Exco Technologies Limited (XTC) Earnings Call Transcript & Summary

Ladies and gentlemen, welcome to the Annual Meeting of Shareholders of Exco Technologies Limited. Please note the meeting is being recorded. I would like to introduce Mr. Brian Robbins, Executive Chairman of the Board. Mr. Robbins, please go ahead.

Thank you. Ladies and gentlemen, good afternoon. My name is Brian Robbins and as Executive Chairman of the Board, I welcome you to this Annual Meeting of the Shareholders of Exco Technologies. I'm pleased to host the meeting through the 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 releasing our first quarter financial results next week on Tuesday, February 1, 2022, and we will be hosting our usual analyst call the next day on Wednesday, February 2, and so questions on our first quarter results 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 next Wednesday's analyst call. 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 Pages 4 and 5 in our 2021 Annual Report, which is available on our website. I will now proceed with the agenda for today's meeting. In accordance with the company 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 will ask our transfer agent, TSX Trust Company, represented by Ms. Rosa Garofalo to act as a scrutineer. Notice of the meeting was mailed to shareholders on December 22, 2021, and we have received an affidavit of 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 Meeting of Shareholders held on February 1, 2021. 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 as 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 discussions on each resolution prior to casting your vote. Once all items of business have been concluded, I will give you 15 seconds to enter your vote 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 the 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 Director of the Corporation to hold office until the next Annual Meeting of Shareholders or until their successors are duly appointed -- elected or appointed. For convenience, I've arranged for seconders of the motion. 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 limit set out in the corporation's advance notice bylaw, I declare the nominations to be closed. We have 7 persons nominated for the 7 positions or Directors. 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 the remuneration. Ernst & Young, 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 move that Ernst & Young LLP be appointed auditor of the corporation to hold office until the next annual meeting of the shareholders and the directors of the corporation be authorized to fix its remuneration. The 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 their 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 15 seconds to vote before we close the voting. [Voting]

I now ask the polls be closed. I now declare that both of the motions, electing directors and appointing the auditors are carried. Now that the formal part of the meeting has been concluded, Darren Kirk, our President and CEO, will be pleased to answer any questions that you may have with respect to the company, its financial statements and operations during the year. Please submit your questions to the web portal. If there are no further questions, I would like to thank everyone for attending this meeting and for your support of the company, and I declare the meeting terminated. Thank you all for attending.

Thank you all for attending the Annual General Meeting of Exco Technologies. You may now disconnect.