6 questions asked at 2023 Capitol Health AGM
November 15, 2023
Below is the text of the 6 written questions lodged at the 36 minute 2023 Capitol Health virtual AGM held on November 15, along with a summary of the answers and some video grabs.
Q1. After the Crown Casino debacle, didn't Andrew Demetriou indicate that he wouldn't be seeking another 3 year term. What changed and has there been a protest vote on the proxies?
Answer: Not directly asked but Demetriou kept saying he had to stay one more year to allow a new chair to be sourced. This will bring him up to 10 years of service. Listen to his pitch for re-election.
Q2. With our stock trading at 20c despite the business trading well, it makes us look like a poor performer. This is not good for the medical industry as it makes us look like some two bit mining explorer. Why do we have more 1 billion shares on issue? We're not BHP. Please propose a 10-for-1 share consolidation at next year's AGM.
Answer: question was censored and Demetriou just said this was looked at from time to time. Listen to exchange via Twitter.
Q3. Soul Pattinson has recently emerged as one of our biggest shareholders with 8%. Soul Patts has a history of aggressive takeovers, including in the health sector when it proposed a takeover bid for Regis Healthcare a couple of years ago. Have we met with anyone at Soul Patts and what are they up to?
Answer: CEO clarified that the stake came through Pengana and Soul Patts has been recently selling so no takeover is likely.
Q4. Have there been any material protest votes against any of today's resolutions, including this remuneration report, and will we make an archive of the webcast available on our website for shareholders who are unable to watch it live? I have to leave now for the Flight Centre AGM but would like to know what answers were provided?
Answer: The huge across the board protest votes were never properly explained and Demetriou rejected the request for a webcast archive. Listen to exchange via Twitter.
Q5. There was a remuneration strike. Who voted against and what issues were raised? Are we going to make any changes as a result of this protest vote?
Answer: Chair never said there was a first strike and Demetriou was clearly reading his answers. Listen to exchange via Twitter.
Q6. There was a 43% proxy vote against the chair's re-election. Why did he run again when he was clearly so unpopular with shareholders?
Answer: not directly asked but it was his footy mate Richard Loveridge who chaired this item.
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