4 questions lodged at 2025 Xref hybrid scheme meeting
February 4, 2025
Below is the text of the 4 written questions submitted at the 30 minute hybrid Xref scheme meeting to approve $40m Seek takeover in Sydney and via Zoom, commencing at 4pm on February 3, 2025, plus a summary of the answers. Proxies were disclosed early before trading opened given the numbers were tight. See notice of meeting and voting results with only 67% in favour leading to defeat. Market cap was $40.3m on scheme meeting day.
Q1. There was a 23% against vote on the proxies. Are we confident the undirected proxies will see this passed and where has the opposition come from?
Answer: Not asked.
Q2. For those shareholders unable to participate in the scheme meeting live, will a copy of the webcast be made available on our website until the deal completes?
Answer: The meeting host answered this in writing via Zoom saying that the meeting wasn't even being recorded. Poor form.
Q3. What sort of solicitation campaign did we run to encourage retail shareholders to participate by voting on today's deal?
Answer: Chair Tom Stianos said they hired share registry Automic to both call and email shareholders with a script encouraging participation. Watch grainy video of exchange via Twitter.
Q4. Sigma Healthcare suspended their stock for the whole day last Wednesday when holding their Chemist Warehouse scheme meeting. Did we consider doing the same today, particularly given the material 23% against vote, creating uncertainty about the outcome?
Answer: Chair Tom Stianos said they considered this but instead settled on disclosing the proxies to the ASX before the market opened, which was a good call. Watch grainy video of exchange via Twitter.
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