AGMs

5 questions asked at 2022 Webcentral AGM


November 24, 2022

Here is the text of the 5 written questions asked at the 2022 Webcentral hybrid AGM on November 24. The meeting lasted 30 minutes with 2 online questioners.

1. How many placements have you done in the past and why are you requesting this extra authority? Does this suggest a big placement is imminent? Why not commit to raise money through a renounceable pro-rata entitlement offer that treats all shareholders equally and compensates non-participants? If you do proceed with a placement, will the board commit to also doing a share purchase plan for retail shareholders, complete with a secondary VWAP pricing alternative, which is common practice in the market.

2. Well done for disclosing the proxy position to the ASX with the formal addresses. Do you know who comprised the 7% vote against the extra 10% placement capacity?

Answer: don't know, it was through nominee companies.

3. We've got almost 10,000 shareholders which is a lot for a company with a market cap of $60m. Have we thought about doing an offer to take out holders of unmarketable parcels? Also, rather than doing another placement, with so many retail shareholders, why don't we primarily raise capital through SPPs. If all 10,000 applied for the maximum $30,000, that would raise $300m.

Answer: we did an unmarketable parcel last year which removed 5,000 holders but you can only do one every 12 months.

4. When disclosing the outcome of voting on all resolutions today, including this ratification of past share issues, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus last year and Webjet and Tabcorp so far this AGM season.

5. Thank you for offering shareholders a hybrid AGM this year and will you commit to keep doing this in future years to maximise shareholder participation? Many bigger companies banned online questions and voting in 2022, so well done for showing them up. What was the experience like from your end?

Answer: yes, will keep offering hybrid AGMs.