AGMs attended in calendar 2024

1. Fleet Partners (FPR): 9am hybrid in Sydney on Thursday, January 25, 2024 with physical component at Freehills. See notice of meeting. Mark cap $750m. Was only 1 of 5000 shareholders to ask questions and here is the text of all 6 of them. Voting results commendably showed outcome by shares and shareholders and there were no material protest votes with only 103 shareholders bothering to vote. Awaiting full archive of 1 hour webcast.

2. Nufarm (NUF): hybrid at 11am on February 1 with physical component at Laverton North head office. See notice of meeting. Attended in person, only 1 other person in the room asked questions and the meeting lasted 63 minutes. Failed to follow the agenda and no protest votes. See links to audio of key exchanges.

3. Technology One (TNE): hybrid meeting in Brisbane on February 21. See notice of meeting and text of 8 questions asked along with a summary of the answers and some video grabs via Twitter. The meeting lasted 80 minutes and the only protest votes were against the two directors seeking re-election.

4. Boart Longyear: (BLY): The scheme meeting to approve a US private equity takeover took place on February 21 at 10am. Here is the text of the 5 questions lodged. All but one were censored and the meeting was done in less than 20 minutes.
No webcast archive was provided and the deal was approved by 99.97% of voted stock although this was only 83 in favour and 21 against. The shares were suspended on April 5 with shareholders paid on April 10.

5. Aristocrat Leisure (ALL): The following 9 written questions were lodged at the 2024 Aristocrat Leisure hybrid AGM held on February 22. Commendably, they were read out in full with no censorship at the 1 hour and 50 minute meeting. There was a 21% protest vote against the CEO's LTI grant which wasn't really properly discussed, partly because the proxies weren't disclosed with the formal addresses.

6. Scentre Group (SCG): 10am hybrid on April 4 with physical component at the Wesley Centre in Sydney. See notice of meeting. No early disclosure or proxy position. They've largely sorted the NTA discount to market cap issue. Suffered a rem strike and 26% protest against CEO's LTI grant. See webcast of 100 minute meeting where David Kingston gave them a hard time. See text of 8 written questions lodged and summary of answers with video links.

7. Telix Pharmaceuticals (TLX): 10am hybrid in Sydney on April 5 for EGM to approve some acquisition-related share issues. See notice of meeting and voting results announcement. Asked these 4 online questions.

8. AMP: 10am hybrid in Sydney on April 12. See notice of meeting. There were no material protest votes and the meeting lasted 2.5 hours with questions from about 20 different shareholders, including the fabulous activist fund manager, Fred Woollard.
See text of 7 written questions asked and summaries of the answers with video links. See AGM webcast and transcript.

9. Volpara Health Technologies (VHT): an agreed takeover of the Wellington-based breast cancer company by South Korean cancer AI company Lunit Inc which values the equity at $296m. See scheme book. Hybrid scheme meeting held at 11am on April 12 and asked 3 online questions. Was approved by 97% of voted stock and no head count vote required in NZ. A webcast archive was available here until the deal completed.

10. Bell Financial Group (BFG): Here is the text of the 5 questions lodged at the 2024 Bell Financial Group virtual AGM held on April 19, plus a summary of the 3 which were answered along with videos via Twitter. The meeting lasted 28 minute meeting. There was no early disclosure of the proxies in the formal addresses and the 3 board candidates weren't invited to speak. No material protest votes.

11. Latitude Financial (LFS): 9.30am physical only meeting in Melbourne on April 24 - see notice of meeting. Last attended in 2022 when it was a hybrid meeting with physical component at the RACV Club in Melbourne. See text of 8 questions asked. The meeting lasted just under an hour and I was the only questioner. Thin skinned chair Mike Tilley has banned online questions ever since, so had to turn up in person this year and had some lively exchanges again with Mr Tilley, who will finally be departing at next year's AGM. Was the only person questions at the 1 hour meeting. See webcast.

12. Woodside Energy (WPL): returned to a hybrid this year in Perth on April 24. See text of 6 questions asked. Watch webcast of 4 hour meeting.

13. Link Group (LNK): Japanese giant Mitsubishi agreed to pay $2.16 per share or $2.1 billion in enterprise terms after years of poor performance, much of which was associated with its UK division. The share registry and investor services business was floated at $6.37 per share in October 2015. However, when you add back the performance of PEXA, which was spun off in 2021, the performance wasn't as bad. The hybrid scheme meeting took place at 3pm on April 24 in Sydney at the Four Seasons. See text of 4 questions asked as the deal sailed through with 99% support from voted shares.

Copyright © 2024 The Mayne Report. All rights reserved

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