Vecima Networks Inc. (VCM) Earnings Call Transcript & Summary

Greetings, and welcome to the Vecima Networks Annual General Meeting. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Sumit Kumar, President and CEO of Vecima Networks. Thank you. You may begin.

Good morning, ladies and gentlemen. The special meeting of Vecima Networks Inc. will now come to order. My name is Sumit Kumar, and I'm the President and CEO of the company, and I'll act as Chair of this meeting. This year, out of an abundance of caution and to proactively deal with the health concerns of COVID-19 and in compliance with current government direction, the corporation is holding today's meeting in a virtual-only format via live audio cast that shareholders have telephoned into. I'll ask Mr. Peter Torn, Corporate Secretary, Vecima Networks Inc., to act as Secretary for this meeting. And with the consent of the meeting, I'll ask Melanie Chan from Computershare to act as scrutineer of the meeting. The secretary has tabled for inspection by any shareholder or proxy holder, the confirmation that the notice calling this meeting was mailed to shareholders in accordance with the bylaws of the company and applicable law. With the consent of the meeting, the reading of the notice of the meeting will be dispensed with, and I'll ask the secretary to append the confirmation of mailing to the minutes of this meeting as of schedule.

Yes.

The scrutineer will now read the -- the scrutineer will now read the scrutineers report.

The scrutineer reports 0 shareholders in person representing 0 shares, 73 shareholders by proxy representing 19,518,314 shares, bringing 73 total shareholders holding 19,518,314 shares. And the percentage is 86.89% of the shares issued and outstanding. Chairman?

Okay. I adopt the scrutineer's report and declare accordingly that a quorum is present. As there is a quorum present and as adequate notice of the meeting has been given, I now declare this meeting to be regularly called and properly constituted for the transaction of business. Since this meeting is held virtually, all resolutions today will be by telephone confirmation. To record your acknowledgment during the meeting, no special code is needed. The telephone operator will read instructions to the online shareholder and then shareholders will press star one on the telephone keypad to raise their hands to affect the vote. The first item of business before the meeting is to consider and if deemed advisable, approve an ordinary resolution to adopt the performance share unit plan until July 28, 2023, which is the date that is 3 years from the date of this meeting and the requirement of the Toronto Stock Exchange. As set out in the information circular, the corporation believes that in order to properly incentivize and compensate its employees and management, the performance share unit plan should be adopted. Further, as set out in the circular, this plan fixed the maximum number of performance share units at 4% of the outstanding shares of the corporation, which was, as of June 23, 2020, 897,275 shares. Also, as part of this resolution, we are looking for the approval and ratification of the granting of 578,830 performance share units to management and employees of the corporation that was approved by the directors on June 1, 2020, as set out in the information circular. I now ask for someone to move the resolution to approve the adoption of performance share unit plan and also to ratify, confirm and approve granting 578,830 performance share units. Who will move the motion? So as we're on the telephone line, I'll proceed to move the motion myself. And who will second the motion?

I second it. That's Surinder Kumar.

Thank you. And is there any discussion on this motion? Operator?

[Operator Instructions] There is no one in the discussion queue at this time.

Okay. Thank you. So we'll proceed with the voting. All those in favor of the motion, please signify it by -- signify your approval by pressing star one on the telephone. [Voting]

And for myself on the live line, I will proceed with an aye.