Locate Technologies Limited (LOC.NZ) Earnings Call Transcript & Summary

[ Hello, I'm Alexander Kelton ], Chair of Locate Technologies Limited, and I'm pleased to welcome you to today's Extraordinary General Meeting. Now it's just after 10 a.m. AEST, and as we have a quorum present, I do declare the meeting open. The meeting has been convened in accordance with the Corporations Act. If there are no objections, I move that the Notice of Meeting be taken as read. Today, I'm joined online by the Board of Directors. In the room here, I've got Steve Orenstein, the Managing Director and CEO; Michael Gayst, the Executive Director and Company Secretary; and online, I've got Mike Rosenbaum, an Independent Non-Executive Director. Today's meeting is being held through an online meeting platform that allows shareholders and proxies to attend the meeting virtually. All attendees can participate in the live webcast of the meeting. In addition, shareholders and proxies have the ability to ask questions and submit their online voting. In order to vote at this meeting, you will need to have registered your shareholding with our Automic share registry. If you haven't already done so, you can go to the Automic website indicated on the screen to register and log in to enable you to vote at this meeting. Questions can be submitted at any time. [Operator Instructions] Please start your question by typing in your shareholder SRN or HIN. This will allow the moderator to identify you as a shareholder. If you would like to ask your question verbally, type your SRN or HIN, then type, "I'd like to speak." Once you finish typing, please hit enter on your keyboard to send. Please note that while you can submit your questions from now on, I will not address them until the relevant time at the meeting. Voting instructions. Voting today will be conducted by way of a poll on all items of business. For the purposes of the poll, I appoint Matthew Hunter of Automic to act as the returning officer and to conduct the poll. Shareholders in attendance that have already submitted the votes by proxy should note that your votes will already be counted towards the poll. You do not need to lodge another vote unless you wish to change your proxy instruction. Shareholders in attendance that have not voted by proxy and wish to vote on the resolutions being put to the meeting today can do so by following the instructions provided in the Notice of Meeting. On your screen, there are instructions on how to vote once you are logged in into the online voting portal. Please note that the online voting portal is now open and will remain open until the poll has been declared closed. Your votes must have been submitted prior to the poll being closed for them to count. If you're a shareholder and wish to cast all your votes for a resolution, please mark in either the for, against or abstain box next to that resolution. If you wish to split your votes, please write the number of votes or portion of votes you wish to cast in the corresponding for, against or abstain boxes. Please note that the sum of the split votes must not exceed your total holding. If you are a proxy holder, a summary of the votes to which you are entitled will be shown. If the summary of votes included discretionary votes, these are yours to cast at your discretion. If you wish to cast the discretionary votes, please place a mark in the corresponding for, against or abstain boxes. If your summary of votes does not have any discretionary votes, you do not need to mark this in the system. Are there any questions in relation to the voting process?

No questions.

Okay. Well, you can submit your votes at any time. I will give you a warning before I move to close the voting. Overview of the resolutions. Proxies have been submitted from approximately 41 shareholders, representing approximately 120 million shares, being approximately 51% of the company's issued capital. I will declare the proxies received on a resolution before putting the resolution to a vote. I would like to highlight, where undirected proxies have been given in favor of the Chair, I will be voting in favor of all resolutions that is put to the meeting today. Now moving to the formal component of the meeting, in which only the items of business to present before the meeting today will be those specified in the Notice of Meeting. Only questions related to a particular business item will be taken during this time. Resolution 1, cancellation of warrants and the issue of shares to Pure Asset Management. The first item of business of the meeting is to seek shareholder approval for the cancellation of warrants and the issue of shares to Pure Asset Management. The resolution appears on the screen, and I will take it as being read. On the screen now are showing the details of the valid proxy votes on the resolution. I will now open this item for discussion. Are there any questions on this item, Resolution 1?

No questions.

No questions. I now put Resolution 1 to the meeting. Please cast your votes now. [Voting]

Thank you. Resolution 2, ratification of shares issued in a placement on the 29th of May 2025. This resolution seeks shareholder approval for the ratification of the prior issue of shares in the placement announced the 29th of May 2025. The resolution appears on the screen now, and I will take it as being read. Now on the screen, we'll show the details of the valid proxy votes on this resolution. I'll now open this item for discussion. Are there any questions, please?

No questions.

No questions. Thank you. I will now put Resolution 2 to the meeting. Please cast your votes now. [Voting]

Thank you. Resolution 3, ratification of issue of shares to PKN Consulting. This resolution seeks shareholder approval for the ratification of the prior issue of shares to PKN Consulting for acting as a corporate adviser of the placement announced on the 29th of May 2025. The resolution appears on the screen now, and I will take it as being read. Now on the screen, we'll show the details of the valid proxy votes on this resolution. I will now open this item up for discussion. Are there any questions?

No questions.

Thank you. I will now put resolution 3 to the meeting. Please cast your votes now. [Voting]

Thank you. Resolution 4, ratification of collateral shares to Novus. This resolution seeks shareholder approval for the ratification of the prior issue of collateral shares to Novus Capital in connection with the ATM facility. This resolution appears on the screen, and I will take it as being read. Now shown on the screen are the details of the valid proxy votes on this resolution. I will now open this item up for any questions, please.

No questions.

Thank you, Michael. I'll now put Resolution 4 to the meeting. Please cast your votes now. [Voting]

Thank you. Resolution 5, ratification of shares issued to Novus Capital under the ATM facility. This resolution seeks shareholder approval for the ratification of prior issue of shares to Novus Capital in connection with the ATM facility. This resolution appears on the screen now, and I will take it as being read. We'll now show on the screen the details of the valid proxy votes on this resolution. I will now open this item up for discussion, if there are any questions, please.

No questions.

I'll now put Resolution 5 to the meeting. Please cast your votes now. [Voting]

Ladies and gentlemen, we will now pause briefly to allow any final votes to be submitted. [Voting]

Thank you for that. I will now declare the poll closed. Results will be announced on the ASX and published on the company's website. Thank you again for attending today's Extraordinary General Meeting and for your ongoing support of the company. I now declare the meeting closed. Thank you, and good morning.

Thank you.