Peoplein Limited (PPE) Earnings Call Transcript & Summary

Thank you for standing by. And welcome to the People Infrastructure Ltd Extraordinary General Meeting. I would now like to hand the conference over to Glen Richards, Chairman. Please go ahead.

Thank you. Good morning. I'm Glen Richards, Chairman of the Board of Directors of People Infrastructure. Ladies and gentlemen, it's now 10 o'clock. A quorum is present. And I, therefore, have the pleasure in declaring this Extraordinary General Meeting of the shareholders of People Infrastructure Ltd open. I welcome each of our shareholders here. Before I proceed, I just -- with the business of the meeting, I'd like to introduce my fellow directors who are also attending virtually: Declan Sherman, our Managing Director; Thomas Reardon, our Executive Director; and also present on virtual is [ David Kuter ], executive team; as well as Kim Bradley-Ware, our company secretary. Shareholders will be given the opportunity to ask questions in relation to the company's capital raise and the management of the company at the appropriate time. But we have now come to the more formal consideration of the matters before the meeting today. The Notice of Meeting dated the 23rd of April 2020 was circulated to members, and I'll take the Notice of Meeting as read. Before moving on to the various resolutions to be considered today, I'll now briefly outline the meeting and voting procedures for today's meeting. I'll put each resolution to the meeting for questions or comments and then put the resolution to a poll. Link Market Services will collect the electronic votes. I now declare the poll open. Upon the conclusion of the formal items of business, shareholders will be allowed a further 5 minutes to complete their voting card, which will be indicated by a red timer on the top of your screen. If you are an eligible shareholder, please submit your vote or ask a relevant question using the online facility at any time and your question will be addressed during the relevant item of business. For assistance on registering a voting card or asking questions, please refer to the online user guide or to the help line provided on the top of your screen. As Chairman of the meeting, I intend to vote all available proxies in favor of all of the resolutions at the meeting. I'll now move to the business of the meeting. So resolution 1, approval to issue second tranche SPP Shortfall Shares. That's now been withdrawn, and that's as a result of the oversubscription of the SPP by eligible shareholders. There was no shortfall under the SPP offer. And accordingly, PPE announced on the 14th of May 2020 that Resolution 1, that is approval to issue second tranche of SPP shortfall shares, was being withdrawn and will not be put to shareholders at today's meeting, which means we can move on to Resolution 2, which is the ratification of prior issue of placement shares issued under ASX Listing Rule 7.1. So the resolution of the meeting is the ratification. So if you get the slide up now on the screen, Slide 3 there. Thank you. So further details about the resolution are contained in the explanatory memorandum that accompanied the Notice of Meeting. I'm required by law to disclose the proxies, and here they are. So at the moment, we have 11.5 million in favor against 26,000, no one abstaining and a proxy discretion of 162,000. Are there any questions via the virtual platform?

No questions have been received.

Sorry, Kim, can you repeat that?

No questions have been received.

Okay. Thank you. Just keeping the meeting efficient. If there is no further discussion, I now put the meeting resolution 3, and I declare the poll open. And I'll now move on to the next item of business, which is resolution 3 of the meeting is the ratification of prior issue of placement shares issued under ASX Listing Rule 7.1A. So we should be looking at Slide 4. Further details about the resolution are contained in the explanatory memorandum that accompany the notice of meeting. And I am required by law to disclose the proxies, and here they are. So we are sitting at 11.5 million shares who voted in favor, 29,427 against, no abstaining and a proxy discretion of 159,000. Again, are there any questions via the virtual platform, just to ask company secretary. Kim?

No questions have been received, Glen.

Okay. No discussions, no questions, very efficient meeting. So I'm going to close the poll. If there's no further discussion, I now put to meeting resolution 3. Please record your vote by ticking the relevant for, against or abstain box on your voting card. The poll will remain open for a further 5 minutes. After the polls have been counted, the results of the meeting will be released to the ASX. And we can all view that on the ASX platform. Thank you, ladies and gentlemen. That concludes the business, as set out in the Notice of Meeting. May I take this opportunity to thank you all once again for attending and participating. I now declare the meeting closed.