4 questions lodged at 2026 DUI hybrid scheme meeting
April 16, 2026
Below is the text of the 4 written questions submitted at the 45 minute Diversified United Investments (DUI) noon hybrid scheme meeting in Melbourne on April 16, 2026 and via the Link platform to approve $3 billion merger with AUI. See scheme book. Market cap was $1.09b on AGM day. The proxies were disclosed early in the formal addresses. Sold all 38 units on April 14 as don't need to add to the 8 AUI shares going forward to access the AGMs. There was one lengthy exchange from the floor and then ASA, myself and former business journalist Chris Webb lobbing online questions. Chairman Charles Goode attended but didn't chair the meeting given his interest in the outcome as chair of AUI. See voting results with headcount data and 8.7% of voted stock against.
Q1. Thank you for offering a best practice hybrid EGM today and also for voluntarily disclosing the headcount data after Tuesday's AUI EGM which I assume you'll be doing today as well. I've just voted in favour online at this DUI meeting and was hoping you could undertake to publish a recording of future AUI shareholder meetings online for the benefit of shareholders unable to attend live. This is best practice and would be appropriate given the larger size of AUI going forward.
Answer: The acting chair wouldn't commit and won't be on the AUI board forward but Charlie Goode was in the room and will hopefully take up this suggestion. Watch video of exchange via Twitter.
Q2. I'm a shareholder in both AUI and DUI and was wondering if you know roughly how many other shareholders have taken this approach. In other words, we're going into this merger with a reported 6,599 DUI shareholders and 5,032 AUI shareholders. Roughly how many different shareholders will we have when we combine the two registers?
Answer: The company secretary James Pollard said there was some double up and he expected the final number would land at between 8,000 and 10,000. Watch video of exchange via Twitter.
Q3. Thank you for disclosing the proxies early to the ASX along with the formal addresses. I was a little surprised to see an 8.1% protest vote from 20 holders of shares worth $36.3 million. Did any of these opposing shareholders communicate what concerns they had.
Answer: The acting chair said the vast majority of the opposition came from one overseas shareholder who they have never communicated with.
Q4. Normally in merger situations, the social issues see most of the directors retain their positions on the combined board. Given that DUI is a $1.1 billion company, why didn't more of our directors land a gig on the combined board going forward, especially given the small size of the AUI board?
Answer: The acting chair said only Charles Goode was continuing on and the other 3 directors - Stephen Hiscock, Andrew Larke and Tony Burgess - would resign, assisting with a cost save for the combined $3 billion company going forward. This is unusual director selflessness as few agree to resign with no payout when negotiating a merger that requires their unanimous endorsement. Watch video of exchange via Twitter.
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