4 questions lodged at 2026 Trade Window Holdings (TWL) virtual AGM
September 29, 2026
Below is the text of the 4 written questions submitted at the 59 minute Trade Window Holdings (TWL) 2pm NZ time virtual AGM held via the Computershare platform on September 29, 2026. Market cap $17m on AGM day. See notice of meeting detailing 5 resolutions.
The proxies were not disclosed early in these formal addresses and the only protest vote was 33% against the increase in the NED fee cap. Was a healthy number of shareholders lobbing questions, including the NZSA.
Q1. I've never heard of our auditors UHY Haines Norton. What other public companies do they audit and what is our history with the firm? Why is a NZ domiciled company like ours audited out of Sydney? Also, when did we last tender the external audit and when are we next likely to tender it?
Answer: The chair Alasdair MacLeod (a Kiwi, not Rupert Murdoch's son in law) said the auditor only had the job for 3 years and then well done to auditor Matt for stepping up and explaining that they audit 10 listed companies, the biggest of which is capitalised at $400m. Do your research, Stephen! Watch video of exchange via Twitter.
Q2. Given that our market cap has fallen to $17m, $NZ700,000 seems a little excessive in terms of the NED fee cap. Have we had much push back on this proposed 40% increase in the fee cap from individual investors and what is the proxy position?
Answer: The chair just repeated the explanation in the notice of meeting that they were looking to move to the ASX and needed two Australian resident directors to do this. However, he refused to disclose the proxies when asked. Turn out there was a 33% against vote on the proxies which was disclosed at the end of the meeting. Watch video of exchange via Twitter.
Q3. Will the move of our primary listing to the ASX have any impact on ACCC competition considerations if Wisetech proposed buying our business? Wisetech have grown to be the world's biggest freight software company courtesy of acquisitions. What is our full history with Wisetech, including past takeover discussions? Why are they so much bigger than us?
Answer: The chair reckons the ACCC would “take a dim view” on any proposal for Wisetech to take them over, regardless of where they are listed. He said they've had many informal discussions over the years but none for a while and Wistech is bigger because they've been going for a lot longer. Watch video of exchange via Twitter.
Q4. Why are the resolutions related to Brodie Collins and Susan Beling described as their "re-election" when they've never been elected before and both joined the board filling casual vacancies since the last AGM? Shouldn't it be described as their "election" to the board? That's what most other listed companies do. Also, which recruitment firm assisted with their appointments and did either know any of our directors or KMP before engaging with the recruitment process?
Answer: The chair thought he was right but offered to apologise if wrong, which he was. He refused to name the head hunter but at least they used one and the prior connections element of the question wasn't answered. Both new directors gave speeches and sounded like good additions to the board, with deep experience in the freight industry. Watch video of exchange via Twitter.
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