairman of General Finance Limited.
 [Any others?]

I am advised:
That the correct procedure has been followed to convene this adjourned
meeting of the original meeting called for the 27
th
August 2021.
➢ that the notice of meeting has been in shareholders hands for the
required period; and

➢ that the Annual Report has been available to Shareholders for the
required period; and
➢ that we have a quorum present and hence we have a correctly
constituted meeting.
I advise that we have received 37 proxies representing 62.2% of the
votes.
1.2 Chairman’s Address
[Slide 8]
It is my pleasure to welcome you all here today to the 3rd Annual Meeting
of General Capital Limited.
I know this is a tough time for many people. I am sure a number of our
shareholders and staff are finding the lockdowns and the impacts on parts
of our lives very difficult. Please accept my thanks for your interest in
General Capital. I totally empathise with you. I share my time between
Malaysia and New Zealand and I have been through 5 x 2 week periods in
managed isolation facilities. They are not bad and they are necessary, but I
can think of better ways to spend my time!
I wanted to personally thank you for the support for General Capital. We
are a small company but are growing very strongly and we have been
making small but increasing profits. Growing this fast is expensive. We will
give guidance of our expected results to 30 September 2021 and 31 March
2022.
Each year we have been able to announce new milestones we have
achieved. Our MD will summarise these in his presentation.
Given that we have had disrupted trading periods from March 2020 right
through till today means that it has been difficult to get the consistent
momentum businesses want and need. One of our key factors, and we said
this last year, is to ensure the safety of our depositors’ funds. This means
that we must be cautious in unsettled times. We have followed this path
and it has meant that we hold higher level of liquid assets. This of course
has an impact on profits.
Ladies and gentlemen, thank you for your support.

1.3 Extraordinary Business
We will move on to the Extraordinary Business.
As items 2 and 3 relate to me I will ask Mr McArley to take the chair for the
four resolutions.
I pass the chair to Simon McArley.
[Slides 9 – 12 in Simon’s Section]

1.4 Regular Business
[Mr. Bugo assumes the Chair]
Thanks for a great job, Simon.
[Slide 13]
I turn now to considerations and discussion on the Annual Report
I now ask our Managing Director to speak to the report.
Over to you Brent.
[Slides 14 – 21 in Brent’s Section]
Do we have any questions on the Annual Report ?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
Thanks Everyone.
We will now move to Resolution 5:
[Slide 22]
“That the directors of the Company be authorised to fix the fees and expenses
of the auditors of the Company for the financial year ending 31 March 2022.”
I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.
I will make a few comments:
We have used Baker Tilly Staples Rodway as our Auditors since
General Capital has been listed.
They have been reliable and helpful.
We have always been able to work through issues with them and we
find them to be a good business partner
They have had issues during lockdown as all of us have. I want to
personally thank them for their contribution.
Do we have any questions or discussion points from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 5 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 6.
[Slide 23]
“That Brent Douglas King, who retires by rotation at the Annual Meeting and
is eligible for re-election, be elected as a director of the Company.”
I move the resolution, do I have a seconder?
Thankyou ______________.
Brent’s profile is included in section 5.7a of the Notice of Meeting
explanatory notes.
Brent, could you please give shareholders a short introduction about
yourself.
{Brent to give short introduction}

Thank you, Brent.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 6 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 7.
[Slide 24]
“That Graeme Iain Brown, who retires by rotation at the Annual Meeting and
is eligible for re-election, be elected as a director of the Company.”

I move the resolution, do I have a seconder?
Thankyou ______________.
Graeme’s profile is included in section 5.7b of the Notice of Meeting
explanatory notes.
Graeme, could you please give shareholders a short introduction
about yourself.
{Graeme to give short introduction}
Thank you, Graeme.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 7 prior to the close of the meeting if you haven’t done so
already.
Moving on to Resolution 8.

[Slide 25]
“That Simon John McArley, who retires by rotation at the Annual
Meeting and is eligible for re-election, be elected as a director of the
Company.”

I move the resolution, do I have a seconder?
Thankyou ______________.
Simon’s profile is included in section 5.7c of the Notice of Meeting
explanatory notes.
Simon, could you please give shareholders a short introduction about
yourself.
{Graeme to give short introduction}
Thank you, Simon.
Do we have any questions or comments from shareholders?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 8 prior to the close of the meeting if you haven’t done so
already.

1.5 Summary
[Slide 26]
That concludes the formalities of the meeting.
In a couple of minutes, we will close the voting system. Please ensure
that you have cast your vote on all resolutions.
In the meantime, do we have any questions, comments, or items of
general business from shareholders?

{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, we will now move to the
conclusion of our meeting.
Voting has now been closed. The results of these votes will be
released to the stock exchange later today and on the announcements
page of our website.
I want to thank you all again for your attendance and your interest in
General Capital. I think you will agree that we have made significant
progress and we are well placed for the future.
The Board believes that to reach critical or optimal scale this
business needs to continue growing for the coming 2 years and
achieve total assets of between $100m and $150m. However as
additional assets are acquired by General Finance through additional
deposit funding, the Group is required to contribute additional
capital to General Finance in order to satisfy the prudent capital ratio
determined by the independent board of GFL or otherwise required
under the Non-bank Deposit Takers Act 2013.
You have seen that I am putting my money where my mouth is and
intend to increase my stake in the business. I encourage you all to
think about doing this as well.
We are determined to make this a significant financial services
business.
[Slide 27]
Thanks to all who have made this meeting possible and all for their
attendance.
Please be healthy and safe. Look after your loved ones. We look
forward to meeting you all next year in person.
I declare the meeting closed.

---

General Capital Limited Annual Meeting
Meeting Scheduled 27
th
August adjourned to 3
rd
September 2021
Presentation – Mr. Simon McArley (Extraordinary Business Resolutions)
[Slide 9]
Thank you, Rewi.

Ladies and gentlemen, it is my pleasure to Chair this segment of the
meeting today. As Rewi mentioned I am an Independent Director of the
Company and am currently chair of our Audit committee. As I have no
financial interest or association with the transactions to be considered, its
appropriate that I chair this portion of the meeting.

We have developed the General Capital group significantly since the
business was listed three years ago. We have grown substantially, and we
of course need to ensure that the capital ratio of our subsidiary, General
Finance Limited, remains in order. We still have capacity for growth, but
with the strong balance sheet growth over the last year we are considering
what we will need for the future. We have set the following resolutions so
that we have room to continue on our strong growth path.

The notice of meeting sets out in some detail the background to the
transactions, their details and the reasons the Board believe they are in the
best interests of the company.
The Notice of Meeting was also accompanied by a comprehensive
Independent Advisers Report prepared by Simmons Corporate Finance
which provides analysis of the transactions referred to in resolutions 2 and
3. Peter Simmons of Simmons Corporate Finance is in attendance and is
available to answer any questions during this meeting.
The Board has unanimously recommended that you vote in favour of all
these resolutions, and again the Notice of Meeting sets out the reasons for
that.

In particular we are very pleased that our Chair, Rewi Bugo, is interested in
increasing his investment and supporting our continued growth.

That is fantastic for the Group and a very strong signal.

We turn now to the Resolutions. For clarity I’d note that I will be exercising
any discretionary proxies conferred on “the Chair” for this portion of the
meeting. As noted in the Notice of Meeting, I will be voting those in favour
of the resolutions.
Resolution 1:

“That, the shareholders approve (for the purposes of NZX Listing Rule 4.1.1)
the issue of up to $5,000,000 of new ordinary shares to such persons (not
being Related Persons of the Company) and in such numbers and proportions
as determined by the Board of the Company in its absolute discretion and at
such price and on such terms as the Board of the Company believe is fair and
reasonable to the Company and to all existing shareholders but at not less
than 5.75 cents per share.”
I move the resolution as presented.
Do I have a seconder?
Thankyou ______________.

I note that all shareholders are entitled to vote on this resolution.
Do we have any questions or discussion from shareholders on Resolution
1?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 1 now or prior to the close of the meeting if you haven’t done so
already.

Moving on to Resolution 2.
[Slide 10]
“That, the shareholders approve (for the purposes of NZX Listing Rule 4.1.1
and Rule 7(d) of the Takeovers Code) the issue of up to 8,333,333 ordinary
shares in the company to Borneo Capital Limited at an issue price of 6.0 cents
per share.”

I’d note that information required by Rule 16 of the Takeovers Code and
other relevant information is contained in the Explanatory Notes set out in
the Notice of Meeting – [5.3.]
Rewi Bugo and Borneo Capital Limited are prohibited (from voting any
shares they hold on Resolution 2. All other shareholders not associated
with Borneo are permitted to vote on Resolution 2.
I move the resolution as presented.
Do I have a seconder?
Thankyou ______________.

Do we have any questions or discussion from shareholders on Resolution
2?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or
prior to the close of the meeting if you haven’t done so already.

Moving on to Resolution 3.
[Slide 11]
That, the shareholders approve (for the purposes of rule 7(c) of the Takeovers
Code) the acquisition of 12,377,869 ordinary shares in the Company by
Borneo Capital Limited from Belian Holdings Limited at a purchase price of
6.0 cents per share.

Again I’d note that information required by Rule 15 of the Takeovers Code
and other relevant information is described in the Explanatory Notes
contained in the Notice of Meeting [See 5.4.] .

Rewi Bugo, Borneo Capital Limited, Belian Holdings Limited, Graeme
Brown and any of their associated parties are prohibited from voting on
Resolution 3. All other shareholders not associated with Borneo Capital
Limited or Belian Holdings Limited are permitted to vote.

I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.

Do we have any questions or discussion from shareholders on Resolution
3?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or
prior to the close of the meeting if you haven’t done so already.

Moving on to Resolution 4:
[Slide 12]
That, the Company approve (for the purposes of NZX Listing Rule 4.1.1) an
issue the following warrants, and the shares to issue on the exercise of those
warrants, to the senior managers of the Company being Brent Douglas King
(Managing Director) and Jonathan Brian Vijay Clark (Chief Financial Officer)
in such numbers and proportions as determined by the Board of the Company
in its absolute discretion and on such terms as the Board of the Company
believe is fair and reasonable to the Company and to all existing
shareholders:

• Up to 8,500,000 warrants that entitle the holder of each warrant to
subscribe for cash for one ordinary share in the Company at an exercise
price of 8.0 cents per share at any time prior to 30 June 2023; and
• Up to 8,500,000 warrants that entitle the holder of each warrant to
subscribe for cash for one ordinary share in the Company at an exercise
price of 9.0 cents per share at any time prior to 30 June 2024;

Provided that not more than 50% in aggregate of either tranche of warrants
may be issued to Brent Douglas King and associated persons of Brent Douglas
King.

Brent King, Barter Investments Limited and Jonathan Clark and their
associated persons are prohibited from voting on Resolution 4. All other
General Capital shareholders are permitted to vote.

I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.

I would like to confirm that the Board strongly supports this motion. Brent
King and Jonathan Clark have been critical to the success of the business.
They both have made significant commitments to the Company.

Do we have any questions or discussion on Resolution 4?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or 4
prior to the close of the meeting if you haven’t done so already.

Thank you, ladies and gentlemen.

As that concludes this portion of the meeting, I now pass the Chair back to
Mr Bugo.

General Capital Limited Annual Meeting
Meeting Scheduled 27
th
August adjourned to 3
rd
September 2021
Presentation – Mr. Simon McArley (Extraordinary Business Resolutions)
[Slide 9]
Thank you, Rewi.

Ladies and gentlemen, it is my pleasure to Chair this segment of the
meeting today. As Rewi mentioned I am an Independent Director of the
Company and am currently chair of our Audit committee. As I have no
financial interest or association with the transactions to be considered, its
appropriate that I chair this portion of the meeting.

We have developed the General Capital group significantly since the
business was listed three years ago. We have grown substantially, and we
of course need to ensure that the capital ratio of our subsidiary, General
Finance Limited, remains in order. We still have capacity for growth, but
with the strong balance sheet growth over the last year we are considering
what we will need for the future. We have set the following resolutions so
that we have room to continue on our strong growth path.

The notice of meeting sets out in some detail the background to the
transactions, their details and the reasons the Board believe they are in the
best interests of the company.
The Notice of Meeting was also accompanied by a comprehensive
Independent Advisers Report prepared by Simmons Corporate Finance
which provides analysis of the transactions referred to in resolutions 2 and
3. Peter Simmons of Simmons Corporate Finance is in attendance and is
available to answer any questions during this meeting.
The Board has unanimously recommended that you vote in favour of all
these resolutions, and again the Notice of Meeting sets out the reasons for
that.

In particular we are very pleased that our Chair, Rewi Bugo, is interested in
increasing his investment and supporting our continued growth.

That is fantastic for the Group and a very strong signal.

We turn now to the Resolutions. For clarity I’d note that I will be exercising
any discretionary proxies conferred on “the Chair” for this portion of the
meeting. As noted in the Notice of Meeting, I will be voting those in favour
of the resolutions.
Resolution 1:

“That, the shareholders approve (for the purposes of NZX Listing Rule 4.1.1)
the issue of up to $5,000,000 of new ordinary shares to such persons (not
being Related Persons of the Company) and in such numbers and proportions
as determined by the Board of the Company in its absolute discretion and at
such price and on such terms as the Board of the Company believe is fair and
reasonable to the Company and to all existing shareholders but at not less
than 5.75 cents per share.”
I move the resolution as presented.
Do I have a seconder?
Thankyou ______________.

I note that all shareholders are entitled to vote on this resolution.
Do we have any questions or discussion from shareholders on Resolution
1?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote on
Resolution 1 now or prior to the close of the meeting if you haven’t done so
already.

Moving on to Resolution 2.
[Slide 10]
“That, the shareholders approve (for the purposes of NZX Listing Rule 4.1.1
and Rule 7(d) of the Takeovers Code) the issue of up to 8,333,333 ordinary
shares in the company to Borneo Capital Limited at an issue price of 6.0 cents
per share.”

I’d note that information required by Rule 16 of the Takeovers Code and
other relevant information is contained in the Explanatory Notes set out in
the Notice of Meeting – [5.3.]
Rewi Bugo and Borneo Capital Limited are prohibited (from voting any
shares they hold on Resolution 2. All other shareholders not associated
with Borneo are permitted to vote on Resolution 2.
I move the resolution as presented.
Do I have a seconder?
Thankyou ______________.

Do we have any questions or discussion from shareholders on Resolution
2?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or
prior to the close of the meeting if you haven’t done so already.

Moving on to Resolution 3.
[Slide 11]
That, the shareholders approve (for the purposes of rule 7(c) of the Takeovers
Code) the acquisition of 12,377,869 ordinary shares in the Company by
Borneo Capital Limited from Belian Holdings Limited at a purchase price of
6.0 cents per share.

Again I’d note that information required by Rule 15 of the Takeovers Code
and other relevant information is described in the Explanatory Notes
contained in the Notice of Meeting [See 5.4.] .

Rewi Bugo, Borneo Capital Limited, Belian Holdings Limited, Graeme
Brown and any of their associated parties are prohibited from voting on
Resolution 3. All other shareholders not associated with Borneo Capital
Limited or Belian Holdings Limited are permitted to vote.

I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.

Do we have any questions or discussion from shareholders on Resolution
3?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or
prior to the close of the meeting if you haven’t done so already.

Moving on to Resolution 4:
[Slide 12]
That, the Company approve (for the purposes of NZX Listing Rule 4.1.1) an
issue the following warrants, and the shares to issue on the exercise of those
warrants, to the senior managers of the Company being Brent Douglas King
(Managing Director) and Jonathan Brian Vijay Clark (Chief Financial Officer)
in such numbers and proportions as determined by the Board of the Company
in its absolute discretion and on such terms as the Board of the Company
believe is fair and reasonable to the Company and to all existing
shareholders:

• Up to 8,500,000 warrants that entitle the holder of each warrant to
subscribe for cash for one ordinary share in the Company at an exercise
price of 8.0 cents per share at any time prior to 30 June 2023; and
• Up to 8,500,000 warrants that entitle the holder of each warrant to
subscribe for cash for one ordinary share in the Company at an exercise
price of 9.0 cents per share at any time prior to 30 June 2024;

Provided that not more than 50% in aggregate of either tranche of warrants
may be issued to Brent Douglas King and associated persons of Brent Douglas
King.

Brent King, Barter Investments Limited and Jonathan Clark and their
associated persons are prohibited from voting on Resolution 4. All other
General Capital shareholders are permitted to vote.

I move the resolution as presented.

Do I have a seconder?
Thankyou ______________.

I would like to confirm that the Board strongly supports this motion. Brent
King and Jonathan Clark have been critical to the success of the business.
They both have made significant commitments to the Company.

Do we have any questions or discussion on Resolution 4?
{Allow 60 seconds for any questions to come through. Check CHAT for any requests to ask a
question through Audio. JC will moderate any written questions.}
As there are no further questions, I remind you to cast your vote now or 4
prior to the close of the meeting if you haven’t done so already.

Thank you, ladies and gentlemen.

As that concludes this portion of the meeting, I now pass the Chair back to
Mr Bugo.

---

Managing Director’s Address to General Capital Ltd adjourned ASM 3/9/2021

[Slide 14]
Thank you, Chairman.

Good morning, everyone.
Thank you for taking the time to link up with us today.

Again, our apologies for the adjournment and the impact on your diaries.

We released our Annual Report on the 30
th
June 2021.

I hope you have had a chance to read it.
[Slide 15]
The key feature is that we have maintained a moderate profit while managing the pressures
of covid and growing General Finance’s total Assets from $47m to $64m.
We met all of our Regulatory obligations (as you would expect) but with the requirements of
working from home, we met these obligations plus the significant additional requirements
that the Trustees and RBNZ put on us. At one stage we had daily, weekly, monthly and
quarterly reports.

I have to pass my sincere thanks to Jonathan Clark and Greg Pearce for their outstanding
performances during this time plus the support we received from the General Finance and
General Capital Boards.

As they say in sport: a lot of winning games is staying in the game during the tough times.
We stayed in it and made significant gains.

The bounce out of Covid was extreme. Probably the most explosive in my life.
The last quarter of 2020 had fantastic demand as Governments around the world pumped
cash into the economies. We converted the cash we had (over $25m) into loans.
These always take two months to become profitable as we pay marketing and onboarding
costs and we create provisions up front (a percentage of the loan book).
Since January 2021 we have had a strong growth in our loan book and strong income.


3 Year Trend
[Slide 16]
We had always projected growth in our business.
If we look at this graph we can see very strong growth. General Finance had $24m of assets
in 31/3/19 and this increased to $68m at 31/3/21.

How have we gone since ?

[Slide 17]

You will see that in the quarter to 30/6/21 General Finance has grown a further 10% to
$71m.
I advise that we have continued to grow in the quarter to 30 Sept.
This has been a little slower, it seemed that the talk and expectations of interest rate
increases “flattened” the investment market a little. We are expecting growth of 4% to 7%
in General Finance’s assets. We still have one month to go for the quarter bit that is the
indication as at today.


Note
The quarterly results for General Finance are uploaded to the Disclose Register each
quarter.
The results for General Capital are only released to NZX 6-monthly.
The assets of General Finance are growing strongly. The assets of the other companies in
the group are relatively static. To calculate the Groups total assets, you currently add
approximately $3.5m to General Finance’s total assets.

How much more can we grow with the current Capital?

I have been asked that many times.
We have a Capital Ratio minimum of 8%. If we fall below 10% we are on watch.
We are currently on a ratio of approximately 15%.
That effectively means that we can grow 30% bigger without requiring more capital.
The Directors and management have set an internal limit of 14%. This is our own limit given
the uncertain times we are in. We can change that at any time, and we are not required to
give notice.
This allows us to handle the unexpected.
In summary we can grow 30% but we will limit ourselves by using a higher (more
conservative) ratio.

This is the reason we have taken the steps discussed earlier in the meeting to allow the
directors to do this.

Other achievements:

Credit Rating

General Finance has a credit rating from the NYSE listed International Credit Rating Agency,
Equifax. We have found them to be very helpful and insightful for our business. We have
had 6 reviews by them and we currently have a BB- with a stable outlook. This is near prime
with low chance of default.

We have just received advice from Equifax that after reviewing our 31/3/21 accounts they
are holding this rating. This is great news for us as there was a prospect that they would
consider world events, covid, the New Zealand economy, etc.
This gives our depositors and shareholders comfort that not only do we have General
finance Audited 6-monthly, that we report to a Trustee and ultimately to the RBNZ and we
comply with NZX rules, our major business is reviewed for Credit rating purposes every 6
months.

There is a high level of reporting and regulation in our business. This creates a high level of
confidence in our Group.

Please note that it also creates significant cost. This does not vary significantly with the size
of our business. As we have grown, we have incurred extra expenses, but it is not
proportionate to the increase in assets.
The growth allows a bigger base to spread costs over.


In summary, the financial and business components are strong!

Let’s turn to the future.

[Slide 18]

The Future.

Assets
We are focusing on growing the business further with our next target being $100m then
$125m of total assets.

We will consider acquisitions and we have done so this year, but we need to ensure that the
businesses are earnings add to us. We will not buy simply for growth’s sake.

We will advise as matters develop.

Greenfern Industries

As the market is aware, IRG is managing the listing for Greenfern Industries.
We are in the final stages of listing this interesting company.
We will advise the market as matters develop.
I do suggest that shareholders visit the website GFI.nz

It is certainly an interesting business.
We had hoped to have income from this in the first 6 months.
There will be only small cost recovery income.

IRG has undertaken two mandates in the year to 31/3/21 and Greenfern plus 1 other since
31/3/21.

Expected earnings.

We are providing guidance to the market as follows.

We anticipate the NPAT to 30/9/21 will be between $260,000 and $350,000.
NPAT Guidance for the 12 months to 31/3/22 with be in the range of $650,000 and
$850,000 for the full year.
This will depend on
 trading conditions post the Covid delta lockdown
 The GreenFern Listing
 Raising at least $2.0m of new Capital
 Continued growth in deposits and loans.
 No unexpected major events.
 No adverse regulatory events.

If we achieve this result, we will make a 7% - 9% tax paid return on closing equity for the
year.

This is a very acceptable return for an early stage fast growing financial services business.
If you compare that with other listed Banks and finance companies.

We of course will not stop there.
We want the next year to be at least better!!
We have grown over 30% p.a. We will not accept less.

Opportunity.

I understand that the Government is planning to bring in new regulations in the Deposit
taker sector.
We are monitoring this.
We have thoughts, ambitions, and plans.
This could be very positive for us, or it could be negative or little change.

If it changes only a little it could allow us to push through with a large growth plans.
If it changes and results in a significant regulatory burden, then making profits will be more
difficult.

If it changes and allows us to become a licensed bank, that could be fantastic.
Australia, Singapore, and the UK have all gone this way, mainly to create more competition
in the sector.

We do not know which way this will go.
We are consulting with others in the industry plus with specialist advisers.
Please do not read anything into this except things may change and opportunities will
present themselves.

Thanks and how we can progress together.

It has been a tough 18 months. We have seen our share price bounce all over the place from
a high of 12.3cps down to 5.4cps. The markets are the markets.
Don’t be led by 1 buyer and 1 seller often dealing in only $10 (yes $10) of shares. That is
technically a market price but on a weighted average basis it has little impact.
It does depress a market if it is a low price because people read the paper or look at a
screen and they think the company is doing well or not well.

They are traders and they have their role.
They don’t care about fundamental value.

We want to continue to grow. You have seen that from our presentations today.
You can help us by investing more in our shares.
If you want to take a placement and you qualify as a wholesale investor, please contact us.
If you want to leave a small order in the market, speak to your broker or contact us for a
referral.
If you want to exercise your warrants, that would be great, as it would result in General
Capital getting new capital.

This is not financial advice. It is simply information to help you if you have decided you want
to invest.

[Slide 19]

General Capital is pleased to have the opportunity to sponsor the fabulous New Zealand
series of events, Synthony.

[Slide 20]

We have the sponsorship for 5 events around New Zealand.
You will see our Branding at the events.
There will be considerable publicity building up to the events featuring General Capital.

[Slide 21]

Try and get to an event near you.
If you are having trouble getting tickets, we may be able to help if you are a shareholder or
term deposit investor.
No Promises.

This is an exciting opportunity for General Capital

Thank you all.

Our shareholders, the NZSA, the public, our advisors, our staff and our Directors.
Thank you all for your support and contributions.

Please note

The best is yet to come!!

Thank you all

Brent king

Managing Director’s Address to General Capital Ltd adjourned ASM 3/9/2021

[Slide 14]
Thank you, Chairman.

Good morning, everyone.
Thank you for taking the time to link up with us today.

Again, our apologies for the adjournment and the impact on your diaries.

We released our Annual Report on the 30
th
June 2021.

I hope you have had a chance to read it.
[Slide 15]
The key feature is that we have maintained a moderate profit while managing the pressures
of covid and growing General Finance’s total Assets from $47m to $64m.
We met all of our Regulatory obligations (as you would expect) but with the requirements of
working from home, we met these obligations plus the significant additional requirements
that the Trustees and RBNZ put on us. At one stage we had daily, weekly, monthly and
quarterly reports.

I have to pass my sincere thanks to Jonathan Clark and Greg Pearce for their outstanding
performances during this time plus the support we received from the General Finance and
General Capital Boards.

As they say in sport: a lot of winning games is staying in the game during the tough times.
We stayed in it and made significant gains.

The bounce out of Covid was extreme. Probably the most explosive in my life.
The last quarter of 2020 had fantastic demand as Governments around the world pumped
cash into the economies. We converted the cash we had (over $25m) into loans.
These always take two months to become profitable as we pay marketing and onboarding
costs and we create provisions up front (a percentage of the loan book).
Since January 2021 we have had a strong growth in our loan book and strong income.


3 Year Trend
[Slide 16]
We had always projected growth in our business.
If we look at this graph we can see very strong growth. General Finance had $24m of assets
in 31/3/19 and this increased to $68m at 31/3/21.

How have we gone since ?

[Slide 17]

You will see that in the quarter to 30/6/21 General Finance has grown a further 10% to
$71m.
I advise that we have continued to grow in the quarter to 30 Sept.
This has been a little slower, it seemed that the talk and expectations of interest rate
increases “flattened” the investment market a little. We are expecting growth of 4% to 7%
in General Finance’s assets. We still have one month to go for the quarter bit that is the
indication as at today.


Note
The quarterly results for General Finance are uploaded to the Disclose Register each
quarter.
The results for General Capital are only released to NZX 6-monthly.
The assets of General Finance are growing strongly. The assets of the other companies in
the group are relatively static. To calculate the Groups total assets, you currently add
approximately $3.5m to General Finance’s total assets.

How much more can we grow with the current Capital?

I have been asked that many times.
We have a Capital Ratio minimum of 8%. If we fall below 10% we are on watch.
We are currently on a ratio of approximately 15%.
That effectively means that we can grow 30% bigger without requiring more capital.
The Directors and management have set an internal limit of 14%. This is our own limit given
the uncertain times we are in. We can change that at any time, and we are not required to
give notice.
This allows us to handle the unexpected.
In summary we can grow 30% but we will limit ourselves by using a higher (more
conservative) ratio.

This is the reason we have taken the steps discussed earlier in the meeting to allow the
directors to do this.

Other achievements:

Credit Rating

General Finance has a credit rating from the NYSE listed International Credit Rating Agency,
Equifax. We have found them to be very helpful and insightful for our business. We have
had 6 reviews by them and we currently have a BB- with a stable outlook. This is near prime
with low chance of default.

We have just received advice from Equifax that after reviewing our 31/3/21 accounts they
are holding this rating. This is great news for us as there was a prospect that they would
consider world events, covid, the New Zealand economy, etc.
This gives our depositors and shareholders comfort that not only do we have General
finance Audited 6-monthly, that we report to a Trustee and ultimately to the RBNZ and we
comply with NZX rules, our major business is reviewed for Credit rating purposes every 6
months.

There is a high level of reporting and regulation in our business. This creates a high level of
confidence in our Group.

Please note that it also creates significant cost. This does not vary significantly with the size
of our business. As we have grown, we have incurred extra expenses, but it is not
proportionate to the increase in assets.
The growth allows a bigger base to spread costs over.


In summary, the financial and business components are strong!

Let’s turn to the future.

[Slide 18]

The Future.

Assets
We are focusing on growing the business further with our next target being $100m then
$125m of total assets.

We will consider acquisitions and we have done so this year, but we need to ensure that the
businesses are earnings add to us. We will not buy simply for growth’s sake.

We will advise as matters develop.

Greenfern Industries

As the market is aware, IRG is managing the listing for Greenfern Industries.
We are in the final stages of listing this interesting company.
We will advise the market as matters develop.
I do suggest that shareholders visit the website GFI.nz

It is certainly an interesting business.
We had hoped to have income from this in the first 6 months.
There will be only small cost recovery income.

IRG has undertaken two mandates in the year to 31/3/21 and Greenfern plus 1 other since
31/3/21.

Expected earnings.

We are providing guidance to the market as follows.

We anticipate the NPAT to 30/9/21 will be between $260,000 and $350,000.
NPAT Guidance for the 12 months to 31/3/22 with be in the range of $650,000 and
$850,000 for the full year.
This will depend on
 trading conditions post the Covid delta lockdown
 The GreenFern Listing
 Raising at least $2.0m of new Capital
 Continued growth in deposits and loans.
 No unexpected major events.
 No adverse regulatory events.

If we achieve this result, we will make a 7% - 9% tax paid return on closing equity for the
year.

This is a very acceptable return for an early stage fast growing financial services business.
If you compare that with other listed Banks and finance companies.

We of course will not stop there.
We want the next year to be at least better!!
We have grown over 30% p.a. We will not accept less.

Opportunity.

I understand that the Government is planning to bring in new regulations in the Deposit
taker sector.
We are monitoring this.
We have thoughts, ambitions, and plans.
This could be very positive for us, or it could be negative or little change.

If it changes only a little it could allow us to push through with a large growth plans.
If it changes and results in a significant regulatory burden, then making profits will be more
difficult.

If it changes and allows us to become a licensed bank, that could be fantastic.
Australia, Singapore, and the UK have all gone this way, mainly to create more competition
in the sector.

We do not know which way this will go.
We are consulting with others in the industry plus with specialist advisers.
Please do not read anything into this except things may change and opportunities will
present themselves.

Thanks and how we can progress together.

It has been a tough 18 months. We have seen our share price bounce all over the place from
a high of 12.3cps down to 5.4cps. The markets are the markets.
Don’t be led by 1 buyer and 1 seller often dealing in only $10 (yes $10) of shares. That is
technically a market price but on a weighted average basis it has little impact.
It does depress a market if it is a low price because people read the paper or look at a
screen and they think the company is doing well or not well.

They are traders and they have their role.
They don’t care about fundamental value.

We want to continue to grow. You have seen that from our presentations today.
You can help us by investing more in our shares.
If you want to take a placement and you qualify as a wholesale investor, please contact us.
If you want to leave a small order in the market, speak to your broker or contact us for a
referral.
If you want to exercise your warrants, that would be great, as it would result in General
Capital getting new capital.

This is not financial advice. It is simply information to help you if you have decided you want
to invest.

[Slide 19]

General Capital is pleased to have the opportunity to sponsor the fabulous New Zealand
series of events, Synthony.

[Slide 20]

We have the sponsorship for 5 events around New Zealand.
You will see our Branding at the events.
There will be considerable publicity building up to the events featuring General Capital.

[Slide 21]

Try and get to an event near you.
If you are having trouble getting tickets, we may be able to help if you are a shareholder or
term deposit investor.
No Promises.

This is an exciting opportunity for General Capital

Thank you all.

Our shareholders, the NZSA, the public, our advisors, our staff and our Directors.
Thank you all for your support and contributions.

Please note

The best is yet to come!!

Thank you all

Brent king