5 questions submitted 2024 Audinate hybrid AGM

Q1. Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - issue a voting report on our company ahead of today's AGM? If so, did any of them recommend a vote against any of today's resolutions including on the re-election of Tim Finlayson and John Dyson ? If so, what reasons did they give and 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?

Answer: Surprised this was thrown to the CEO who confused proxy advice with proxy votes but there were no material protest votes. Watch video of exchange via Twitter.

Q2. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed and his history of buying and selling shares in our 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.

Answer: The CEO Aidan Williams gave a very lengthy answer. Watch video of exchange via Twitter, plus these additional comments.

Q3. We have an unusual share register with major customer Yamaha being our largest holder with 8%, followed by Australian Super with 7.84%. How do we deal with these 2 major shareholders. What is the point and history of Yamaha's holding & what influence does it give them over our their contracts and our product development. Are there any restraints on them selling or do they have any shareholder rights such as an entitlement not to be diluted in a raising. Also, which broker is the biggest source of our 14,000 retail holders?

Answer: The chair Watch video of exchange via Twitter, plus these additional comments on all the Yamaha history.

Q4. The share price has fallen 13% this morning after the update. As a former public company CFO and the CFO of Freehills, the number one law firm in Australia for defending shareholder class actions, could Tim Finlayson comment on whether he thinks we could be hearing from some of the class action lawyers who might claim we've been slow to release bad news.

Answer: Tim Finlayson offered up a very straight bat. Watch video of exchange via Twitter.

Q5. Thank you for running a hybrid AGM & will you commit to keep doing this in future years to maximise shareholder participation? Also, next year could you please disclose the proxy position to the ASX along with the formal addresses. When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment & voting participation.

Answer: The chair backed a hybrid for next year. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

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