4 questions lodged at 2026 Austco Healthcare (AHC) virtual AGM

Q1. According to the annual report, we have two substantial shareholders holding stakes above 14% where neither of them is represented on the board. This is unusual. What is our history with Australian Ethical and Asia Pac Holdings Pty Ltd and who owns Asia Pac? Please summarise our current practices in terms of how we engage with both of those major shareholders. When we release our half yearly results twice a year, how many shareholders are granted a private meeting with company representatives to discuss the results. Also, do we take meetings with potential institutional shareholders who are not yet on the register?

Answer: The chair Graeme Billings said they have quite intense engagement with both of these shareholders but no one on one meetings. Watch video of exchange via Twitter.

Q2. Graeme Billings has been our chair since 2015 and was re-elected last year with support from 99.7% of voted stock. However, Austco is his last public company board seat after he retired as Amotiv chair in 2025 and retired from the Clover Corp board last year as well. AI tells me that Graeme is "approximately 70 years old". Could Graeme comment on whether he is likely to serve out his latest 3 year term in full and also confirm that he won't be seeking another term in 2028?

Answer: First time I've relied on AI for a question referencing the age of a director. Graeme Billings declared “AI is right, I am 70”. However, he wouldn't commit to retire when his latest 3 year term expires in 2028 and absolutely committed to serving a full 3 year term. Sounds like we might need the fire brigade to get him out. He wrongly said it was his call on whether he'd serve another term. Actually Graeme, it's a matter for the board and the shareholders. Watch video of exchange via Twitter.

Q3. A lot of ASX listed company constitutions prohibit virtual AGMs. What is the history of our constitution allowing for virtual AGMs? Best practice is actually to hold a hybrid AGM with both a physical location and online participation. Will you offer a hybrid AGM next year so that your circa 1700 shareholders can engage in person with the directors if they so desire? Whatever you do, please don't revert to an in-person meeting with no online participation as that is much worse worse than a virtual AGM?

Answer: Chair Graeme Billings said they would consider switching from a virtual AGM to a hybrid next year. He didn't know the constitutional history. Watch video of exchange via Twitter.

Q4. I'm puzzled why our two largest shareholders, Asia Pac Holdings Pty Ltd with 14.6% and Australian Ethical with 14% would support a proposal to give the board discretion to place 25% of the company's shares to whoever they like, potentially diluting their combined voting power in the company from 28.6% to 22.9% and introducing a new largest shareholder with 20%, with no on-market trading, no shareholder vote, no limit on the discount and no requirement for compensation to be paid for dilution. Why are you asking for this additional 10% placement capacity and why are they you approving it? Will you undertake to not put this resolution up next year?

Answer: The chair Graeme Billings said he wouldn't speak on behalf of its two largest shareholders and they would review all resolutions ahead of next year's AGM. Apart from that, it was just the usual flexibility blather. The big two clearly voted in favour again as this resolution had the biggest protest vote but it was tiny with just 4.5% against. If they get badly diluted in a monster placement they'll have no one to blame but themselves. Watch video of exchange via Twitter.

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