FAR Limited (FAR) Earnings Call Transcript & Summary

Good morning, all. My name is Patrick O'Connor, the company's Chair, and it's my pleasure to welcome you to this general meeting of FAR Limited. The meeting is being held as a hybrid meeting. Those attending virtually may experience some time lag, and this could cause some delay in your questions or comments coming to our attention. At this meeting, shareholders will be able to participate, ask questions and cast direct votes at the appropriate time whilst the meeting is in progress. The company's secretary has advised me that a quorum is present. As the time is now 11 a.m., I declare the meeting open. I'm joined through the webcast today by my fellow Non-Executive Director, Mr. Robert Kaye; and in the room, I would like to welcome our Chief Financial Officer and Executive Director, Garth Campbell-Cowan and our company Secretary Claire Newstead-Sinclair. Our share registry representatives are also in attendance. The notice of meeting has been given in accordance with the company's constitution, and copies are available for you on the company's website, the share registry's online voting site and on the ASX market announcements platform. I will take the notice of meeting and explanatory statement as read. As previously advised, this is a hybrid meeting, and shareholders attending virtually are able to participate and view a live webcast of the meeting, ask questions and cast direct votes at the appropriate time whilst the meeting is in progress. The purpose of this part of today's meeting is to consider and vote on the proposed resolution as set out on the notice of meeting. I'll first purpose a resolution. This will follow by a question-and-answer session on the resolution. And once questions conclude, I will allow shareholders and their representatives to vote on the resolution by way of poll. Claire Newstead-Sinclair, our Company Secretary will now outline the procedures for today's meeting.

Thank you, Patrick. Shareholders attending online can submit questions at any time. Written and verbal questions may be asked. To do so, please follow the instructions set out on your screen. Questions which are of a similar nature will be amalgamated and answered as and when the item of the business is being addressed. Please note that we may experience some time lag, and this may cause some delay in your written questions or comments coming to our attention. We encourage you to lodge them as early as you can. With regard to voting on today's resolution, all shareholders, proxy holders and authorized corporate representatives and attorneys of shareholders who are entitled to vote will be able to do so via the Computershare meeting platform. For proxy holders, you will have a summary of proxy votes, which detail the voting instructions, if any, for the item of business. By completing the voting via the webcast when instructed to vote in a particular manner, you are deemed to have voted in accordance with those instructions. Once the poll is open select the Vote icon and voting options will appear on your screen. To vote, select your voting direction, a tick will appear to confirm receipt of your vote. To change your vote, select Click Here to Change Your Vote and press a different option to override. Voting shareholders who are attending in person have been given a blue voting card at the registration desk. Please complete your voting card according to the instructions outlined on the card, marking a box beside the resolution to indicate how you wish to cast your votes. Once completed, please submit your voting card to Computershare, our returning officer. Nonvoting shareholders will be issued with a yellow card upon entering the venue. A yellow card will not allow you to vote. However, you may still make comment or ask questions. White cards indicate a visitor. Visitors and media are reminded that whilst we welcome you at this meeting, it is a shareholder meeting, and you may not make comments or ask questions. If you have any questions, please raise your blue voting or yellow nonvoting admission card prior to speaking to identify yourself as a shareholder. If you are acting as a proxy, please state clearly who you are appointed to represent when introducing yourself to the meeting. I would ask that only questions relevant to the specific resolution be asked. With regard to proxies, we have engaged the services of our share registry Computershare to compile and report on the proxy voting. Computershare has provided its formal report disclosing the proxies received. Both votes will be displayed on the screen. As advised in the notice of meeting, where proxies have been properly nominated to be at the Chair's discretion, those proxy votes will be cast in favor of today's resolution. Please note that once the poll results have been tallied by Computershare, we will later today announce the results on the ASX market announcements platform.

Thank you, Claire. We will now turn to the business of the meeting. Before opening a poll, I wish to inform the shareholders that the poll will remain open for a few minutes after the proposed resolution has been addressed. I now declare the poll open. I would like to remind you that shareholders who are attending the meeting virtually can submit written questions at any time in relation to proposed resolution, and these will be addressed at the appropriate time during the meeting. The shareholders who prefer to speak, you will have the opportunity to do so when we reach the Q&A session for the formal part of the meeting. I'll now turn to the resolution in today's notice of meeting, which pertains to the capital return. If you have questions on this item of business, please follow the questions process, which has been previously outlined by the Company Secretary. We will address your questions after the resolution. I now propose shareholders consider, and if thought fit, pass Resolution 1. That approval is given for the ordinary share capital of the company to be reduced by approximately AUD 37 million to be affected by the company paying each shareholder on the record date of 24 August 2023, the amount of AUD 0.40 for each ordinary share held at that time on the terms described in the explanatory statement. In respect to this item of business, the following proxies have been received as outlined in the presentation. I move that shareholders consider, and if thought fit, pass the ordinary resolution. We will now go to shareholder questions. Claire, did we receive any questions on resolution or does any shareholder wish to speak on the resolution?

We have not received any questions, Patrick.

Thank you. We'll move forward for the formal part of this meeting. I will now provide shareholders with an additional minute for poll voting to be completed. [Voting]

Thank you. As the additional minute is now up, I now declare the poll closed. Once poll results have been tallied by Computershare, we will announce the results later today on the ASX market announcements platform. The company has not received notice of any other business, that concludes the formal business of today's meeting, and I declare the meeting closed. We thank you for your attendance, and we look forward to your continued support.