5 questions asked at 2023 Megaport hybrid AGM
November 24, 2023
5 questions asked at 2023 Megaport hybrid AGM held in Brisbane on November 1. No sign of webcast archive here.
1. Could you please lobby CommSec to lend against your stock. Why doesn't this happen when we have a market cap of $1.5 billion? Commsec happily lends 80% against its own CBA shares but won't lend $1 against Megaport. Do we have a banking relationship with CBA that could help fix this?
2. Bevan has sold more than $200m worth of our shares since $200 million yet remains chairman despite having sold down from 20% to around 5%. Is he planning any more share sales and why has he been selling so aggressively. Does he need the money for other ventures? Also, isn't now the time to move to an independent chair?
3. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions, including the rem report? If so, what reasons did they give? Which of the proxy advisers are covering us and please described the engagement we had with them before today's AGM? Will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes? Why not disclose the proxy position to the ASX with the formal addresses to offer more timely disclosure to the market?
4. Given the interesting discussions across a range of topics today, including these incentive grants for the CEO, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
5. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds.
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