5 questions lodged at 2026 Pointsbet (PBH) virtual AGM
August 25, 2026
Below is the text of the 5 written questions submitted at the 30 minute Pointsbet (PBH) 11am virtual AGM on August 25, 2026 via the Computershare platform. See notice of meeting. Own 53 shares. Have asked questions at 5 AGMs/EGMs since 2023. Market cap was $307m on AGM day. The AGM is earlier this year as they've changed the balance date to align with its controlling Japanese shareholder, Mixi. The proxies were not disclosed early along with these brief but interesting formal addresses. There were no proxy protest votes but then BETR waited until the poll to deliver a 29% rem strike.
Q1. Could the auditors from PwC please comment on how smooth the audit handover went after shareholders approved their appointment at last year's AGM. Did they visit the Mixi head office in Japan and did any members of the PwC Mixi audit team in Japan come to Australia as part of the audit process? What are the biggest changes they've made to the accounts and how rigorously did they examine the Pointsbet VIP program in Australia in terms of understanding the sorts of inducements which are being offered to big gamblers?
Answer: Jon Roberts from PwC did not address the inducements component but was fine albeit quite cautious on everything else. They didn't travel to Japan. Watch video of exchange via Twitter.
Q2. Could former CEO Sam Swanell comment on what it feels like to be elected, something that hasn't happened before because of the CEO election exemption in Australia. Is he planning to serve a full 3 year term on the board and how many days a week is he spending on Pointbet matters since stepping down as CEO in February? Was consideration given to Sam just becoming a consultant, as opposed to being a voting executive director. What is he going to be paid in his first full financial year in the new role and will he be holding the same position at next year's AGM?
Answer: Sam is paid 315k a year for two days a week and plans to serve his full 3 year term. Chair Brett Paton said he personally finds it very useful to have Sam's experience and perspective around the board table. Watch video of exchange via Twitter.
Q3. Based on last year's AGM voting results, our second largest shareholder BETR appears to have voted against all resolutions. Has the same thing happened today and has this triggered a first strike on this remuneration report item? Have we had any engagement with BETR since the last AGM or do we still regard them as a hostile competitor and corporate predator which is not to be dealt with in any circumstances?
Answer: This is a remarkable exchange with Pointsbet chair Brett Paton crowing about 99% in favour of rem and then later getting ambushed when BETR voted against in the poll, as you can hear in this exchange at the end? Given that Paton said there had been no engagement with BETR during the year even though they were "a well intentioned competitor" who they "didn't consider hostile", perhaps it would make sense to talk to them ahead of potentially getting a second strike next year. Watch video of exchange via Twitter, plus see these voting results.
Q4. There was some explosive evidence given to the recent Senate inquiry about inducements and some of the behaviour of industry VIP managers. What sort of limits and guardrails do we have in terms of the inducements that our VIP managers can offer big spending gamblers? Could the new CEO comment on whether he has made any changes to our VIP program since assuming the top job and how does the chair keep an eye on it from a board perspective?
Answer: CEO Andrew Catterall gave a very detailed and interesting response. Watch video of exchange via Twitter, plus these additional comments by chair Brett Paton.
Q5. The CEO address made a big point about the government needing to aggressively block unlicensed foreign competitors. As we've seen with illegal tobacco moving to a dominant 80% market share in Australia, the government doesn't have a good record in this regard. What specific measures would the CEO like to see actioned and how big is the predictive side of the illegal market in Australia?
Answer: The Pointsbet CEO Andrew Catterall reckons illegal offshore operators have got to 30% of the Australian market. These were very interesting comments on what he reckons the Australian government should do to shut them down. Watch video of exchange via Twitter, plus these additional comments referencing what has worked well in New Zealand.
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