5 questions submitted at 2024 Jumbo Interactive hybrid AGM

Q1. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX falling by 170 or 7.4% to 2,124 since June 2022, including 20 straight months of declines. There have already been 27 major takeovers above $200m completed so far this calendar year with another 10 deals and in the works. The ASX is losing long standing names such as CSR, Boral, Blackmores, Newcrest and Crown which have all disappeared over the past 3 years. There is a clear mis-pricing between public markets and private markets. Why are public markets not valuing ASX listed companies like ours more highly and what are we doing to avoid being gobbled up like so many other companies. Does the chair agree this is a problem for the nation, particularly with so few new floats replenishing the ASX ranks?

Answer: The chair Susan Forrester agreed it was a problem. Watch video of exchange via Twitter.

Q2. There has been a lot of press recently about issues at Wisetech, where Michael Malone serves on the board. CVs do matter for directors and I'm a shareholder in both companies. Could Michael please address the criticisms that the Wisetech directors didn't do enough in relation to the founder's behaviour and, since the issue blew up, has this been discussed with the Jumbo chair or wider board?

Answer: The chair and Malone had already touched on this so the question wrangler chose not to read it out. Watch video of exchange via Twitter.

Q3. 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 what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions insight into the chronically low retail shareholder participation rate. Others have already blazed the trail as this was a voluntary disclosure initiative adopted by the likes of Qantas, ASX, Metcash, AUI, Webjet, Suncorp, Tabcorp and Myer in recent years. You've got the data, so why not let the sun shine in?

Answer: The chair flicked this to the CFO who said he'd look at it but nothing materialised in these voting results. Watch video of exchange via Twitter.

Q4. Could new director Michael Malone and the chair comment on the recruitment process that led to his appointment to the board. Was a head hunter involved, did the full board interview Michael and did they interview any other candidates? Did Michael know any of our directors before engaging with the recruitment process?

Answer: The chair had earlier explained that she served on the Health Engine board with Malone, so I withdrew the question and the wrangler also said it had been covered.

Q5. Thank you for disclosing the proxies early with the formal addresses. It looks like all proxy advisers supported all resolutions. Was that the case?

Answer: The chair flicked this to the CFO who then said the reports were confidential but hinted they were in favour by referring to strong voting support for all resolutions. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

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