6 questions asked at 2024 Atturra Software virtual AGM

Q1. Do any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - cover us and did any of those that do recommend a vote against this remuneration report item? If so, what reasons did they give? Also, will a full webcast of today's AGM be made available on your website for those shareholders unable to watch it live?

Answer: The CEO doesn't understand the proxy adviser process and he said the company had not chosen to subscribe to any of their services. Actually, they choose to cover you irrespective of payment once you're big enough which should happen at next year's AGM if the stock keeps going up. Watch video of exchange via Twitter.

Q2. Why does it say on page 94 of the annual report: "there are no substantial holders in the company" and then go on to list the founder/CEOs stake of 55.6% and then Richmond Hill Capital Pty Ltd with 8.34%? The CEO recently sold 2 million shares on market. It would be desirable if he reduced down to a minority position in the company and improved the spread of shareholders. Is he prepared to gradually do this before next year's AGM, particularly with the stock at a record high and his stake now being worth around $200m.

Answer: A comedy of errors. The founder chair and controlling shareholder Shan Kanji admitted the annual report was wrong and then politely pointed out I'd confused his 55% stake with the CEO Stephen Kowal, but then said he was reluctant to sell down as requested. Watch video of exchange via Twitter.

Q3. Thank you for for offering online participation today but best practice is to run a hybrid meeting so will you introduce a physical component next year? However, you continue to resist disclosing the proxy position to the ASX along with formal addresses & also haven't yet got with the program of voluntarily using scheme-like voting disclosure which shows how many shareholders voted for & against each item. Such disclosure provides a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate. Others like Qantas, ASX, Myer, Dexus, Tabcorp & Webjet already do this. If you don't propose to do this, can you at least advise the meeting roughly how many of our shareholders participated in this AGM either by voting or attending. Was it even 2%?

Q5. Apologies for stuffing up the shareholdings in that earlier question. 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.

Not asked.

Q6. I'm a local government Councillor at the City of Manningham which uses Technology One and was surprised by their CEO's comment at the 2023 AGM that local government "can't survive without us". He claimed at the time that 77% of Australian councils where using Tech One. We are doing a push into the local government sector at the moment. How many councils do we have on board, what are our most popular services with councils and are we able to compete with the emerging monopoly that Tech One seems to be developing in the financial and ratings systems?

Answer: Missed it due to bandwidth issues.

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