3 questions lodged at 2025 Sky City Entertainment hybrid AGM

Q1. I asked at last year's AGM if the chair would commit to having a formal board discussion about putting up the Sky City remuneration report for a non-binding advisory vote at this year's AGM, complying with the legal system in Australia. Seeing as we are ASX listed and operate the Adelaide casino, shouldn't we embrace Australian Governance standards? If not, don't we risk New Zealand being viewed by international investors as a governance backwater given that remuneration report voting has become standard in many countries. Did you talk about it and why didn't you do it? What about next year?

Answer: The chair Julian Cook said they'd discussed it and decided not to do it. He said the NZ Shareholders Association supports this position. Watch video of exchange via Twitter.

Q2. ASX listed Star Entertainment has been a teetering soap opera for the past two years with its shares trading below 10c and its casinos in Sydney, Brisbane and the Gold Coast struggling to generate enough profit to keep the company afloat amidst a blizzard of regulatory attacks, cost blow outs and falling gambling revenues. A variety of parties have engaged with the company over potential and actual transactions to keep it afloat. Have we had a look and do you believe our Adelaide Casino is in a better place than Star's 3 Australian properties?

Answer: The chair Julian Cook said they are following the action at Star and life has been tough for all Australian casinos. Watch video of exchange via Twitter.

Q3. We went into a trading halt at 1.51pm on August 19 and then 51 minutes later The Australian Financial Review's Street Talk column reported at 2.42pm that "investment banks Macquarie Capital, Jarden and UBS have hit the pavement for casino group SkyCity Entertainment, rounding up investors for a capital raising ahead of its 2025 financial results". The detail on the $NZ240m raise weren't announced to the market until two days later with the full year results at 9.05am on August 21. Who was responsible for selectively leaking Australian journalist about this capital raising before any comprehensive announcement to the ASX and NZSX. Also, whose idea was it to limit the ability for retail shareholders to apply for additional shortfall shares to just 60% of entitlement, which finished $NZ30m short. As an Australian-based director who chairs an ASX listed company Elders, does Glen Davis believe these selectively briefings of Australian media were appropriate?

Answer: Glenn Davis strongly rejected any suggestion that they'd done anything wrong and it was a bit unfair that the question was directed at him, but the chair had flagged a 1 question limit per resolution so that limited the action in general business, although the two general business questions above were read out in full. Kudos to the question wrangler for reading this one in full too. Watch video of exchange via Twitter.

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