Shareholders at AGM pressed board on exit strategy and cash controls

Trendlines Group’s AGM on 23 April 2025 turned into a spirited session as shareholders pressed management on three big issues: exits for portfolio companies, a recent fund misappropriation and the company’s cash runway. Headquartered in Israel, Trendlines is an investment company focused on innovation in agrifood and medical technologies.

Exit Strategy of Portfolio Companies

Shareholders expressed disappointment with Trendlines’ track record on exits and payouts, according to minutes of the meeting published on SGX.

“From the time of IPO to today, Trendlines has not delivered any successful big exits nor declared dividends,” a shareholder pointed out, urging the company to trim its 43‐strong portfolio and zero in on the winners. 

CEO Haim Brosh agreed that managing dozens of startups can stretch resources too thin.

He said the company has spent the last 18 months refining its focus and will “channel our focus and efforts specifically on a few very successful portfolio companies with high potential and promising outlook to achieve exits within a reasonable period of time”.

Independent Director Sin Boon Ann backed that view, noting that startup investing is unpredictable regardless of whether you handle 47 or 43 companies. “The overall number does not matter much,” he said, adding that the board will keep a close eye on progress and push for timely exits.

Misappropriation and Governance Measures

Another topic was the US$2.1 million misappropriation at Trendlines Agrifood Innovation Centre in Singapore.

Shareholders wanted to know why an internal audit function wasn’t in place from day one, given listing rules in Singapore mandate annual internal reviews.

Board members admitted the lapse was disappointing. “You can be assured that the Board and Management view this issue very seriously and have dedicated substantial time, resources and held numerous meetings relating to this matter,” Brosh told the meeting.

Professor Low Teck Seng, also an independent director, echoed that commitment and outlined steps already taken to shore up controls.

Cash Flow, Fundraising and Patience

With Trendlines still in the red, investors pressed for reassurance on the company’s liquidity.

“Considering that the company is in a loss position, does it have sufficient cash flow or any plans to raise funds?” a shareholder asked. 

Brosh repled the company’s current cash position is solid, so no fundraising is on the immediate horizon.

He emphasized that the board will stay “disciplined, prudent” and align any future capital calls with both Trendlines’ and its portfolio companies’ needs.

That didn’t stop one investor from advising a measured approach to exits.

Having eyed several portfolio companies with long‐term upside, this shareholder encouraged the board not to rush. “These companies can fetch a much higher exit value/price later,” he said.

Prof Low pointed out that shifts in global trade—like the US ban on synthetic colouring—could give natural-colouring startups a big boost.

Phytolon produces high-quality natural food colors from baker’s yeast fermentation technology. Phytolon is advancing towards commercialization, and preparing for regulatory approvals in the U.S. and Europe


“We are on the right timing/track with some of our portfolio companies (such as Phytolon), and just need to be a little more patient in order to reap the full potential and benefits of our investments for our shareholders,” Brosh noted.

 See also: TRENDLINES: From Battlefield to Boardroom: Innovation Marches On for This Singapore-listed Company