George Myhal

Good morning, and welcome, everyone. It is now 10:00 a.m. and time to begin the Annual Meeting of Shareholders of Trisura Group Limited. My name is George Myhal, and as Chair of the Board, it is my pleasure to Chair today’s meeting. On behalf of the Board and management, I would like to extend a warm welcome to everyone attending through the online live stream broadcast today.

We are pleased to host the meeting online, accessible to all our shareholders to participate, submit questions and vote. I will now call the meeting to order and would ask TSX Trust Company by its representatives to act as scrutineers.

I will also ask Joanna Grossman to act as Secretary of today’s meeting. And it is now my pleasure to introduce the members of management on the call. First, David Clare, President and CEO of Trisura Group; and secondly, David Scotland, Chief Financial Officer of Trisura Group.

As outlined in our management information circular, there are 3 items of business to be considered today. First, to receive the consolidated financial statements of the company for the fiscal year ended December 31, 2025; second, to elect directors who will serve until the next Annual Meeting of Shareholders; and third, to appoint the external auditor and authorize the directors to set their remuneration.

In connection with the business to be dealt with today, only registered shareholders who held shares in their name as of April 10, 2026, the record date of this meeting, or validly appointed proxy holders are entitled to vote at this meeting.

We will conduct the votes on the matters before us by poll. Once the poll is opened, registered shareholders and proxy holders

Economy and Financial Sector

Thailand faces a significant economic identity challenge, with KBank economists warning that the country risks becoming the world’s “landlord” — primarily hosting foreign data centers and infrastructure — rather than developing as a genuine technology player. This concern underscores the need for stronger investment in domestic tech capabilities and innovation ecosystems.

Thailand has joined the global tax information sharing system, signaling a commitment to greater financial transparency and international regulatory compliance. Separately, the Digital Watch Observatory reports that Thailand has updated its legal framework to modernise capital markets, while the Bank of Thailand is advancing a Bangkok Blueprint to tackle rising digital fraud ahead of its 2026 Annual Meetings. Read more via Nation Thailand | Bangkok Post

Tourism and Hospitality

Vietnam is emerging as Southeast Asia’s fastest-growing tourist destination, overtaking Thailand in Chinese tourist arrivals, according to multiple reports. Vietnam is actively working to avoid the over-tourism pitfalls experienced by Thailand, positioning itself strategically for sustainable long-term growth. Travel and Tour World reports that China, India, Singapore, Japan, South Korea, and Australia are among the primary drivers fueling this shift.

Thailand’s tourism sector continues to expand and innovate, with the Tourism Authority of Thailand (TAT) leveraging artificial intelligence and visual content to strengthen its appeal in the Chinese market. Thailand is also pursuing premium hospitality growth, with branded residences topping THB205 billion (approximately USD 6.4 billion), representing Asia’s largest share of launched luxury supply. The country is also set to host a global fireworks spectacle tied to the opening of Southeast Asia’s first Nobu Residences. Read more via TTG Asia | Travel and Tour World

Security and Law Enforcement

Thailand is intensifying its crackdown on foreign criminal activity, with authorities accelerating the deportation of foreign criminals and targeting illegal foreign business ownership structures. Ten Israelis were recently deported amid broader enforcement actions. The DSI (Department of Special Investigation) has also launched a sweep targeting an illegal Forex investment network operating within the country.

A major maritime drug smuggling operation was successfully dismantled through joint efforts by China, Thailand, and the United States, earning recognition among China’s top 10 anti-drug cases of 2025. Additionally, South Korea and Thailand are deepening police cooperation to combat transnational crime across the region. Read more via Al Jazeera | Global Times

Energy, Environment, and Infrastructure

Thailand’s first commercial Sustainable Aviation Fuel (SAF) production facility has been unveiled by the Bangchak Group, marking a significant milestone in the country’s transition toward cleaner energy in aviation. Meanwhile, disruptions to Middle East oil and gas production are expected to drive travel cost increases across the Asia-Pacific region.

Thailand is strengthening its environmental resilience, including measures to address the prolonged risk of El Niño weather patterns and heavier monsoon rains. The World Bank has highlighted the economic opportunity in valuing natural capital as part of Thailand’s next growth chapter, while Wood Group has secured a plastics recycling deal in the country. Read more via Energy Voice | World Bank

Expat Living and Cultural Diplomacy

Thailand continues to attract international residents and retirees drawn by its lower cost of living, warm climate, and quality lifestyle. A recent ABC feature followed a pensioner who relocated to Thailand for more affordable living, while multiple expatriate accounts highlight the country’s appeal for families seeking a slower, more connected pace of life.

Thailand is actively building its soft power and cultural presence globally, with the Sawasdee Seoul Thai Festival 2026 showcasing the country’s creative industries in South Korea. The CU Clarinet Ensemble will represent Thailand at ClarinetFest 2026, also held in South Korea, further cementing Thailand’s growing cultural diplomacy footprint across Asia. Read more via Australian Broadcasting Corporation | Asia News Network

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Spot gold was down 0.7% at $4,299.89 per ounce by 2:40 p.m. EDT (1840 GMT). U.S. gold futures settled 0.6% higher at $4,381.40.

Nine of the ‌U.S. central ⁠bank’s 19 ⁠policymakers now believe they will need to raise the policy rate this year, according to projections published on Wednesday after the Fed announced its decision to leave the policy rate in its current 3.50%-3.75% range.

In his inaugural press conference following his first policy meeting as Fed Chair, Kevin Warsh said he was launching five task forces to review how the central bank conducts its business in critical policy areas.

“This is a ⁠new Fed – ‌Warsh is sharp, sure, animated – he will be a steward and not a trustee. The message is changes are coming, but after due consideration,” ⁠said Tai Wong, an independent metals trader.

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Also Read | Dollar jumps as Fed holds rates but projects one hike later this year
“He also said twice that he sees rates restrictive only in housing… which is making him more hawkish than Powell. I think that’s what’s driving market losses. The statement and dot plot are hawkish and Warsh did nothing to push back against it.”
Markets now see a 78% chance of a rate hike in December this year, jumping from 61% before the Fed decision, according to the CME FedWatch Tool.
The U.S. dollar ‌extended gains after the rate decision, making greenback-priced bullion more expensive for overseas buyers, while oil markets were also higher, keeping inflation concerns alive.

While gold is often seen as a ⁠hedge against inflation, elevated interest rates tend to pressure bullion, as it offers no yield.

Spot gold touched a more than six-month low last week as inflation fears stoked by the Iran conflict boosted expectations of rate hikes.

U.S. President Donald Trump said that the agreement reached this week with Iran was not final, and that he could resume a bombing campaign if he did not like it.

Silver fell 1.1% to $69.41 per ounce. Platinum lost 2% to $1,768.03, and palladium fell 1.1% to $1,336.91.

The Russell 2000 Index rose 22.31 points, or 0.76 percent, to 2,961.51 on Wednesday, continuing its strong performance in 2026 as investors rotated toward smaller companies benefiting from lower borrowing costs and domestic economic resilience.

The benchmark for U.S. small-cap stocks has delivered solid gains this year, outperforming broader indices in recent sessions and reflecting renewed confidence in companies with less exposure to global trade tensions and mega-cap concentration risks. Wednesday’s advance added to year-to-date returns that have seen the index climb significantly since early 2026 lows.

Small-cap outperformance has been a notable theme in 2026. Analysts point to several supportive factors, including the lagged benefits of Federal Reserve rate cuts from late 2025, which have eased financial pressures on companies carrying floating-rate debt. With nearly 40 percent of Russell 2000 constituents exposed to such debt, lower interest expenses are beginning to flow through to balance sheets and earnings potential.

Earnings Growth Expectations Fuel Optimism

Consensus forecasts highlight robust profit expansion for small caps. Bottom-up estimates suggest the Russell 2000 could deliver around 43 percent year-over-year earnings growth over the next 12 months, outpacing larger indices like the S&P 500. This disparity underscores the potential for smaller firms to capitalize on operational leverage as economic conditions stabilize.

Sectors such as financials, industrials, biotech and energy have led recent gains, aligning with small-cap cyclical exposure. Banks and regional lenders in particular stand to benefit from a more accommodative rate environment, while industrial and energy names gain from domestic infrastructure and manufacturing activity.

Russell Reconstitution Dynamics

The index is also navigating the 2026 semi-annual reconstitution process, a structural shift implemented by FTSE Russell that has doubled operational friction and liquidity demands compared to prior annual cycles. This year’s changes, effective in June, have influenced trading volumes and price movements across thousands of constituents as funds rebalance portfolios.

The reconstitution reflects a broader U.S. equity market with greater mega-cap dominance alongside stronger small-cap representation. Trading on reconstitution days has historically seen massive volumes, with billions changing hands in the final moments of sessions. For 2026, market participants anticipate continued elevated activity as passive strategies adjust holdings.

Valuation and Market Rotation

Small caps remain attractively valued relative to large-cap peers. Metrics such as enterprise value to earnings before interest and taxes show the Russell 2000 trading near multi-year lows compared to the Russell 1000. This valuation gap has attracted investors seeking opportunities beyond the concentrated mega-cap technology trade that dominated prior years.

The so-called “great rotation” into small caps has persisted, with the index outperforming the S&P 500 for extended streaks earlier in 2026. This shift marks a departure from mega-cap leadership, driven by extreme valuation disparities and investor appetite for domestically focused businesses.

Broader market context supports the move. Cooling inflation signals and expectations around monetary policy have boosted risk appetite for cyclical stocks. While large-cap indices have faced volatility from technology sector swings, small caps have demonstrated relative resilience.

Broader Economic Implications

Small businesses and smaller public companies play a vital role in U.S. employment and innovation. Strength in the Russell 2000 often signals improving conditions for Main Street America, including easier access to capital and consumer spending power. Recent data on consumer sentiment and manufacturing activity have provided mixed but cautiously optimistic backdrops.

Challenges remain. Small caps can exhibit higher volatility due to thinner liquidity and greater sensitivity to economic cycles. Geopolitical risks, supply chain issues and sector-specific headwinds in areas like commercial real estate continue to warrant monitoring. However, many analysts view current levels as offering room for further upside given historical recovery patterns.

Investment Landscape and Outlook

Exchange-traded funds tracking the Russell 2000, such as the iShares Russell 2000 ETF, have seen strong inflows amid the rally. Portfolio managers highlight diversification benefits and the potential for catch-up growth after periods of underperformance.

Looking ahead, key catalysts include upcoming corporate earnings seasons, further clarity on Federal Reserve policy and progress on the reconstitution. Summer months have historically favored small caps in certain cycles, adding seasonal tailwinds for 2026.

Market watchers will also track macroeconomic releases, including employment figures, inflation updates and corporate guidance. Any signs of sustained economic soft landing could further support small-cap momentum, while renewed inflation pressures might prompt caution.

Historical Perspective

The Russell 2000 has a long track record of delivering outsized returns during recovery phases and periods of monetary easing. In 2026, its performance echoes past rotations where undervalued segments led market advances after mega-cap dominance. Year-to-date gains place it among stronger performers, though individual stock selection remains critical given wide dispersion within the index.

As the trading day progressed Wednesday, broader U.S. equity indices showed mixed results, with technology and growth names facing some profit-taking while value and cyclical areas held firmer. The small-cap advance contributed to positive sentiment across domestic-focused segments.

Investors continue to weigh opportunities in the Russell 2000 against risks. With attractive valuations, earnings momentum and supportive policy dynamics, many see potential for continued outperformance through the remainder of 2026. However, disciplined risk management is advised given inherent volatility.

The index’s movement underscores shifting investor preferences in a maturing bull market. From financial services to healthcare innovators and industrial suppliers, the Russell 2000 represents a broad cross-section of the American economy beyond headline-grabbing giants.

Wednesday’s gain to 2,961.51 reinforces the narrative of small-cap resilience. As reconstitution settles and earnings provide fresh data points, the coming weeks could clarify whether this rally sustains or faces near-term consolidation. For now, small caps are capturing attention as a compelling segment in the U.S. equity landscape.

A fresh coat of paint could help homeowners draw higher offers when it comes time to sell.

Buyers are showing growing interest in warm, comfortable colors over plain white walls, according to Zillow’s 2026 Paint Color Analysis. The highest-value interior paint choice was chocolate brown in a bedroom, which could add an estimated $2,277 to a home’s offer price.

“When it comes to getting the most out of your home before selling, paint is one of the easiest and most affordable places to start,” Charlie Lankston, executive editor at Realtor.com, told FOX Business in an email. “A fresh coat can instantly boost the appeal of a home the moment a buyer walks in the door.”

Other high-performing colors included pale blue in the living room, which could add about $1,723 to an offer price compared with white, and charcoal gray in the living room, which could add about $1,509, the study found.

MEDIAN US HOME PRICE PROJECTED TO HIT $1 MILLION BY 2050 — RIGHT AS MILLENNIALS RETIRE

Painting a bedroom chocolate brown could add an estimated $2,277 to a home’s offer price. (iStock / iStock)

In bedrooms, charcoal gray could add about $1,240, while sage green could add about $1,035.

Sage green was one of the safest choices for sellers. The color ranked near the top in every room studied, including bathrooms, living rooms and bedrooms, according to Zillow. 

Darker kitchen colors also performed well. Homes with charcoal gray kitchens could receive about $1,373 more, while dark plum kitchens could bring in about $867 more.

The kitchen is one of the most important rooms for paint choices. The difference between the best and worst kitchen colors was nearly $8,000, the study found.

Meanwhile, some paint colors may lower a home’s sale price. 

MIDWEST AND SOUTHERN STATES DOMINATE HOUSING REPORT CARDS: SEE HOW YOURS SCORED

Zillow said sage green was one of the safest paint choices for sellers. (iStock / iStock)

Ochre yellow was the worst-performing color in the study. Using the dark gold color in the kitchen, living room, bedroom and bathroom could lower a home’s offer price by about $18,164.

A fire-hydrant red bathroom could reduce offers by nearly $8,000, while pale pink also performed poorly in every room studied, according to Zillow.

Lankston said paint can be a good starting point for sellers looking to improve their return on investment (ROI), but it should be part of a broader strategy. 

“Kitchens and bathrooms remain the foundational investments, and for sellers who want to go further, outdoor living spaces are delivering serious returns,” Lankston added. 

MORTGAGE RATES TICK HIGHER, BUT BUYERS SHOW SIGNS OF CONFIDENCE

A fresh coat of paint could help homeowners get a higher offer when selling their home. (iStock / Getty Images Plus / Getty Images)

“Deck additions can see a high ROI for buyers who want those creature comforts of the indoors brought outside. Sellers who think strategically about where to put their dollars, starting with something as simple as a can of paint, can meaningfully move the needle on their final offer price.”

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Homeowners should talk to a local real estate agent before repainting because buyer preferences can vary by neighborhood, according to Zillow.

The study was conducted by Zillow’s behavioral science team and surveyed more than 4,400 recent and prospective homebuyers across the U.S.

The Royal Thai Navy seized over six million methamphetamine tablets smuggled across the Mekong River, highlighting ongoing efforts against transnational drug trafficking despite the escape of the perpetrators.

Key Points

• The Royal Thai Navy seized over six million methamphetamine tablets smuggled across the northern border along the Mekong River, following intelligence about narcotics trafficking into Thailand.
• During operations near Thai Charoen Village, officers observed a boat from a neighboring country discarding 17 sacks of methamphetamine marked with the Y1 stamp before fleeing. Law enforcement secured the evidence for further investigation.

The Royal Thai Navy announced the seizure of over six million methamphetamine tablets smuggled across the northern border along the Mekong River.

​Royal Thai Navy Spokesperson Rear Admiral Paraj Ratanajaipan stated that the Mekong Riverine Unit received intelligence about an attempt to smuggle narcotics into the kingdom. The cargo was tracked to riverbanks near Thai Charoen Village in Wiang Kaen District, Chiang Rai Province, and operational forces were promptly deployed to monitor the area.

​During the operation, officers observed a boat from a neighboring country docked along the Mekong River bank. Items were thrown ashore before the boat quickly departed. Officers, together with local security and administrative agencies, then inspected the area.

​The inspection uncovered 17 sacks containing Category 1 narcotics, specifically methamphetamine pills marked with the Y1 stamp. Although the perpetrators escaped across the border, law enforcement secured the contraband and collected forensic evidence. The seized narcotics were transferred to investigators at the Wiang Kaen Provincial Police Station for further legal action.

​The spokesperson noted that this seizure demonstrates how transnational trafficking syndicates exploit border rivers to transport illicit drugs into Thailand. He emphasized that the Royal Thai Navy and allied security agencies remain fully coordinated, enforcing strict border surveillance and legal measures to dismantle trafficking routes, safeguard national security, and protect the public.

Source : Thai Navy Seizes Over 6 Million Meth Pills During Border Operation in Chiang Rai

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