AGMs

7 questions asked at 2022 G8 Education AGM


April 27, 2022

Here is the text of the 7 questions asked at the 2022 G8 Education hybrid AGM held on April 27.

1. Many thanks to the board for agreeing to the request to disclose the proxy position to the ASX along with the formal addresses ahead of the AGM. As a bonus, you've also voluntarily thrown in the shareholder voting numbers. Well down for the strong support for all resolutions and are you prepared to also publish a full transcript of today's AGM debate, like you did last year?

2. What is the G8 Education policy position on making political donations and will we be making any related to the current Federal election? Given that we do build child care centres, are we classified as a property developer and therefore banned from making political donations in some states.

3. I'm a City of Manningham councillor in Melbourne's eastern suburbs and we own 25 kindergartens, all of which are by run by independent not for profit community committees. Are we competitors to G8 Education and how prominent are councils across Australia in the childcare sector? Do you have any views on how competent the local government sector are when it comes building, maintaining and running kindergartens and child care centres?

4. Camp Australia is the largest external provider of after-school care programs and is owned by private equity firm Bain. It has recently gone broke, defaulting on its debt which is for sale at less than 50c in the dollar. Is this a business that we have looked at buying or that competes with us? Are there any implications for our sector from the Camp Australia collapse?

5. We received $103.2 million in JobKeeper, which put us in the top 10 for listed companies. Could David and the other candidates for election today comment on whether the board had any discussions about repaying any of this figure given that the scheme is now regarded as having been widely rorted, with $38 billion of the $89 billion going to applicants which didn't qualify under the rules of the scheme.

6. Whose idea was it to limit retail shareholders to additional shares equivalent to only 25% of their entitlement in last year's $301m capital raising. Retail owned about 45% of G8 before this raising & were diluted down to closer to 30%, partly because the retail offer finished $50m short, which was partly because of the 25% limit on "overs'. You owe retail shareholders a make good capital raising to offset for the dilution caused by the $134m placement at 80c last year. Will you consider launching a retail only $30,000 SPP?

7. RBC and UBS made million of dollars under-writing last year's $301 million capital raising. Have either of these firms offered any entertainment or corporate hospitality to any of the directors or senior executives since that capital raising was launched. Could Debra also comment on how involved the non-executive directors were in the allocation decisions with the raising.