⚡ Flash Summary

Telecard Limited’s 32nd Annual General Meeting (AGM) held on October 28, 2025, approved the minutes of the previous AGM, the annual audited financial statements for the year ended June 30, 2025, and re-appointed Parker Russell A.J.S. as external auditors for the upcoming year. Shareholders ratified related party transactions from the past year and authorized the Board of Directors to engage in future related party transactions subject to review and approval by the Board Audit Committee and the Board of Directors. These resolutions indicate a continuation of standard corporate governance practices and shareholder oversight.

📌 Key Takeaways

• ✅ Minutes of the Annual General Meeting held on November 27, 2024, were approved.
• 👍 Annual Audited Financial Statements for the year ended June 30, 2025, were approved.
• 👨‍💼 Parker Russell A.J.S. Chartered Accountants re-appointed as external auditors for the term ending at the conclusion of the 33rd AGM.
• 🗓️ The auditor’s term will cover the audit for the financial statements for the year ending June 30, 2026.
• 🤝 Auditor’s fee and out-of-pocket expenses will be mutually agreed upon and reimbursed at actuals.
• 🤝 Related party transactions for the year ended June 30, 2025, were ratified, approved, and confirmed.
• ✅ Board of Directors authorized to enter into arrangements or carry out transactions with related parties.
• ⚖️ Future related party transactions must be deemed fit and/or approved by the Board of Directors.
• 🗓️ Authorization extends to the financial year ending June 30, 2026, or up to the next annual general meeting.
• ⚠️ Some or a majority of the Directors may be interested in these arrangements and transactions.
• 🛡️ The Board Audit Committee and the Board of Directors will review and approve all related party transactions.
• 📜 Review and approval process will follow Sections 207 and/or 208 of the Companies Act, 2017, to the extent applicable.
• 💰 All related party transactions will be as per the quantum approved by the Board of Directors from time to time.
• ✔️ Transactions approved by the Board of Directors are deemed approved by shareholders under Sections 207 and/or 208 of the Companies Act, 2017.
• 📢 These transactions will be presented to shareholders in the next Annual General Meeting for ratification and confirmation, if required.

🎯 Investment Thesis

HOLD. The resolutions passed at the AGM indicate standard corporate governance practices. Without specific financial details, it’s challenging to form a strong buy or sell opinion. Monitoring the company’s financial performance and how related party transactions are managed is crucial. Price target is dependent on financial performance, which is not available in this document. Time horizon is medium-term, pending further financial data.