Exco Technologies Limited (XTC) Earnings Call Transcript & Summary

Welcome to the Annual General 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 Robbins 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 Wednesday, January 29, 2025, and we will be hosting our usual analyst call the next day on Thursday, January 30, 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 Thursday [ at the ] analyst call. During the course of today's meeting and subsequent question-and-answer session, forward-looking statements will be made. I won't read the entire cautionary statement, but it is set out at Page 4 and 5 in our 2024 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 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 20, '24, 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 the preliminary scrutineer's report, which indicates that a quorum is present, and 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 24, '24. 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 quick resolutions at the same time. This will allow you to choose to vote on each resolution immediately or wait until conclusion of the discussion on each presentation prior to casting your vote. Once all items of business have been concluded, I will give you 15 seconds to enter your votes and then declare voting closed on all resolutions. The results of the meeting will be available on SEDAR+ and on our website sometime tomorrow. 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 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 polls to be open. We will 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 SEDAR+, our 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, Brian A. Robbins, Tommy J. Skudutis, 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 elected or appointed. For convenience i've arranged for seconders of the motions. This motion has been seconded by Mr. Posno, our CFO, sitting next to you. 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 nomination to be closed. We have 6 persons nominated for the 6 positions of director. Please cast your votes on the site 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 to 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 or shareholders of shareholders, and that the directors of the corporation be authorized to fix this remuneration. This motion is 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've already voted by proxy, you don't need to vote again, unless you are changing your vote. I will not give you 15 seconds to vote before we close the voting. [Voting] I now ask that the polls be closed. Based on preliminary scrutineers' report, I can now confirm 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, is 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'd like to thank everyone for attending this meeting and for your support of the company, and I declare the meeting terminated. I now turn the meeting back to the TSX operator.

Thank you, everyone, for attending. You may now disconnect.