INVESTOR RELATIONS CDL’s Investor Relations (IR) function serves as a bridge between the Company, our shareholders and the investment community. We are committed to communicating with clarity, consistency and candour, enabling investors to make informed decisions about CDL. Our IR Policy on the CDL website (cdl.com.sg) outlines our principles and framework for communicating and engaging with all our stakeholders. PROACTIVE COMMUNICATION & OUTREACH The IR section on the CDL website serves as a key source of corporate and financial information offering timely and accurate disclosure of material information, such as our business performance, corporate strategies, operational, and Environmental, Social and Governance (ESG) highlights. Corporate materials such as the Group’s financial results, investor presentations, annual and sustainability reports, media statements and other corporate announcements disseminated on SGXNet (sgx.com) are also available on the CDL website. Investors can subscribe to email alerts to receive notifications on our latest announcements. Apart from our website, our corporate social media channels (LinkedIn, X and Instagram) provide updates on the Group’s business operations and milestones. Our Management Executive Committee (ExCo), Senior Management and IR teams also engage with investors via various online and offline platforms, facilitating open discussions on the Group’s business and capital management strategies. ACTIVE ENGAGEMENT Throughout the year, CDL engages with the investment community through various events and platforms such as the Annual General Meeting (AGM), investor conferences, one-on-one and group meetings, showflat tours, site visits, roadshows, conference calls and emails. In addition to providing quarterly updates on our business and operational performance, we also hold financial results briefings for research analysts and media biannually. These sessions are open for investors and other stakeholders to attend via live webcasts, and a recording of the corporate presentation is made available on our website thereafter. In 2024, we hosted in-person meetings and events to foster engagement and meaningful discussions with the investment community. On 24 April 2024, we held our 61st AGM in a hybrid format, allowing for flexibility and enabling more shareholders to participate in-person or remotely. Virtual live voting and question-andanswer functions were implemented to facilitate remote participation and encourage shareholders’ feedback. During the year, we engaged with over 40 institutional investors, hosted several local and overseas showflat and site tours. Our AGM and webcasts attracted around 700 shareholders and stakeholders. At these meetings, our ExCo and Senior Management team shared insights on our performance and strategic priorities while also gleaning valuable feedback on investor perceptions. In addition to facilitating corporate access for investors, the IR team proactively engages with sell-side equity research analysts who cover our stock and apprise our ExCo and Board on the concerns that matter to the market, as well as share price performance and shareholder analytics. CREATING SHAREHOLDER VALUE Reflecting our commitment to delivering shareholder value, the Group embarked on two share repurchase initiatives in 2024. In March, CDL initiated a Share Buyback Programme for its ordinary shares via open market purchases in tranches, as its shares were trading significantly below their intrinsic value despite the Company’s strong fundamentals. The Group purchased 13,499,600 ordinary shares for $79.4 million. As of 31 December 2024, the Company holds a total of 15,899,600 ordinary shares. These shares are held as treasury shares. In May, CDL announced an off-market equal access scheme offer to buy back up to 29,778,683 Preference Shares, representing 10% of the total 297,786,832 Preference Shares in issue, at $0.78 per share. By the close of the offer, acceptances from Preference Shareholders amounted to approximately four times the maximum allowable buyback amount. All 29,778,683 Preference Shares were purchased for $23.2 million and subsequently cancelled, reducing the Company’s financing cost related to the coupon payment obligation for these Preference Shares. The Group will explore initiatives to strengthen our alignment with shareholders despite continued macroeconomic headwinds impacting the global equities market. The Group's 61st AGM on 24 April 2024 was held in a hybrid format at M Hotel Singapore. CORPORATE GOVERNANCE CITY DEVELOPMENTS LIMITED 44
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