Exco Technologies Limited (XTC) Earnings Call Transcript & Summary

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.

Ladies and gentlemen, good afternoon. My name is Brian Robinson, and as Executive Chairman of the Board, I welcome you 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 releasing our first quarter financial results next week on Tuesday, January 31, 2023, and we will be hosting our usual analyst call the next day on Wednesday, February 1, 2023 at 10:00 a.m. 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, annual analyst call. During the course of today's meeting and subsequent question-and-answer session, forward-looking statements may be made. It won't be read. I won't read the entire cautionary statement, but it is set out on Pages 4 and 5 of our [ 19 ] -- of our 2022 annual report, which is now available on our site. 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 will ask our transfer agent, TSX Trust Company, represented by Rosa Garofalo to act as scrutineer. Notice of the meeting was mailed to shareholders on December 22, '22, 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 Meeting of Shareholders held on January 26, 22. 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 the shareholders. The poll will be opened for all resolutions at the same time, this will allow us 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 the business have been concluded, I will give you 15 seconds to end of 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 don't 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, 6 directors are to be elected. All 6 of the 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 the 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 and Brian A. Robbins, all of whom are Canadian, as Director of the Corporation to hold office until the next Annual Meeting of Shareholders or until their successes are duly elected or appointed. For convenience, I have arranged for secondaries of the motions. This motion has been seconded by Mr. Posno, our CFO, who's 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 6 persons nominated for the 6 positions of director. Please cast your vote 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 this 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 until the next annual meeting of shareholders and the directors of the corporation be authorized to fix its 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 their validly appointed proxy holders are intended to vote at this meeting. If you have already voted by proxy, you do not need to vote again unless you're changing your vote. And we'll 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 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's financial statements and operations during the year. Please submit your questions through the web portal. Darren?

Thanks, Brian. We do have 1 question, and I'll read it first. In which areas of the business does Exco faced the toughest competition in North America and globally? Well, as you know, we have a number of niche businesses globally, and we typically are leaders in each of our businesses. But I have a tough time ranking, which ones tougher the competition, quite frankly, they're all tough. And so I would say that that's the answer, we face tough competition everywhere.

Thank you, Darren. If there are no further questions, I would like to thank everyone for attending the meeting and for your support of the company, and I declare the meeting terminated. Thank you all for your attendance.

Ladies and gentlemen, thank you for attending today's meeting. You may now disconnect.