4 questions lodged at 2025 Maas Group virtual EGM
March 5, 2025
Below is the text of the 4 written questions submitted at the Maas Group (MGH) virtual EGM held at 2pm Melbourne time via Link to approve an institutional placement and shares issues to directors. See notice of meeting. Market cap $1.4b on day of the meeting and no protest votes.
Q1. Why was this meeting called as a virtual EGM when we ran a best practice hybrid AGM last year? Will we return to running hybrids for the AGM later this year and can you please advise how many of our circa 3,700 shareholders bothered to vote by proxy before the meeting. Did you make any special effort to encourage retail shareholder turnout on voting today? Thanks also for opening the online voting platform half an hour before today's meeting and for using the excellent Link platform.
Answer: Don't know as they're yet to publish the EGM webcast archive.
Q2. It would have been better if this raising was pro-rata. Instead, we did this $112m institutional placement to unknown recipients. Disclosure was also poor. Who was responsible for the selective leak to The AFR's Street Talk column which disclosed details of the raise 2hrs before we requested a trading halt? Did the board authorise either Macquarie or Morgans to do this & did the ASX complain that journalists were selectively briefed? Did we get legal advice that this leak didn't breach our continuous disclosure obligation?
Answer: Don't know as they're yet to publish the EGM webcast archive.
Q3. It is good that founder Wes Maas is kicking in $28m to this capital raising. Could Wes please comment on whether retaining effective control over the company is important for him. Also, could Wes comment on why this raising wasn't structured as renounceable offer, which would have allowed him to be compensated via a market mechanism for the rights that he did not take up. Finally, could Wes also please comment as to whether he has had to pledge any of his shares in the company to fund this $28m investment?
Answer: Don't know as they're yet to publish the EGM webcast archive.
Q4. Please ask last: I wasn't able to find any archive recordings on your website from past AGMs. Given that more than 95% of our circa 3,700 shareholders won't be participating or watching this EGM live, could you please undertake to make an archived copy of the webcast available online. Even better, please post a full transcript of the formal addresses and AGM debate with the ASX. I'm personally playing golf whilst the meeting is on and had to lodged these questions early before signing off. Thanks for opening questions early.
Answer: Don't know as they're yet to publish the EGM webcast archive.
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