6 questions asked at 2023 AUI AGM

October 21, 2023

Here is the text of the 6 questions asked at the 2023 AUI hybrid AGM, held on October 18.

1. Well done for fully exiting the Endeavour Group register ahead of the recent share price weakness. Why did we do that? Are we interested in adopting the AFIC stable approach of excluding gambling stocks? We obviously don't at the moment given our $43m investment in Aristocrat. Could we exit that too or would the tax bill be too large given it has performed so well? What is our Aristocrat average entry price?

Answer: Dion Hershan said Endeavour was over-priced during COVID and Charlie Goode said Aristocrat entry price was 1m shares at $33 - listen to exchange via Twitter.
2. I found your annual report informative, easy to read and interesting so well done. Thank you for disclosing that you voted at 43 shareholder meetings over the past year. Are AUI personnel attending any AGMs in person or online, apart from this one, and are you able to shed any light on which resolutions you voted against during the year.

Answer: Charlie Goode said they only voted against "one or two" resolutions - listen to exchange via Twitter.

3. Why did we fully exit the News Corp register in 2022-23. The company changed domicile from Australia to the US in 2004 and at one point was more than 10% of all the All Ords in the lead up to the 2000 tech wreck. How large did our News Corp investment get over the years and was it a value adding investment overall?

Answer: Charlie Goode explained some of the history and then Wayne Kent said they exited around the time of the Fox and News Corp merger proposal - listen to exchange via Twitter.

4. When disclosing the outcome of voting on all resolutions today, 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 voluntary disclosure initiative adopted by the likes of Metcash, Altium, Dexus, Webjet, Tabcorp and Myer over the past two years. Also, how many shareholders are currently attending the AGM in person and online?

Answer: Charlie Goode agreed - excellent. Listen to exchange via Twitter.

5. We made a tweak during the year to appoint Fred Grimwade as lead independent director. Is that a pointer to future chair succession given that Charles Goode is now 85. Also, could you please consider appointing 2 female directors during the year. 4 directors is very small and you now one of the only companies in my large portfolio of small holdings with no female directors. Please get with the program.

Answer: Charlie Goode declines to get with the diversity program - listen to exchange via Twitter.

6. 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? Big companies like Bega Cheese, BHP, Boral, Brickworks, CBA, Flight Centre, Fortescue, Harvey Norman, Ramsay, Rio Tinto, Seven Group, Premier Investments and Soul Pattinson all banned online questions and voting in 2022, so well done for showing them up. What was the experience like from your end?

Answer: Charlie Goode backs in the hybrid - listen to exchange via Twitter.