4 questions lodged at 2025 Viva Leisure hybrid AGM
November 22, 2025
Below is the text of the 4 written questions submitted at the 30 minute Viva Leisure (VVA) 9am hybrid in Beaconsfield Sydney and via the Automic platform on November 20, 2025. See notice of meeting. Rhys Holleran is chair. Market cap almost $200m after a strong year. Ran a hybrid in Canberra via Automic/Zoom last year. The extra 10% placement capacity resolution was narrowly defeated with 25.1% against. The proxies were not disclosed early in the formal addresses because they never bothered lodging any formal addresses with the ASX.
Q1. When was the external audit last tendered and when is it likely next to be tendered?
Answer: At first the moderator sent this message: "We have not previously tendered the external audit services, and at this stage we have no plans to do so. Audit partners have been rotated as required." Not going to cop answers via private messages so asked them to read it out at the public AGM, which they did. Watch video of exchange via Twitter.
Q2. It is not good practice to allow a board to selectively place up to 25% of the company's shares to anyone they like over a 12 month period, diluting existing shareholders without compensation. What is our history of doing selective placements & why are we asking for this authority? Placements favour big end of town investors at the expense of retail investors & should be discouraged. Will you raise capital in a fairer pro-rata way in future & commit not to seek this authority again next year?
Answer: The chair Rhys Holleran and CEO Harry Konstantinou both riffed on the usual guff about flexibility and opportunities without once acknowledging the principle about protecting the property rights of existing shareholders or the fact shareholders actually rolled the proposal because it requires a super-majority of 75% to pass and fell just short. Therefore gents, don't ask for the authority again next year. Listen to audio of exchange via Twitter.
Q3. Did any of the proxy advisers issue a report ahead of today's AGM and, if so, did any recommend against this options issue, or any other resolutions today?
Answer: No. This is a major problem once you get outside the ASX300. Who is keeping these companies honest? Listen to audio via Twitter.
Q4. In light of the 25% vote against the extra 10%, will you undertake not to use it in 2025-26 and not to ask for the authority again? Do you agree that is a very big protest vote?
Answer: The chair and former radio man Rhys Holleran took a very strange line on this claiming all the votes weren't in yet, so it was too early to take a view. The question wasn't presuming the resolution would be defeated, just that they heed the protest vote disclosed in the proxies and not use the extra placement capacity in the next 12 months, or ask for the authority again at the 2026 AGM. Watch video of exchange via Twitter.
It wasn't me, Mr Chairman!
There was one other strange part of this AGM where the question wrangler said I was the shareholder who lodged this a very aggressive and somewhat fruity customer complaint question about Viva's Lime membership program, which the wrangler read out and chair Holleran handed to the CEO as an operational matter.
I then posted this message to the question wrangler: "please clarify that customer complaint was not from me."
He did read that out, but chair Rhys Holleran responded in a way which suggested he still thought I was the person who lodged the fruity question on behalf of some other unhappy customer who I knew and then effectively accused me of pushing "hearsay".
Chaps, that customer complain question had nothing to do with me. It was lodged by someone else and incorrectly attributed to me.
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