6 questions asked at 2023 Macmahon Holdings AGM

October 31, 2023

Here is the text of the 6 written questions lodged at the 2023 Macmahon Holdings hybrid AGM held on October 20. Watch the webcast archive, starting 37 minutes into proceedings.

1. It's a bit embarrassing that our shares are trading at just 15c when we have a market capitalisation of $323 million. Do we really need to have 2.15 billion shares on issue? This is more the Commonwealth Bank with 1.7 billion shares on issue and and CSL with 489 million. Will the new chair consider implementing a 10-for-1 consolidation at next year's AGM.

Answer: Yes, we'll look at that.

2. 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 Bank of Queensland, Bega Cheese, BHP, Boral, Brickworks, Commonwealth Bank, Flight Centre, Fortescue Metals, Harvey Norman, Metcash, Origin Energy, Premier Investments, Ramsay Healthcare, Rio Tinto, Seven Group, Soul Pattinson, Super Retail, Whitehaven Coal and Worley all banned online questions and voting in 2022, so well done for showing them up. What was the experience like from your end?

Answer: it was good and we'll probably keep doing it.

3. Given the interesting discussions across a range of topics today, could the incoming chair Hamish Tyrwhitt undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003. There is no current record of past AGM debates on your website just the formal addresses.

Answer: why not and we did get this webcast archive.

4. Our incoming chair Hamish Tyrwhitt spent many years at Leighton when it built the world's biggest mining services contractor which is now owned by Spanish company ACS in joint venture with US activist investor Elliott. What is Hamish's view on how our biggest competitor is travelling and what competitive advantages we have in taking them on in the market. Have we won any jobs off them in recent years?

Answer: Hamish said Macmahon competes with many players, has been going for 60 years and wins its fair share of contracts.

5. Thank you to out-going chair Eva Skira for her 12 years of service on the board, the last 4 as chair. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as a Macmahon director, could Evan please comment on what she regards as the 3 best decisions Macmahon made during her time on the board and does she have any regrets?

Answer: bringing on Amman was a great call as it helped them win a lucrative Indonesian contract. A great leadership team and sticking with their strategy over the past 5 years has also worked well.

6. There aren't many ASX listed companies controlled by an Indonesian listed company. Could one of the nominees of Amman Mineral Contractors comment on how they see Macmahon's progress and why they don't have more directors on the board, including the chair, given they control a 44% stake in the business. Have they considered a full takeover?

Answer: one of the Amman nominees said they are happy being passive and have no plans to launch a takeover.