5 questions submitted at 2024 Wotso Property hybrid AGM
November 8, 2024
Below is the text of the 5 written questions submitted at the 20 minute Wotso Property hybrid AGM held on November 8, 2024, plus a summary of the answers and some video grabs via Twitter. The proxies were disclosed the night before with the chair address and there were no protest votes.
Q1. Victorian land tax rates have become punitive for many investors as the government goes after property owners to try and slow down spiralling state debt which is forecast to increase by $71 billion over the next 4 years. Is our Bank House asset subject to land tax or does buying a single floor of a building avoid being dragged into the land tax net?
Answer: The CEO said it was subject to land tax but they had still bought well. Watch video of exchange via Twitter.
Q2. Thank you for disclosing the proxy position to the ASX along with the formal addresses at 4.17pm last night ahead of today's 9am hybrid. Well done for winning strong support on all resolutions. Do any of the proxy advisers covers us? Also, when disclosing the outcome of voting on all resolutions today, including this remuneration report item, 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 and 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: Not asked.
Q3. I've just retired as a City of Manningham councillor in Melbourne's eastern suburbs and last year we committed more than $1 million of ratepayer money to a new flex space facility in our MC2 building in Doncaster. Is it common for local governments to get involved in the flex space market and do you work with many councils?
Answer: Not asked.
Q4. Could chair Seph Glew comment on the 3 best decisions he has made as chair of the company. Does he have any regrets?
Answer: The chair really took to this one. Watch video of exchange via Twitter, plus these additional highlights and a further regret overpaying for a property in Takapuna (Auckland) which he'd developed 40 years earlier.
Q5. Have bonuses been cut after the share price halved over the past 18 months?
Answer: The chair Seph Blew said they don't pay bonuses. Watch video of exchange via Twitter.
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