7 questions lodged at 2023 Betmakers AGM
December 29, 2023
Below is the text of the 7 written questions lodged at the 2023 Betmakers hybrid AGM held on November 30, plus a summary of the answers and some video grabs via Twitter. Original poll outcome declared just 20% against rem as biggest protest but then corrected voting results a week later to say there was a rem strike. See video webcast archive of 42 minute meeting.
Q1. Please summarise our overall relationship with the Tripp family in terms of being shareholders, lenders, employees or advisers to our business and how can Matt Tripp focus on our needs while he is trying to save BETR after News Corp walked away? Have we held merger talks with BETR?
Answer: The chair said he is no longer a strategic adviser to the company. See video of exchange via Twitter, plus these extra comments by CEO.
Q2. Will you publish a full archive of the webcast on your website so that shareholders who can't attend live can catch up with the debate?
Answer: They agreed to do this - see brief video of exchange via Twitter.
Q3. Do any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - cover us and did any recommend a vote against any of today's resolutions? If so, what reasons did they give and will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes? Also, please disclose the proxy position to the ASX along with the formal addresses next year as many other companies now do.
Answer: The ASA turned up at the Betmakers AGM but all the other proxy advisers have abandoned them with the stock at 8c and Macquarie and Paradice no longer substantial. Failed to address the pre-AGM proxy disclosure question. See video of exchange via Twitter.
Q4. Paradice has recently sold out and is no longer a substantial holder, leaving Tekkcorp and Tripp as the only 2 disclosed substantial holders with a combined 19% stake. Why did Macquarie sell its 11% stake during the year, why did Paradice quit recently and are any credible new investors joining the register?
Answer: Matt Davey played a straight bat but observed that bigger fund managers get out when market caps reduce. See video of exchange via Twitter.
Q5. There has been a lot of political turmoil in Sri Lanka and we have also been cutting staff numbers. What has that meant for our 100+ technology staff in Sri Lanka and how much do we pay a typical Betmakers employee in Sri Lanka?
Answer: CEO said they had been cutting its 100+ staff in Sri Lanka where their are legislative restrictions on the roles that women can work. An interesting detailed response. See video of exchange via Twitter.
Q6. Why only stay at 4 directors and how much will the new chair be paid this year.
Answer: Matt Davey dealt with this himself and said it was $350,000 a year to be executive chair. See video of exchange via Twitter.
Q7. Why hasn't the auditor driven bigger write-downs?
Answer: the auditor from Newcastle agree the market cap discount to book value was a potential indicator of future write-downs. Watch video of exchange via Twitter.
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