5 questions lodged at 2025 Straker virtual AGM

Q1. The latest balance sheet shows that we have $48.3m of accumulated losses and net assets of $24.2m. Where did all the money go and if the Strakers had their time again, would they do anything different? After all, we did float at $A1.51 per share in 2018 and the stock is now down to 36c.

Answer: The founder/CEO Grant Straker read this one out and then co-opted the CFO to answer who talked about acquisitions. Watch video of exchange via Twitter.

Q2. It is a bit clunky having to juggle two platforms to participate in this virtual AGM. I've just voted using the MUFG platform run by our share registry provider and am now juggling Zoom to listen and post online questions. Why didn't we just use MUFG for the whole meeting as their system is much better than Zoom? Also, if this was about saving costs, why didn't we use Zoom for the voting as well as many small Australian-based listed companies do?

Answer: The founder/CEO Grant Straker didn't read this one but said he'd get back to me privately. Watch video of exchange via Twitter.

Q3. Thank you for disclosing the proxies early to the ASX along with the formal addresses and well done for achieving strong support on all resolutions. This is surprising with the shares at a record low. The Strakers already have a strong equity position in the company. Do they really need additional incentive through these options grants? Also, given you are listed on the ASX and not the NZSX, will you put up a remuneration report resolution for the vote at next year's AGM? Based on today's proxy votes, you have nothing to fear. New Zealand is a governance backwater for refusing to mandate annual voting on remuneration reports, which is standard in many countries, so why not follow Xero's lead and do it voluntarily?

Answer: The founder/CEO Grant Straker read it all until pulling the pin where the italics start. To his credit, he explained that his incentives are the same as other employees and he also promised to look into the rem report vote issue. Watch video of exchange via Twitter.

Q4. Thank you to Steve Donovan for his 20 years of service to this company. It is always helpful for investors to have access to some exit perspectives from retiring directors. In his final contribution as a Straker director, could Steve please comment on what he regards as the 2 best decisions Straker made during his time on the board and does he have any regrets?

Answer: The founder/CEO Grant Straker helpfully called Steve up on stage to respond and he cited an Irish acquisition as having worked well but didn't get into the regrets side. Watch video of exchange via Twitter.

Q5. As a nominee director for Bailador, which was instrumental in the float of Straker back in 2018, could Helen Foley please summarise the history of Bailador's role and shareholding at Straker, including whether the overall experience has been financially successful for the private equity fund she represents? Are they still overall in front courtesy of the profitable partial exit to public market investors or has the stock tumbling to a record low this year left them in the red overall?"


Answer: The founder/CEO Grant Straker helpfully invited Helen to respond (where was the chair through all of this?) and she gave a good response pledging ongoing support but didn't actually answer the question because she said Bailador's pre-IPO investments would remain a secret. In other words, they could still be miles in front if they paid not much in the early days. But at least they are still on the register with the stock at a record low as the AI cyclone washes over them. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel