5 questions asked at 2024 Far Ltd AGM
May 31, 2024
Here is the text of the 5 written questions submitted at the 2024 blank Far Ltd virtual AGM held on May 31, along with a summary of the answers and some audio grabs via Twitter. The meeting was all over in 20 minutes with no other shareholder participation.
Q1. Why are we trying to sell the $55m Woodside contingent payment as opposed to just following the contract. through until 2027. Why the rush to get the cash as selling it early will obviously require that it be sold at a discount. Is there much global precedent of public companies auctioning off contingent payments like this?
Answer: chair said there was not much precedent and they would see what the market produced before making a decision. Listen to audio of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, including this remuneration report vote, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a voluntary disclosure initiative adopted by the likes of Metcash, Altium, AUI, Dexus, Webjet, Tabcorp and Myer over the past two years. The ASX itself and Qantas both did it for the first time this season. You've got the data, so why not let the sun shine in?
Answer: chair said they would just stick with normal market practice. No interest in going above and beyond on transparency. Listen to audio of exchange via Twitter.
Q3. How much are we currently paying the ASX for listing fees and what is a realistic timetable for the company to be wound up and delisted? Would it make sense for Woodside to buy out company to expedite this process. Have we had any discussion with Woodside about making a takeover offer?
Answer: The chair didn't know the size of the ASX listing fee and said no takeover discussions with Woodside had taken place. Listen to audio of exchange via Twitter.
Q4. This is a tiddler of a company for a big shot public company chairman and barrister like Robert Kaye. Why is he bothering to offer himself for another 3 year term when we are in wind down mode and shareholders could save money on his board fees.
Answer: the worst butchering by the question wrangler but at least Robert Kaye piped up with a response saying that his legal background would be useful going forward. Listen to audio of exchange via Twitter.
Q5. Given the interesting discussions across a range of topics today, 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.
Answer: Chair said he would take this one on notice. Listen to audio of exchange via Twitter.
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