4 questions lodged at 2025 Domain hybrid scheme meeting
August 4, 2025
Below is the text of the 4 written questions submitted at the 26 minute Domain Group hybrid scheme meeting held in Sydney at 10am on August 4 2025 and via the Link/MUFG platform.. See the 211 page scheme book. Voted 117 shares in favour on July 1 and sold out on August 1. Takeover was comfortably approved.
Q1. The latest Domain annual report says we have almost 12,000 shareholders. What sort of solicitation campaign did we run to get out of the vote at today's scheme meeting and are we disappointed that only 739 of them or about 6.1%, engaged with the proxy voting system before voting closed at 10am on Saturday. Also, thank you for disclosing the proxy data early to the ASX along with the formal addresses as this allows for better informed debate.
Answer: The chair Nick Falloon said Georgeson did a good job on proxy solicitation and he was happy with the 6% turnout which is normal in such deals. Watch video of exchange via Twitter.
Q2. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping in 27 of the past 29 months for a net reduction of 211 or 9.2% to 2,083 on June 30, 2025. There were a record 27 major takeovers above $100m completed in 2024-25 and now we've joined the exodus. There is a clear mis-pricing between public markets and private markets but is there also a problem with the scrutiny and extra regulation of ASX listed companies which are not in the ASX50. Does the chair agree this is a problem for the nation, particularly with so few new floats replenishing the ASX ranks?
Answer: The chair Nick Falloon wasn't buying into the takeovers debate. Watch video of exchange via Twitter.
Q3. As we farewell Domain from public markets into the belly of bigger offshore player, it has a market capitalisation this morning of $2.78 billion, which is just 9% of REA's $30.74 billion market capitalisation. Our chair Nick Falloon has been involved with the Domain assets for over a decade. If he had his time again, what would he have done differently to narrow the valuation gap with REA and does he have any regrets now that Domain is becoming yet another branch office Australian out-post for a US multi-national?
Answer: The chair Nick Falloon wasn't buying into the regrets issue. Watch video of exchange via Twitter.
Q4. In relation to this takeover agreement being approved today, what contractual or legal constraints are there preventing the existing Domain directors or senior executives from joining our long term competitor REA as soon as this takeover completes and which of our current directors and senior executives have committed to work with CoStar to assist with Domain's future growth as it competes with REA going forward? Are there any time-based gardening leave agreements in place with Co-Star?
Answer: The chair Nick Falloon said directors were free to do what they like in the normal way. Watch video of exchange via Twitter.
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