Betr Entertainment Limited (BBT) Earnings Call Transcript & Summary

Good morning, and welcome to the Extraordinary General Meeting of BlueBet Holdings Ltd. My name is Matthew Tripp, and I'm the Chairman of the Board and of this meeting. I declare that a quorum is present and the meeting open. I would like to introduce my fellow directors and company officers that have also joined this meeting virtually: Our Chief Executive Officer, Andrew Menz; Non-Executive Directors, Michael Sullivan, Tim Hughes and Ben Shaw; our Chief Financial Officer and Company Secretary, Darren Holley; and Chris Fernandes, on behalf of Boardroom Pty Limited. As the notice of the meeting has been circulated, I propose that it be taken as read. Please be advised that I will vote any undirected proxies given to me as Chairman in favor of all resolutions. Voting on all resolutions will be decided via a poll. The poll will be open shortly and will close before the end of the meeting. The results will be announced to the ASX as soon as possible following the close of the meeting. I will disclose proxy votes on the screen when I put each resolution to the meeting. These figures are as at the closing time for receipt of proxies, which was 11 a.m. Australian Eastern Daylight Time on Saturday, the 29th of March 2025. I have been advised that all proxies received for the meeting have been checked, and I declare them valid for voting. There are a number of voting exclusions that apply to the resolutions being put to today's meeting, which are outlined in the notice of meeting. I will now take a few moments to explain the voting and question procedures that will be used today. Please also pay attention to the following slides as this will assist you with this process. Moving to Slide 2 in relation to text question process. [Operator Instructions] Please note that while you can submit questions from now on, I will not address them until the end of the meeting. Please also note that your questions may be moderated or if we receive multiple questions on one topic, they may be amalgamated together. Moving to Slide 3 in regard to audio question and the process there. [Operator Instructions] Moving to Slide 4 in regard to voting. If you are eligible to vote at this meeting, a voting tab will appear. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You do, however, have the ability to change your vote up until the time I declare voting closed by selecting one of the other available options. I now declare the poll open on all items of business. I will provide a prior warning before I move to close. Moving to Slide 5, and just some commentary from me. On the heels of our AGM in November, we announced that the company had achieved its goal of monthly EBITDA profitability ahead of time and ultimately that we were profitable for our first half as a combined business. Since assuming the Chair from Michael Sullivan in January, we announced the acquisition of TopSport, a high-quality and complementary wagering business with strong support for the accompanying placement. Completion of the acquisition is imminent, and we look forward to delivering an enhanced wagering experience for TopSport customers and further strengthening our team, in particular, with the addition of Tristan Merlehan as our Chief Trading Officer from migration. This focus on swift decision-making and rapid execution has been a hallmark of the company, reflective of the high-quality Board and management team we have been able to assemble. This is a key competitive advantage, which is central to our organic and inorganic growth ambition. Today, we will consider 3 resolutions aimed at supporting this ambition, namely aligning our corporate name to our customer brand to speak with one voice to the public and shareholder audience. The second one being ratifying shares issued in support of the TopSport acquisition. And the third, maintaining maximum flexibility as we pursue our inorganic growth agenda. Why are we doing this? We chose the better brand because all our research and data indicates that it resonates most strongly with our target market. We are pleased that the move to our new fast and easy app and platform have unlocked customer satisfaction in the brand with almost 7 in 10 migrated customers rating their overall experience as positive, up from 3 out of 10 on the previous platform. We're excited to welcome the TopSport customers to the platform with the migration imminent and for further organic and inorganic opportunities that exist in this market. I will now run through the resolutions in detail. Moving to Slide 6. Resolution 1 is the change of the company name. Resolution 1 is the special resolution for approval to change the name of the company from BlueBet Holdings Ltd to betr Entertainment Limited. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. As this is a special resolution, it must receive at least 75% of votes cast by shareholders entitled to vote on the resolution at the meeting in person or by way of proxy in order to pass. I will vote the undirected proxies in favor of this resolution. Moving to Slide 7 and Resolution 2 is relating to the ratification of prior issue of placement shares. Resolution 2 is an ordinary resolution for the ratification of prior issue of placement shares under the ASX Listing Rule 7.4. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I will vote the undirected proxies in favor of the resolution. Moving to Slide 8. Resolution 3 is for the approval of issue of completion shares. Resolution 3 is an ordinary resolution for approval of the issue of completion shares to the TopSport nominee entity as summarized in the explanatory memorandum within the notice of meeting. The full resolution is displayed on your screen, along with the proxy votes received for this resolution. I will vote the undirected proxies in favor of this resolution. Moving to Slide 9, questions. I will now address the questions that the shareholders have submitted through the course of the meeting. Anyone who wishes to ask a verbal question will be informed when to do so by the moderator. Chris, have received any questions through the Lumi platform?

We have not received any questions from shareholders on the Lumi platform.

Thank you, Chris. And do we have any shareholders who would like to ask a question on the audio question facility?

There are no questions on the audio facility from shareholders.

Thanks, Chris. Given there are no questions, I will now ask you to please complete your voting card in relation to all resolutions. I'll give you a moment to do so. [Voting]

Thank you. I now declare the poll closed. The results of the poll will be announced to the ASX following the meeting. Ladies and gentlemen, that concludes the business of the meeting. I now declare the meeting closed. Thank you for your time this morning.