4 questions lodged at 2024 Cromwell hybrid AGM
December 14, 2024
Below is the text of the 4 written questions submitted at the Cromwell Property Group hybrid AGM held on November 29 2024, plus a summary of the answers and some video grabs via Twitter. Best practice with early proxy disclosure and the extra voting data in the poll. No material protest votes. Awaiting the webcast archive here to capture last two answers.
Q1. A question for the auditor: with the stock at 39c and the NTA at 61c, the obvious question for the auditor is whether all those supporting the latest accounts are being realistic about office valuations given the rise of work from home post COVID. Could the audit detail the process that supported our $2.2 billion office valuation.
Answer: The chair handed straight to the Deloitte auditor who provided a detailed response. Watch video of exchange via Twitter.
Q2. Thanks for disclosing the proxies early with the formal addresses and for receiving strong support on all resolutions including this LTI grant. When disclosing the outcome of voting on all resolutions today, including this LTI grant, please advise the ASX how many shareholders voted for and against each item, similar to 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.
Answer: The chair Gary Weiss took it as a comment and on notice, but then came through with the goods in this ASX announcement. Watch video of exchange via Twitter.
Q3. Gary Weiss remains arguably the busiest professional director in Australia. Could he comment on how long he plans to remain chair of Cromwell. Also, he chairs 3 Queensland based companies in Cromwell, Coast Entertainment and Ariadne. What is his particular history with Queensland. Does he live in Brisbane and, amidst various other commitments, how does he also find the time to be lead independent director and deputy chair of Melbourne-based Myer given all that it happening at the retailer?
Q4. I've got to go to another AGM because this is the last day of the season with >100 meeting across the country, mostly being small penny dreadful stocks. Please shift next year's AGM to an earlier data rather than hanging out with the last day laggards crowds. We're better than that. Also, I couldn't find a copy of the webcast from past AGMs on your website so can you undertake to publish a full archive of the AGM webcast for the benefit of the 98% of shareholders who weren't able to watch live or had clashing AGMs elsewhere.
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