6 questions asked at 2023 IDP AGM

November 24, 2023

Here is the text of the 6 questions asked at the 2023 IDP hybrid AGM held on October 17. The last question wasn't asked and some of the others were censored by the moderator. See webcast of 36 minute meeting.

1. When Lachlan Murdoch announced that he wanted Tony Abbott to join the Fox Corp board, he revealed that the board would be nominating him for election at the November 17 AGM in Los Angeles. Could the chairman and Andrew please explain why IDP didn't use this model, as opposed to parachuting our former CEO into a casual vacancy on September 23 so he could run for election with the benefit of incumbency? Couldn't you have waited another 4 weeks?

Answer: chair Peter Polson didn't address the substantive question - watch video via Twitter.

2. Our long-serving chairman Peter Polson is almost 80. When is he planning to retire and is the plan to appoint former CEO Andrew Barkla as the new chairman. How has Andrew found serving as a part-time director alongside chair Polson after previously spending so many years as the successful CEO reporting to the Peter Polson led board?

Answer: the chair just waffled about succession being something they monitor. It can't happen soon enough - watch video via Twitter.

3. Now that Universities Australia no longer controls IDP, how are we managing our various university shareholders and how much of the business do we believe is still owned by universities? Do we have special roadshows and forums with university shareholders or are they now just treated like any other institutional shareholder?

Answer: - watch video via Twitter.

4. IDP announced a $175 million placement at $10.65 in 2020 & then lifted this to $225 million, whilst retaining the cap on its subsequent SPP at just $15 million. With the stock now at $22.31 and given her background at JB Were, does Ariane agree that this placement unfairly dilute non-participating shareholders, including Universities Australia and thousands of retail shareholders who either didn't participate in the SPP or were scaled back. Will she support a make good discounted SPP for retail shareholders later this year?

Answer: - watch video via Twitter.

5. Andrew Barkla's initial shareholding notice on rejoining the board showed that he owned 75,000 ordinary shares and 36,667 performance rights. When he left the board last year, he owned 275,031 shares and around 90,000 performance and share rights. Could he please clarify how many of the rights lapsed since he retired and why he sold so many shares before rejoining the board. Is it correct that he has sold more than $30 million worth of shares since IDP floated and could he provide a brief summary of his equity history at IDP?

Answer: question was censored and he just talked up the size of his current holding - watch video via Twitter.

6. The new CEO observed that in-bound university placements into Australia are running at record levels. At one level, this is a relief after the foolish decision by Scott Morrison and Peter Dutton to effectively tell foreign students to go home after COVID hit. Could Tennealle comment on the risks around whether in-bound student numbers could be reduced as part of a political backlash against congestion in our capital cities and soaring house prices. How sustainable does she believe the current growth rates are?
Asked regarding General Business

Answer: not asked.