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

Thanks for your attendance. It is now just after 9:00 and we have a quorum of shareholders present, so I declare the meeting open. Today's meeting has been convened in accordance with the Corporations Act. If there are no objections, I would like to move that the notice be taken as read. Before we progress to the meeting, I would like to begin by introducing my fellow directors who are present online at this meeting. Steve Orenstein, the Managing Director and CEO; Michael Gayst, the Executive Director, CFO and Company Secretary; and Michael Rosenbaum, an independent Non-Executive Director. The company's auditors, Walker Wayland, is represented today by Edward Chow, who was responsible for the audit of the financial statements for the financial year ended 30th of June 2025. No written questions have been submitted by shareholders for Walker Wayland with respect to the conduct of the audit and the auditor's report. Walker Wayland would be pleased to address any questions shareholders might have during the course of the meeting. In regard to the agenda for today's meeting, we will run through the formal business of the meeting first, and I will give you the opportunity to ask questions on the resolutions proposed, then provide time for general questions and answers before I close the Annual General Meeting. 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 a live webcast of the meeting. In addition, the shareholders and proxies have the ability to ask questions and submit votes online. In order to vote at this meeting, you need to have been registered to shareholding with the 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. To ask a question, press the Q&A icon. This will open up a new screen. At the bottom of that screen, there is a selection to type your question. Please start your question by typing your shareholder, SRN or HIN, this will allow the moderator to identify you as a shareholder. If you would like to ask a question verbally, type your SRN or HIN, then type, I want to ask a verbal question. Once you have finished typing, please hit the enter button to send. Please note that while you can submit your questions from now on, I will not address the questions until the relevant time at the meeting. Voting today will be conducted by the way of a poll on all items of business. For the purposes of the poll, I appoint Mathew Hunter of Automic to act as the returning officer to conduct the poll. Shareholders in attendance that have already submitted a vote 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 submitted a vote by proxy on which 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 of how to vote once you are logged onto the online voting portal. Please note that the online voting portal is now open and will remain open until the poll is declared closed. Your votes must have been submitted prior to the poll being declared closed for them to count. If you are a shareholder, I wish to cast all of your votes for a resolution, please mark them either in 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 and abstain boxes. Please note that some of the split votes must not exceed your total vote holding. If you are a proxy holder, a summary of the votes to which you're entitled -- to which you're entitled will be shown -- if the summary of the votes -- if the summary of the votes includes 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 and abstain boxes. If your summary of votes does not contain any discretionary votes, you do not need to mark this in the system. Are there any questions in the voting process, please?

No questions.

Thank you. In order for you to provide enough time to vote, I now declare the voting open on all resolutions. You can submit your votes at any time, and I will give you a warning before I move to close the voting. Proxies have been received from 32 shareholders representing approximately 83 million shares, being approximately 34% of the company's issued capital. I will declare the proxies received on a resolution before putting the resolution to the vote. I would like to highlight that whether any undirected proxies have been given in favor of the chair, I will be voting those proxies in favor of the resolutions being 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. And only questions relating to a particular item will be taken during this time. Presentation of the financial statements. The first item of business of the meeting today is the consideration of the audited financial statements and related reports for the year ending the 30th of June 2025. There is no formal resolution required for this item, but I do invite questions and comments. Are there any questions and comments on the financial reports or the reports of the directors and auditors.

No questions. Drew.

Thank you, Michael. If there are no questions, I will ask the Company Secretary to record that the financial report for the company and its controlled entities for the year 30th of June 2025, together with the Director's report and the auditor's report have been received and considered by shareholders. Thank you. Resolution 1 is the remuneration report. The next item of business, Resolution 1, is the resolution to adopt the company's remuneration report which is set out in the company's 2025 annual report. The presentation of the remuneration report is a requirement for all listed companies. Information concerning executive and director remuneration is included in the director's report in the annual report under the heading Remuneration Report. It is to be considered at this meeting as a separate item for the consideration of the audited from -- as a separate item from the consideration of the audited financial statements and reports. The Board is committed to ensuring that the group's remuneration policies are fair, competitive and responsible, and that we communicate the remuneration arrangements with clarity. We've aimed to do this in 2025 and the 2025 remuneration report that is before you today. Please note that as per the explanatory memorandum, key managers personnel, including Directors are excluded from voting on this resolution. The resolution now appears on the screen, and I will take it as being read. On the screen now are the details of the valid proxy votes on the resolution. I'll now open this resolution for discussion. Are there any questions on the resolution, please.

No questions.

Okay. Thank you, Company Secretary. I will now formally put this resolution to the meeting. Please cast your vote on the resolution. Thank you. I will now move on to Resolution 2. Resolution 2 is the election of Director, Mr. Michael Gayst. The next item of business relates to the election of the director, Mr. Michael Gayst. Mr. Michael Gayst, who is appointed Executive Director of the company on the 23rd of July 2021, and his background has been summarized in the notice of meeting. The resolution appears on the screen, and I will take it as being read. On the screen now are the details of the valid proxy votes on the resolution. I will now open this item for discussion. Are there any questions, please?

No questions, Drew.

Thank you Michael. I will now formally put this resolution to the meeting. Please cast your vote on the resolution. I will now move on to Resolution 3. Resolution 3 is the approval of the selective buyback of the collateral shares from Novus. The next item of business relates to the buyback of all collateral shares from Novus for no consideration. The collateral shares were issued to Novus in order to activate the ATM at the market facility. The ATM facility is now being terminated and hence, the collateral shares issued to Novus are proposed to be bought back and canceled by the company. The resolution appears on the screen, note that this is a special resolution are requiring 75% of votes cast in favor of the resolution in order for the resolution to pass. I will take the resolution as being read. On the screen now are the details of the valid proxy votes on this resolution. I will now open this item up for discussion. Are there any questions, please?

No questions Drew.

Thank you, Michael. I will now formally put this resolution to the meeting. Please cast your vote on the resolution. [Voting]

Ladies and gentlemen, that now concludes the formal items of business. In a couple of minutes, I will close the voting system. Please ensure that you have cast your votes on all resolutions. I will now pause to allow you time to finalize all of your thoughts. Thank you. I'll now close the polls. When the voting has been collated, the results declared on each resolution will be released on the ASX and published on the company's website. I will now open the meeting for any questions on any matters considered at today's Annual General Meeting.

No questions Drew.

Thank you, Michael. This concludes the formal business of today's meeting. Thank you very much for your attendance and your continued participation in the company. I now declare the Annual General Meeting closed. Thank you, and good morning.