MINUTES OF A MEETING OF THE BOARD OF DIRECTORS
Verdant Capital Partners Ltd.
Held at: 22 Bishopsgate, London, EC2N 4BQ
Date: 15 January 2024 | Commencement: 09:30 GMT

DIRECTORS PRESENT:
- Chairperson: Ingrid Holmberg
- Non-Executive Director: Kwame Asante
- Non-Executive Director: Patricia Lim
- CEO: Roland Strasser
- CFO: Beatriz Souza

IN ATTENDANCE: Company Secretary, Niall O'Brien; Legal Counsel, Elspeth Cairns (Ashurst LLP)

APOLOGIES: Non-Executive Director, Yusuf Demirci

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1. APPROVAL OF MINUTES
The minutes of the previous meeting held on 18 November 2023 were approved as a true record. Proposed by Kwame Asante, seconded by Patricia Lim. Carried unanimously.

2. CEO REPORT — ROLAND STRASSER
Roland Strasser presented the Q4 trading update. Revenue for Q4 2023 reached £18.4 million, representing a 12% increase year-on-year. Operating costs were £11.2 million, in line with budget. EBITDA of £7.2 million exceeded the Audit and Risk Committee forecast by £0.4 million.

Strasser noted that the proposed acquisition of Fenbrook Asset Management remains on track. Elspeth Cairns confirmed that the Competition and Markets Authority review is expected to conclude by 28 February 2024.

3. MOTION: APPROVAL OF FY2024 BUDGET
Beatriz Souza presented the FY2024 budget, projecting total revenues of £78 million and capital expenditure of £6.5 million, including £2.1 million allocated to the new Dublin technology hub.

MOTION: That the FY2024 budget as presented be approved.
Proposed by: Beatriz Souza
Seconded by: Kwame Asante
VOTE: For — 4; Against — 0; Abstentions — 1 (Patricia Lim, citing incomplete risk analysis on the Dublin technology hub).
RESOLUTION PASSED.

4. MOTION: APPOINTMENT TO REMUNERATION COMMITTEE
MOTION: That Ingrid Holmberg be appointed Chair of the Remuneration Committee effective 1 February 2024, replacing Yusuf Demirci.
Proposed by: Kwame Asante
Seconded by: Beatriz Souza
VOTE: For — 4; Against — 0; Abstentions — 0.
RESOLUTION PASSED.

5. ANY OTHER BUSINESS
Niall O'Brien reminded the Board that annual statutory filings are due with Companies House by 31 March 2024.

The meeting closed at 11:15 GMT.

Signed: Ingrid Holmberg, Chairperson
