4 questions lodged at 2025 RPMGlobal scheme meeting

Q1. Why did it take the ACCC until 6.25pm last night to grant its approval for the deal? Was there a risk that we were going to have to delay the scheme meeting and which areas of market power were the ACCC most concerned about? Are we aware of any customers who are concerned with the concentrated market power that Caterpillar will have once the takeover completes?

Answer: The question wrangler James O'Neill (company secretary and general counsel) said there was nothing unusual about the delay and the areas they looked at are on the ACCC website. Interestingly, the FIRB has asked for an extension until January 15 as it weighs Treasurer Jim Chalmers giving his approval. Listen to audio of exchange via Twitter, plus these additional comments.

Q2. Thank you for disclosing the proxy votes early to the ASX along with the formal addresses but why did we only include the shares metric and not the head count metric? How many of our 9,464 shareholders voted in favour of the scheme by proxy and has there any material opposition? Is the 50% support requirement likely to be comfortably achieved and what sort of campaign did we run to get out the vote amongst retail shareholders?

Answer: The question wrangler James O'Neill claimed the headcount metric was more than 96% in favour but couldn't be disclosed early as it wasn't complete. Well doesn't that apply to the shares metric as well? He said Georgeson was retained to run the proxy solicitation campaign which ended up achieving 814 votes in favour and only 26 against, which included me. Listen to audio of exchange via Twitter.

Q3. Historically we haven't published a copy of the AGM webcast on our website when this is best practice from an accountability and accessibility point of view. Would you be able to do it this time for the benefit of the 9,000-plus shareholders who weren't able to tune in live to this scheme meeting, at least until the takeover completes? Are you even recording this meeting?

Answer: The question wrangler James O'Neill said this would be fine and they were recording the meeting. Listen to audio of exchange via Twitter.

Q4. How many of our directors and senior executives have committed to remain involved with the business after the Caterpillar takeover completes and is it correct that more than 20 people are likely to lose their jobs, particularly in the head office function? Which union is most involved with our business and have they been involved in assisting with staff transition issues?

Answer: The chair Steve Baldwin didn't answer any of the questions and after excessive reworking of the text by the question wrangler, this was the only question where CEO Richard Mathews jumped in, saying that Caterpillar was planning to retain all staff and run RPM Global as an independent company. Listen to audio of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

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