Exco Technologies Limited (XTC) Earnings Call Transcript & Summary

Hello, and welcome to Exco Technologies Ltd Annual Meeting 2021. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Brian Robbins, Executive Chairman of the Board. Mr. Robbins, the floor is yours.

Thank you, ma'am. Ladies and gentlemen, good afternoon. My name is Brian Robbins, and as Executive Chairman of the Board, I welcome to this annual meeting of the shareholders of Exco Technologies Limited. I'm pleased to host the meeting through this virtual meeting platform, which is accessible to all our shareholders regardless of physical location, so that you can participate, submit questions and vote. I should also mention that we will be hosting our usual analyst call tomorrow at 10:00 a.m. and so questions on our first quarter results, which will be released later this afternoon, can be asked then. Today, we will take questions, if there are any, at the end of the meeting. But as I said, we will be taking questions on our first quarter results on tomorrow's analyst call at 10:00 a.m. During the course of today's meeting, and subsequent questions-and-answer session, forward-looking statements may be made. I won't read the entire cautionary statement, but it is set out at Page 4 and 5 in our 2020 annual report, which is available on our website. I will now proceed with the agenda for today's meeting. In accordance with the company's bylaws, I will serve as Chairman of the meeting; and Matthew Posno, Chief Financial Officer of the corporation, will act as Secretary of the meeting. I should add that other members of management are currently present for this as well. I will ask our transfer agent, TSX Trust Company, represented by Ms. Rosa Garofalo, to act as Scrutineer. Notice of the meeting was mailed to shareholders on December 29, 2020, and we have received an affidavit of the Corporation's transfer agent as to its mailing. I will take the notice of meeting as read. I've received a preliminary proxy and attendance report from the Scrutineer, which indicates that a quorum is present, and that I have an overwhelming majority of proxy support. Since we have a quorum, I declare that the meeting has been duly called and is properly constituted to transact any business appearing on the agenda. The Secretary has tabled the minutes of the annual and special meeting of shareholders held on January 29, 2020. I will take these minutes as read and approved. We will conduct the votes on the matters before us by a poll on a poll. Every shareholder entitled to vote on the matter has 1 vote in respect of each share entitled to be voted on the matter and held by that shareholder. The poll will be open for all resolutions at the same time. This will allow you to choose to vote on each resolution immediately, or wait until conclusion of discussion on each resolution prior to casting your vote. Once all items of business have been concluded, I will give you 30 seconds to enter your votes and then declare voting closed on all resolutions. The results of the meeting will be available on SEDAR sometime tomorrow and also be available on our website. Please note, only registered shareholders, who held shares in their name as of the record date, or their validly appointed proxy holders are entitled to vote at today's meeting. If you have already voted by proxy, you do not need to vote again, unless you are changing your vote. I will now ask that polls be open. We will now proceed with the election of directors at today's meeting, 7 directors are to be elected. All 7 of the 7 nominees are being renominated and information regarding each of them is set out in the information circular, which, again, was made available at our SEDAR website and our transfer agent's website. As Chair, I propose the nomination of Edward H. Kernaghan, Darren M. Kirk, Robert B. Magee, Colleen M. McMorrow; Paul E. Riganelli, Brian A. Robbins and Anne Marie Turnbull, all of whom are Canadian citizens, as directors of the corporation to hold office until the next annual meeting of shareholders, or until their successors are duly elected or appointed. For convenience, I have arranged for seconders of the motions. This motion has been seconded by Mr. Posno, our CFO, who is sitting next to me. As no further nominations were received by the corporation within the time limits set out in the corporation's advanced notice bylaw, I declare the nominations to be closed. We have 7 persons nominated for the 7 positions of Director. Please cast your votes on this item now. It is now in order to proceed with the appointment of the auditor and the authorization of the directors to fix their remuneration. Ernst & Young LLP, the current auditor of the corporation is proposed as auditor until the next Annual General Meeting of the shareholders of the corporation. As Chair, I moved that Ernst & Young can be appointed auditor of the corporation to hold office until the next annual meeting of shareholders. And that the directors of the corporation be authorized to fix its new remuneration. This motion has been seconded by Mr. Posno. Again, please note, only registered shareholders, who held shares in their name as of the record date, or the validly appointed proxy holders are entitled to vote at this meeting. If you have already voted by proxy, you do not need to vote again, unless you are changing your vote. I will now give you 30 seconds to vote before we close the voting. [Voting]

Time is up. I now ask that the polls be closed. I now declare that both the motions, electing directors and appointing the auditors are carried. As there is no further business to be brought before the meeting, I declare the meeting terminated. This concludes the formal business of the meeting. If there are any questions, I will probably turn them over to Darren Kirk, who is present with me here. Otherwise, if there are not, thank you all for attending.

Okay. Good afternoon, everyone. It's Darren Kirk here, CEO of Exco. I do see one question online, which I will take. The question reads, Exco has a good recent history of growing its shareholder dividends. What plans does Exco have for increasing its dividend in 2021? With that, I would respond by saying that we typically review the annual dividends in conjunction with our first quarter Board meeting, which we held today. And so I would say that stay tuned for any information on that with -- together with our press release, which will be released this evening. And that is the only question that we're showing. So I think that I'll turn it back to Brian.

Thank you, Darren. On that note, the meeting is terminated. Thank you for attending.

Ladies and gentlemen, this concludes the meeting. You may now disconnect.