7 questions asked at 2024 APM Human Services scheme meetings
September 18, 2024
Here is the text of 7 written questions lodged and asked asked at the 2024 APM Human Services virtual scheme meetings held on September 18 to approve the $1.33 billion Madison Dearborn takeover. No video was provided and no other shareholder asked any questions at either of the two meetings.
Q1. How many shareholders were eligible to vote on today's takeover and how many did so by proxy. What sort of solicitation campaign did you run to maximise retail shareholder participation in today's vote?
Answer: The only decent informative answer which provided the relevant data. Listen to audio of exchange via Twitter.
Q2. APM listed in late 2021 after we raised $982 million from public investors at $3.55 a share and now we're being bought back by the same Chicago-based PE firm Madison Dearborn that floated us for a miserable $1.45 a share. Does founder Megan Wynne acknowledge that this experience has damaged the IPO market overall, contributing to the major drought of new offers we're seen in recent years? If Megan had her time again, would she have never floated APM at all.
Answer: The question wrangler just pointed to Megan's comments in the annual report and didn't offer her the call. Pathetic. Listen to audio of exchange via Twitter.
Q3. Could the Madison Dearborn representatives comment as to whether they've ever offered public company investors to roll into a bid vehicle when doing a takeover before and whether they were surprised by how many opted to take this up. Is this becoming increasingly common. And could Megan please common on what her exit options are once she's locked into a private equity bid vehicle. Has she agreed to any restrictions in selling those shares once she's in the bid vehicle.
Answer: The question wrangler claimed no one from Madison Dearborn was at the meeting. They already own 30% and have board representation, for goodness sake. Listen to audio of exchange via Twitter.
Q4. The AFR's Chanticleer columnist Anthony McDonald wrote the following on July 3: "If ASIC really is wondering what's wrong with the IPO market and why investors are not lining up for the next batch of PE-backed floats, it need only look at APM. If bankers are wondering why listed equities investors are cynical about floats – and particularly PE-backed floats – they need only look at APM. If those in the PE industry are wondering why their exits are much harder now than a few years ago, they need only look at APM. APM is a shocker for everyone involved." Does the founder and the PE reps attending today agree? What went wrong?
Answer: The question wrangler once again answered the question himself and provided nothing of substance. Listen to audio of exchange via Twitter.
Q5. Given the interesting discussions at today's meeting and the fact that more than 4,000 retail shareholders did not attend live, could the chair undertake to make an archived copy of the webcast available on the company's website, at least until the transaction completes?
Answer: The question wrangler tried to suggest the NSW Supreme Court might have a problem with this. Pathetic. Listen to audio of exchange via Twitter.
From the second meeting
Q6. Is founder and chair Megan Wynne really at this virtual meeting? There is no video and she didn't answer any of the questions asked at the last meeting. Could Megan please comment, if only just to confirm that she is in attendance. As chair of the company, why didn't she answer questions directed at her in the previous meeting and could she address the issues raised now?
Answer: The question wrangler deliberately protected the billionaire chair so no evidence was provided that she was actually at the meeting, let alone acting as chair. Listen to audio of exchange via Twitter.
Q7 Given that we are a Perth-based company, why is the NSW Supreme Court dealing with this scheme rather than the WA Supreme Court. Are the NSW judges more takeover match fit and scheme-friendly than their counterparts in WA?
Answer: The question wrangler said you can go to any state Supreme Court for a stream no matter where you head quarters are located. Listen to audio of exchange via Twitter.
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