So 3rd of September will be their AGM involving there interim results and maybe some new business?
Possibly some news on the progress to ASX also?
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So 3rd of September will be their AGM involving there interim results and maybe some new business?
Possibly some news on the progress to ASX also?
In an interesting development re the possible ASX listing, the NZSA proxy votes at the AGM will oppose the resolution to issue $A50 mill worth of shares to assist the ASX listing. Here's what the NZSA says;
"The company recently announced it is considering listing on the ASX and may move its primary listing from the NZX to the ASX. The details are set out in the Notice of Meeting. We comment as follows.
· The company appears to be getting good recognition in its home market and has shown good share price growth.
· We note that the company had $14m cash/term deposits at balance date with no debt. In addition, it seems to generate reasonable levels of operating cash flow ($4.5m). After adjusting for capitalised development costs and property/equipment purchases, free cash flow was still around $1.5m.
· Over the past few months there have been several successful capital raisings on the NZX indicating the company could raise additional capital from its existing shareholders. NZSA believes that wherever possible existing shareholders should be given the opportunity to increase their investment. Only after that should a company seek capital from outsiders.
· The Board have not presented a robust business case for seeking to list on the ASX and raise capital on that market. Indeed, their statements suggest an investigation is yet to be undertaken to determine the merits of the proposal. The company’s latest announcement just two weeks ago contains no further information beyond referring to “...the company’s decision to accelerate growth investment ...”
· Given that the company has engaged Australian advisors there must be more information and shareholders have a right to expect it be shared with them.
We believe on the face of the limited information a better option would be to keep the primary listing on NZX, and take a compliance listing on ASX and, if needed, raise additional capital from existing loyal shareholders.
For these reasons we will vote undirected proxies AGAINST this resolution."
Must say I agree with NZSA and will be making sure they have my proxy vote. Well done NZSA.
Thanks left field. I may give NZSA my proxy vote. It does annoy me when companies go out to the major institutions or new retail investors before offering the opportunity to existing loyal shareholders
Left field... When the poll is taken at the shareholders meeting, if NZSA has proxies from 10 shareholders does that count as 10 votes or just 1 vote because they are voting as one block?
My understanding is that the number of votes = the number of shares held by the proxy arrangements (not the number of blocks) eg 3 proxies amounting to 1 mill shares each = total 3 mill shares or 3 mill proxy votes.
It allows NZSA to play amongst the bigger institutional voters (much more power than our individual votes IMHO.)
Thanks BP confirms what I thought.
Yes! Thank you. Meanwhile I had been looking at the dark and murky legislation which said the same thing.
Right. Off to appoint NZSA to vote on my behalf. I often have internet connection issues with these annual meetings and I don't want to miss out on my vote being counted.
Thanks for the heads up Left Field!