Acknowledgement of Country
We acknowledge the Traditional Owners of Country throughout Australia and recognise their continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present.
Tuesday 14 November 2023
NAOS Ex-50 Opportunities Company Limited advises that its Annual General Meeting (AGM) will be held at 11.00 am (AEDT) on Tuesday 14 November 2023 at The Fullerton Hotel, No. 1 Martin Place, Sydney NSW 2000.
Further details relating to the AGM will be advised in the Notice of Meeting to be sent to all shareholders and released to the ASX immediately after dispatch.
In accordance with the ASX Listing Rules, valid nominations for the position of Director are required to be lodged at the registered office of the Company no later than 5.00 pm (AEST) on 19 September 2023.
The NAOS Investor Roadshow will be coming to a city near you this October. Join us as the investment team discusses its investment philosophy and process and provides an outlook on the market. We will also highlight a selection of stocks that are held within our Listed Investment Companies (LICs).
We invite you to come along with a guest, meet us in person, and understand more about NAOS Asset Management (NAOS) and our LICs. Register today to secure your seat.
Thursday 12 October
10.30 am–12.00 pm
45 King William Street
Adelaide SA 5000
Tuesday 24 October
10.30 am–12.00 pm
Hyatt Hotel Canberra
120 Commonwealth Avenue
Canberra ACT 2600
Tuesday 17 October
10.30 am–12.00 pm
The Westin Melbourne
205 Collins Street
Melbourne VIC 3000
Tuesday 24 October
11.00 am–12.30 pm
815 Hay Street
Perth WA 6000
Thursday 19 October
10.30 am–12.00 pm
399 Queen Street
Brisbane QLD 4000
Thursday 26 October
10.30 am–12.00 pm
1 William Street
Sydney NSW 2010
Monday 23 October
10.30 am–12.00 pm
Wharf Road and
Newcastle NSW 2300
Visit naos.com.au/events for more information.
NAOS Ex-50 Opportunities Company Limited (ASX: NAC) seeks to provide long-term, concentrated exposure to Australian emerging companies while providing a sustainable, growing stream of dividends franked to the maximum extent possible, and long-term investment performance above the Benchmark Index, being the S&P/ASX 300 Industrials Accumulation Index (XKIAI).
*Investment Portfolio Performance is post all operating expenses before fees, taxes, interest, initial IPO commissions and all subsequent capital-raising costs. Performance has not been grossed up for franking credits received by shareholders. Since inception (p.a. and Total Return) includes part performance for the month of November 2014. Returns compounded for periods greater than 12 months.
Dear fellow shareholders,
On behalf of the Board, welcome to the Annual Report of NAOS Ex-50 Opportunities Company Limited for the financial year ended 30 June 2023. I would like to thank all shareholders for your continued support and welcome all new shareholders.
For the financial year ending 30 June 2023 (FY23), the Company recorded an after-tax profit of $5.82 million (FY22: after-tax loss of $18.29 million). I am pleased to report that the NAC Investment Portfolio returned +18.15% for the financial year, outperforming the Benchmark S&P/ASX 300 Industrials Accumulation Index, which returned +11.65%.
One of the objectives of the Company is to deliver a sustainable, growing stream of quarterly dividends to shareholders, franked to the maximum extent possible. I am pleased to announce the Board has declared an increased fully franked final quarterly dividend of 1.65 cents per share, which brings the FY23 fully franked dividend to a record 6.0 cents per share. This represents a 6.82% net yield, based on the 30 June 2023 share price of $0.88. The profit reserve balance at year end was $20.34 million, or 46.4 cents per share, and since inception in 2014, the Company has now declared a total of 45.15 cents per share in fully franked dividends.
The key change in FY23 for equity market investors was a substantial increase in the risk-free rate (interest rates), which directly impacts what investors are willing to pay for businesses. With interest rates having risen at the second-fastest rate in history to combat inflation, the impact of these movements will no doubt be more keenly felt in FY24, even if the Reserve Bank of Australia (RBA) is now nearing the end of its rate-hiking cycle.
Despite the rapid interest rate rises, the Australian employment market has remained very tight, with both employment and participation rates at record highs. A noticeable shift through the latter part of FY23 has been a change in consumer preferences, particularly away from discretionary spending, as debt servicing, broad inflation and a more uncertain economic outlook have dampened consumer optimism. Amid this ongoing macroeconomic uncertainty, the Company will abide by its long-term investment approach by ensuring all investments have the financial and human resources not only to survive in such times, but also lay the foundations to maximise future earnings growth when more accommodating macro conditions return.
NAC Fully Franked Dividend History
NAC Pre-Tax NTA Performance
The pre-tax Net Tangible Asset (NTA) backing per share of the Company increased from $0.90 to $1.03 over the financial year, with positive performance of the Investment Portfolio increasing the NTA per share by 22.74 cents. 5.45 cents per share was paid to shareholders in fully franked dividends, and management fees and interest expense on convertible notes decreased the NTA by 2.37 cents per share and 2.15 cents per share respectively. As the buyback of shares by the Company at a discount is accretive to NTA per share, this was a positive contributor to the Company’s NTA during the financial year, adding a further 0.48 cents per share.
The Total Shareholder Return (TSR), which measures the change in the share price together with dividends paid over the period, was +7.30%. This measure does not include the benefit of franking credits received by shareholders through franked dividends. The TSR is reflective of the positive performance of the Investment Portfolio but was impacted by a widening of the share price discount to pre-tax NTA, which closed the year at –14.56%.
The Board remains committed to closing this discount through several key initiatives:
While the current macro environment may continue to prove challenging for smaller companies as we move through FY24, the Board believes the NAOS investment philosophy will continue to generate strong performance for shareholders over the longer term.
On behalf of the Board of Directors, I would like to thank the staff of the Investment Manager for their efforts over the course of the financial year.
22 August 2023
Dear fellow shareholders,
For the financial year ending 30 June 2023 (FY23), the NAC Investment Portfolio returned +18.15%, outperforming the benchmark S&P/ASX 300 Industrials Accumulation Index (XKIAI), which increased by +11.65%. This brings Investment Portfolio performance since inception to +11.18% p.a., outperforming the XKIAI return of +6.62% p.a. over the past 9 years and 8 months.
It felt like the term most frequently used (and often misused) during the last 12 months was ‘transitory’. However, as investors persisted through FY23, the use of the word gradually declined to the point where it seemed to have almost vanished from everyone’s vocabulary. FY23 taught us an important lesson: certain macro movements and events, such as inflation, interest rate rises, labour shortages and even wars, have proven to be anything but transitory. None of the aforementioned factors have shown any signs of reversing soon. The graph below illustrates that valuation compression has not subsided, and the recent stabilisation of price-to-earnings (P/E) valuations for industrial businesses within the S&P/ASX 200 can be attributed more to the slowing or declining earnings of these businesses rather than stock prices moving higher.
S&P/ASX 200 – Valuation (Price to Earnings)
The actions of the Reserve Bank of Australia (RBA) in raising interest rates to combat persistently high inflation has resulted in lower risk, or risk-free investments, providing increasingly acceptable returns for investors, particularly when compared to numerous equity investments. When this tightening cycle commenced in FY22 there was a noticeable shift among investors, who began reassessing their overall exposure to equities due to the availability of alternative, risk-free returns, and equity markets consequently experienced declines, especially in sectors with inflated or irrational valuations.
Over the last 12 months, interest rate rises and inflationary pressures have continued to generate the most headlines, and their impact has extended into the wider economy, with the effects keenly felt by the consumer, businesses, and asset prices. Labour shortages also continue to be a significant challenge in the post-COVID environment, with many businesses desperate to hire staff, as shown in the graph below.
Job Vacancies – Australia
These various factors have led to a significant increase in uncertainty around the earnings trajectories of many listed businesses, particularly retail and consumer discretionary stocks. Towards the end of FY23, several companies provided trading updates confirming that the current macro environment was now adversely impacting their operations in a significant manner. Such examples included retailers Universal Store Holdings (ASX: UNI), Michael Hill International (ASX: MHJ), City Chic Collective (ASX: CCX), Dusk Group (ASX: DSK) and Baby Bunting (ASX: BBN).
Arguably, the investing environment we face today was last experienced more than a decade ago. During that period, interest rates offered a reasonable return, businesses with negative cash flows were not valued on revenue multiples, and economic cycles occurred. Admittedly, economic cycles can bring with them short-term pain for investors and businesses alike, but they can also bring extraordinary opportunities. The two following graphs highlight how depressed the current opportunity set is within emerging companies. The first graph compares the price performance of small cap industrial businesses relative to their larger peers over the past three years, highlighting that small cap industrials have underperformed their larger peers by ~40% on a peak-to-trough analysis or by 15% over the three-year period.
When we review the data over a longer period (in this case, since June 2001) the underperformance is significantly more pronounced, with the discount of emerging industrial businesses to their larger counterparts at its widest level, even when factoring in the global financial crisis (GFC) and tech wreck in the early 2000s. Price movements can often be indiscriminate, but one thing the share price movements of emerging businesses taught us during both the GFC and the COVID-19 pandemic, was that investing in quality, proven and well-funded businesses during such times can yield fantastic returns. Another important lesson learned is that picking share price lows is a futile exercise, especially when investing in large dollar amounts, and while there may be short-term pain in some cases, we firmly believe the long-term gains will be significantly outsized for many emerging businesses.
S&P/ASX Small Industrials Relative to S&P/ASX 200 Industrials – 2020 to 2023
S&P/ASX Small Industrials Relative to S&P/ASX 200 Industrials – 22-Year History
In my experience of over 16 years in investing, one thing that has become abundantly clear is that share price movements are typically the culmination of a series of prior events related to the business and accompanied by a considerable amount of hard work. With this in mind, I highlight below several events that transpired in FY23, which, in our view, have the potential to generate outsized shareholder returns in the coming years.
Urbanise.com Successful Implementation of Colliers Contract
As at the end of June 2023, Urbanise.com (ASX: UBN) had a market capitalisation of just $35 million, so when the company announced the successful implementation of the UBN software into the Colliers platform, it marked a significant milestone in what could be a company-defining process.
We believe this is a significant event for many reasons, including the following:
Tier-1 client: Colliers represents the first Tier-1 client to roll out the Urbanise FM software across an entire division nationwide. Given the highly competitive nature of the facilities management and real estate services sector, in our view the adoption of UBN’s platform is an indicator of its potential to deliver productivity and efficiency gains. If Colliers has a positive experience with this platform, we believe other Tier-1 providers will consider UBN’s solution.
FM client of scale: Colliers has stated that the UBN software has been rolled out to approximately 400 employees. Additionally, we believe subcontractors working with Colliers will also need to use the UBN software, meaning over 1,000 further individuals will have direct contact with the UBN platform. If UBN is able to prove it can handle such scale, it will further strengthen its credentials for future client tenders.
Growth avenues: Positive feedback from Colliers opens up the potential for further expansion within Colliers, i.e. New Zealand, Singapore, and other Australian divisions. UBN should also be well placed to win work with other Tier-1 providers in the industry, such as CBRE, Lendlease, JLL and others. Additionally, UBN’s work with Colliers could attract interest from adjacent industries, such as aged-care businesses (a vertical in which UBN has existing customers) or any organisations with large property portfolios requiring regular maintenance to meet regulatory requirements.
MOVE Logistics CEO Appointment
In early CY23, Craig Evans was appointed CEO of MOVE Logistics (ASX/NZX: MOV), filling a role that had been vacant since July 2021. We strongly believe Craig’s appointment will play a pivotal role in MOVE’s potential success as a highly profitable and efficient business. Craig Evans had an impressive 34-year tenure at Mainfreight (NZX: MFT), starting in 1987 as a branch manager and eventually being appointed New Zealand country manager in 2015. When Craig announced his retirement from MFT, this excerpt from the MFT Team Newsletter praised his contribution with the following statement:
“Craig Evans, a legend of our business, has announced his intention to finish in the New Year, after 34 years of service with Mainfreight. Craig has played a key role for us across many and various leadership roles, of late leading our New Zealand team. During this time, the business has developed tremendously and is achieving record levels of growth and profitability. Our network intensity and customer reach has increased, with many new facilities built under his guidance.”
Over his six-year tenure as country manager, this division of MFT grew from a revenue base of $563 million with EBITDA of $78 million, to a revenue base of $1.13 billion with a PBT of $137 million (which we estimate implies an EBITDA of ~$165 million). While we acknowledge that no individual alone can determine the fate of a business, we believe that Craig is exceptionally qualified to lead the MOVE business.
Craig’s appointment builds on the complete overhaul of the MOVE executive team, which consists of more than 10 executives with prior experience with the likes of Mainfreight, Toll Holdings and Linfox.
Given that Craig joined MOVE in the second half of the financial year, tangible progress in terms of strategy and financial results for FY23 is yet to be seen by investors. However, we have confidence that Craig and his team will develop a strategic plan that maximises MOVE’s potential for all stakeholders. The details of this plan are expected to be made public early in FY24, providing the market with insight into the growth opportunities and potential improvements in both profit margins and revenue profile for the business.
MaxiPARTS' Acquisition of Forch Australia
Despite being a standalone business for just two years post the divestment of the trailer business in 2021, MaxiPARTS (ASX: MXI) has hit the ground running on the acquisition front. It started with the acquisition of Truckzone in FY22, and was followed by the recent acquisition of Forch Australia, a distributor of workshop consumables, in March 2023.
While the estimated EBITDA of $2.5 million from the Forch acquisition may not be a transformative deal on its own, it is worth noting that over 80% of the current EBITDA is generated in a single state, Western Australia. As such, we believe there is the potential for significant EBITDA growth as the business expands into other states such as New South Wales and Victoria. We believe there is only a single meaningful competitor to Forch: Germany-based Würth Group. Based on the public information we could source, this business recorded >$175 million of revenue in CY22, highlighting the opportunity that MXI has with this recent acquisition.
Although MXI may not appear to be a business that has significant earnings growth potential given it is not operating in a high-growth industry, we continue to believe that in a few years’ time, the company has the potential to organically generate EBITDA of ~$35 million, a significant increase on the ~$14 million it generated in FY22. We also expect MXI to have numerous capital management options as the business should be in a significant net cash position in the next 12–18 months.
Gentrack Group (ASX: GTK)
From a share price perspective it has been an outstanding year for GTK, with the share price increasing by 201% over FY23. It never ceases to amaze me how sentiment around listed businesses can change so quickly in such a short period of time, which often leads to a high level of volatility within the valuation applied to these businesses due to the subjectivity involved.
Just last year, many investors had concerns around potential client churn (particularly in the UK), poor client experience and the competitive landscape. However, fast forward to today, and the management of GTK has been able to upgrade revenue guidance on a number of occasions as a result of minimal client churn, numerous new client wins, and upgrade works for existing customers. GTK’s management now has a level of confidence in its software offering, customer needs and also the industry drivers, which has enabled the company to commence a global expansion strategy starting in South-East Asia, with early successes in Singapore.
We believe the recent re-rate of the GTK share price has been predominantly driven by the valuation of the existing business and does not fully capture the potential for GTK to accelerate earnings growth. The renewable energy transformation is creating a significant ‘once-in-a-generation’-type churn event, as current and prospective utility-provider customers look to upgrade their billing platforms to ensure they can operate effectively going forward. This is because renewables bring with it an added layer of complexity from a billing perspective; something many incumbent systems cannot cater for effectively. In our opinion, this presents an opportunity for GTK to grow earnings at a faster rate over time.
MaxiPARTS (ASX: MXI)
As mentioned in the above section, MXI’s management has not wasted any time as a standalone business and are laser-focused on maximising the growth potential of the business over the next three to five years. In FY23, MXI shares re-rated in a moderate manner, driven by a strong half-year result followed by the acquisition of Forch Australia.
From an industry point of view, Australia has one of the oldest truck fleets globally, with the average age of a heavy truck at 16.3 years compared to the European Union (14.2 years), United States (14.5 years) and United Kingdom (7.6 years). While supply chain issues are still affecting the manufacturing and delivery of new trucks to Australia, trucks are being used for longer rather than being retired, and are also being used more, with the number of kilometres increasing steadily since 1985, as shown in the following chart.
An Increasingly Ageing Truck Fleet is Hauling More Freight
Source: Bureau of Infrastructure and Transport Research Economics
We believe MXI will demand a significant valuation re-rate as the business demonstrates its ability to scale in a highly profitable manner. Unlike BRI, MXI fortunately has a clear comparable from a valuation perspective, in the form of direct competitor, Supply Network Limited (ASX: SNL). SNL is a business of similar size but with a long history of delivering outsized returns to shareholders in a capital efficient manner. Currently, SNL trades on a P/E multiple of approximately 22 times, which we consider reasonable for a business of SNL’s calibre, but it is a valuation multiple we believe, based on consensus, estimates to be over 50% above that of MXI’s.
Eureka Group Holdings (ASX: EGH)
In the case of EGH, the warning signs were apparent in FY22, and things worsened in FY23 as margins were eroded when interest costs were not adequately hedged, and the business then completed an equity raising to deleverage the balance sheet and embark on greenfield expansions. As we stated in a number of our previous investor communications, we lost confidence in management’s ability to consistently grow earnings in an accretive manner, and we would argue a lack of transparency and an unsatisfactory capital management strategy has resulted in a poor earnings per share (EPS) profile over the past few years. In our view, a significant opportunity cost existed and as such, we exited our investment and reinvested the funds into other investment opportunities we believed could compound our capital at a higher rate.
Urbanise.com (ASX: UBN)
As mentioned earlier, FY23 was a year of transition for UBN, during which the company took several steps to mature as a business and ensure the future looks brighter than the recent past. In our view, these steps resulted in lower short-term revenue growth and cash inflows, and consequently the UBN share price suffered a significant decline over FY23.
Some of the notable steps taken by UBN included:
FY24 will be a critical year for UBN, with the focus on converting the pipeline of potential customers and achieving revenue growth of at least 15% per annum.
As we move into FY24, the prevailing sense of uncertainty has led to very little conviction amongst the investment community as well as many business leaders. In our experience, uncertainty generally leads to lower valuations, especially for emerging businesses. However, when taking a step back and applying a small dose of objectivity and rationalisation, it becomes evident for a number of areas within the economy that while the wheels may indeed slow, they will continue to turn. Over time, it is not unreasonable to expect that these sectors will regain momentum and, consequently, valuations will also increase.
I use this analogy as we want all our investments to be exposed to industries that will grow over time, as we have found this not only greatly reduces the risk of entering into a poor investment, but also increases the probability of the investment generating outsized positive returns over the long term. We believe many, if not all, of our core investments have exposure to industries with significant tailwinds that include:
One other thematic we also believe will come to the forefront over the next 12–18 months will be the advantage public businesses will have relative to their private counterparts, given the challenging macroeconomic conditions that are likely to persist. Numerous industries are dominated by private businesses that have founders from the baby-boomer generation. Many of these founders will be approaching decisions regarding succession or potential expansion opportunities. Both pathways can be fraught with financial risk and a level of uncertainty, which can lead a founder to seek the sale of an entire business so as to provide certainty to all parties involved. COG and MXI have already made strategic acquisitions in this regard, and we expect them to continue pursuing such opportunities.
Furthermore, we believe that MOVE, Dropsuite and Gentrack will also seize on similar opportunities if they make financial and strategic sense.
FY24 may well prove to be another turbulent year for emerging equities, but we remain steadfast in our commitment to providing our shareholders exposure to businesses that are led by capable and aligned management teams, are not overly reliant on capital, maintain strong balance sheets for financial flexibility, and have significant exposure to industries with long-term growth potential. We firmly believe the long-term future of all of our investee companies to be bright, and although the next 12 months may see further share price volatility, we fully expect these businesses to emerge from FY24 in improved strategic and financial positions.
The entire team is acutely aware of the trust you have placed in us to manage your capital and we greatly appreciate your ongoing support.
Managing Director and Chief Investment Officer
NAOS Asset Management Limited
NAOS Asset Management is a specialist fund manager providing concentrated exposure to quality public and private emerging companies.
NAOS takes a concentrated and long-term approach to investing and aims to work collaboratively with businesses rather than be a passive shareholder. NAOS seeks to invest in businesses with established moats and significant exposure to structural industry tailwinds, which are run by proven, aligned and transparent management teams who have a clear understanding of how to compound capital.
We look to build large investments in businesses and from time to time will seek board representation or look to appoint highly regarded independent directors. Importantly, NAOS, its Directors and staff are significant shareholders in the NAOS LICs, ensuring strong alignment with all shareholders.
NAOS is B Corp Certified. As a B Corp in the financial services industry, we are counted among businesses that are leading a global movement for an inclusive, equitable and a regenerative economy.
NAOS launched its first LIC in 2013 with 400 shareholders. Today, NAOS manages approximately $300 million across three LIC vehicles and one private investment fund, for more than 7,000 shareholders.
The NAOS investment team undertakes fundamental analysis on potential and current investments.
Some examples of key focus areas include:
“People are critical to the Group and our customers' success, and we prioritise the attraction and retention of key talent. This includes a focus on our team’s wellbeing and their continuing career development.”
(Excerpt from Urbanise.com’s FY22 Annual Report)
Sebastian is a Director of NAOS Emerging Opportunities Company Limited (ASX: NCC), NAOS Small Cap Opportunities Company Limited (ASX: NSC), NAOS Ex-50 Opportunities Company Limited (ASX: NAC), and has held the positions of Chief Investment Officer (CIO) and Managing Director of NAOS Asset Management Limited, the Investment Manager, since 2010. Sebastian is the CIO across all investment strategies.
Sebastian holds a Master of Applied Finance (MAppFin) majoring in investment management as well as a Bachelor of Commerce majoring in finance and international business, a Graduate Diploma in Management from the Australian Graduate School of Management (AGSM) and a Diploma in Financial Services.
Robert joined NAOS in September 2009 as an investment analyst. Robert has been a portfolio manager since November 2014 and is currently Portfolio Manager across all NAOS LICs: NAOS Emerging Opportunities Company Limited (ASX: NCC), NAOS Small Cap Opportunities Company Limited (ASX: NSC), and NAOS Ex-50 Opportunities Company Limited (ASX: NAC), and the NAOS Private Opportunities Fund. Robert is also a non-executive director of Ordermentum Pty Ltd.
Robert holds a Bachelor of Business from the University of Technology, Sydney, and a Master of Applied Finance (MAppFin) from the Financial Services Institute of Australasia/Kaplan.
Brendan joined NAOS in July 2021 as a portfolio manager. Brendan is also a non-executive director of Big River Industries Limited (ASX: BRI), BSA Limited (ASX: BSA), Saunders International Limited (ASX: SND), Wingara AG Limited (ASX: WNR), BTC health Limited (ASX: BTC) and MitchCap Pty Ltd.
Brendan has over 19 years’ finance, accounting and M&A experience. Most recently, Brendan had a 15-year career with ASX-listed marketing services business Enero Group Limited, initially in finance roles and ultimately as CFO and Company Secretary for a nine-year period. Prior to that, Brendan spent four years at KPMG.
Brendan is a chartered accountant and holds a Bachelor of Business Administration and a Bachelor of Commerce from Macquarie University.
Jared joined NAOS in April 2021 as Senior Investment Analyst. Jared has over 16 years’ financial services experience. Most recently Jared was an investment analyst at Contact Asset Management and prior to that he spent nine years at Colonial First State.
Jared holds a Bachelor of Commerce majoring in accounting and finance from the University of Notre Dame, Sydney, and is a CFA Charterholder.
Julie joined NAOS in November 2012 as Compliance Officer and in January 2021, commenced the role of ESG Officer.
Prior to joining NAOS, Julie worked within compliance and performance teams at BZW Investment Management, Commonwealth Bank, Colonial First State, and QBE.
Julie holds a Bachelor of Business majoring in finance and economics from the University of Technology, Sydney, and she also holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.
Richard joined NAOS in October 2015 as Chief Financial and Operating Officer. Richard has over 16 years’ financial services experience in the UK and Australia, beginning his career in London with Deloitte & Touche before relocating to Sydney in 2013.
Richard holds a Bachelor of Arts (Hons) in Business Management from the University of Sheffield, is a qualified chartered accountant and is a member of the Governance Institute of Australia.
Rajiv is Head of Legal and Compliance at NAOS and holds a Bachelor of Laws (First Class Honours), a Bachelor of Business (accounting major) and a Graduate Diploma in Legal Practice from the University of Technology, Sydney.
Rajiv has over 13 years’ experience, having most recently held senior legal roles at Custom Fleet, part of Element Fleet Management (TSX: EFN), and also at Magellan Financial Group (ASX: MFG). He has also previously worked at law firms Johnson Winter & Slattery, and Clayton Utz.
Rajiv is a member of the Law Society of New South Wales, an Associate of the Governance Institute of Australia, and is admitted to the Supreme Court of New South Wales and the High Court of Australia.
Angela joined NAOS in May 2020 in the capacity of Marketing and Communications Manager.
Prior to joining NAOS, Angela held marketing roles for companies in both Australia and the UK, including SAI Global, American Express, Citibank, and Arete Marketing.
Angela holds a Bachelor of Communications majoring in advertising and marketing from the University of Canberra.
The Board of NAOS Ex-50 Opportunities Company Limited is committed to achieving and demonstrating the highest standards of corporate governance. As such, the Company has adopted what it believes to be appropriate corporate governance policies and practices having regard to its size and the nature of its activities.
The Board has adopted the ASX Corporate Governance Principles and Recommendations, which are complemented by the Company’s core principles of honesty and integrity. The corporate governance policies and practices adopted by the Board are outlined in the Corporate Governance section of the Company’s website