Given the interesting discussions
across a range of topics today, could the chair undertake to make an archived
copy of the webcast plus a full transcript of proceedings available on the
company's website.
Answer: don't see why not.
Did any of the 5 main proxy advisers in the Australian
market - ACSI, ASA, Ownership Matters, Glass Lewis and ISS - recommend a vote
against any of today's resolutions? Which of the proxy advisers are covering us
and has their been a material proxy protest vote against any of today's
resolutions?
Answer: not aware
of any protests but ASA piped up with some concerns.
In terms of the world's biggest olive producers, where do we
currently rank, who are the big 3 and with access to capital after a public
listing, are we open to pursuing any local or offshore acquisitions?
Answer: we are definitely
in the top 5 globally.
Back in the 1990s, Michael Pascoe on Channel Nine's Business
Sunday program used to predict massive investor losses from excessive olive
planting which he alleged was mainly tax driven given the ATO schemes available
at the time. Please comment on how important tax treatment was for the
development of our company and Australia's olive industry and whether there is
any preferred tax treatment or incentives still in place today?
Answer: Yes, it
was important and when Timbercorp went broke, we went from managing their crops
to buying their operation after a very difficult 10 months of negotiations.
The AFR reported in July that existing shareholders were
hoping to sell approximately $100m worth of stock into the float at $2 a share,
but institutional bidders baulked at that price so we instead opted for a
compliance listing. Is it correct that
the level of selling interest was really that high and has any of that been
satisfied since the float with new institutional investors coming onto the
register.
Chair: It was nothing like $100
million, I was looking to sell 16% of my stake but that was about it.
A lot of suppliers have suffered at the hands of Coles and
Woolworths over the years, given the unprecedented market power they have in
the Australian market. Are they treating us any differently now that we are a
public company with a market capitalisation of almost $800 million, potentially
able to afford thinner margins. Also, how important is Aldi and IGA for our
sales?
Answer: The
listing hasn't changed anything and they were particularly effusive about Aldi
having their three main lines in all of their stores across Australia.
When was the last time that shareholders voted on the NED
fee cap and why wasn't a higher figure than $300,000 set before you floated.
Also, how much have we agreed to pay the chair and individual NEDs in 2021-22,
assuming this resolution is passed today.
Answer: Smaller
private board needed less and we'll paying NEDs 100k and the chair 200k.
Could Joanna comment on what have been the most challenging
issues for her in guiding Cobram from private company land into the ASX space?
As a former consultant to the company since 2013, have all
parties agreed that Joanna won't do any more consulting now that she is an
independent director of the company. Also, what was the nature of these
consulting services?
Answer: Brand
ambassador and some of this work may continue. Hmmm.
Chair, were you looking to sell some of your shareholding
into the IPO before the change of heart to only go with a compliance listing.
Are there are constraints on you selling down and what are your thoughts about
Cobram having an independent chair, as opposed to a founder-chair? That said, I
acknowledge the remarkable achievements in developing Cobram Estates to what it
is today, so well done for that.
Chair: It was
nothing like $100 million, I was looking to sell 16% of my stake but that was about
it.
Could Jonathan please outline the process that he went
through before joining the board. Was an independent search firm involved? Did
he know any of the Cobram directors before joining the board and is there
anything that keeps him awake at night regarding the company?
This agri-business stuff is all Greek to me. The notice of
meeting says Jonathan recently did a PHD in "Ancient Greek
Philology". Should that be "philosophy" and is there anything
that he learnt doing this PHD which can add value at Cobram.
Answer: Philology
is right, meaning the study of texts. It's a private interest not really
relevant for Cobram Estates although the ancient Greeks did love their olives.
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