4 questions asked at 2024 Task Group EGM
July 4, 2024
Below is the text of the 4 written questions lodged at the Task Group virtual EGM held on July 8, 2024, shortly after the separate scheme meeting (see summary of questions asked) approving the $310m takeover by US-listed PAR Technology. I was the only questioner at this 12 minute meeting and below is a summary of the overly brief answers provided and some audio links by Twitter.
Q1. At the scheme meeting earlier today, the chair said we currently have 2,334 shareholders. The 2023 annual report said we had 3,452. Does the chair believe the reduction is primarily New Zealand resident shareholders selling out when we delisted from the NZSE or did shareholders get out more recently after the PAR offer was lodged? How many shareholders have voted on this resolution?
Answer: Dismissed by chair Bill Crichton as un-related to the resolution when the last bit definitely was relevant - listen to audio of exchange via Twitter.
Q2. Given the interesting discussions at today's scheme and EGM meetings and the fact that more than 2,000 retail shareholders did not attend live, could the chair undertake to make an archived copy of the webcasts available on the company's website, at least until the transaction completes?
Answer: Chair said Yes. Listen to audio of exchange via Twitter.
Q3. Could Mr Houden please comment on why he feels this needs to be approved and what involvement he intends to have with PAR going forward?
Answer: The CEO said the vote was required by the ASX listing rules and he planned to stay with the group moving forward - listen to audio of exchange via Twitter.
Q4. How many of the 2,334 Task Group shareholders have been excluded from voting on this resolution, representing what percentage of the overall issued capital of the company?Why did we adjourn last week's scheme meeting by a week when nothing changed in terms of the offer and there was no material protest vote today. Was this just the lawyers being super-conservative or were we prompted to do this by ASIC? What and who caused this last minute inconvenient delay?
Answer: chair said he didn't have the number but all Houden family associates were excluded. Listen to audio of exchange via Twitter.
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