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

Greetings. Welcome to the 2023 Annual General Meeting for Vecima Networks Inc. [Operator Instructions]. I will now turn the conference over to the Chairman of today's meeting, Sumit Kumar. Thank you. You may begin.

Thank you. Ladies and gentlemen, the Virtual Annual General Meeting of Vecima Networks 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 Chairman of this AGM. This AGM is taking place via telephone. After the end of the AGM, there will be an opportunity to ask any additional questions should you have them. I now ask that the 2023 Annual General Meeting of Shareholders of the company come to order. I'll ask Heather Asher, the Corporate Secretary of the company, to act as secretary for this meeting. If you have an objection or question regarding the appointment of the secretary, you now have a moment to submit your objection or question. As no objections have been received, I'll now move to the appointment of scrutineer. With the consent of the meeting, I'll ask Olivia Craven of Computershare to act as scrutineer of the meeting. If you have an objection or a question regarding the appointment of the scrutineer, you now have a moment to submit your objection or question. As no objections have been received, I'll now move to the constitution of the meeting. The secretary has tabled for inspection by any shareholder or proxy holder a 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 a schedule. Heather Asher will now read the preliminary scrutineer's report.

The preliminary scrutineer's report reads as follows: of the total shares voted, we have 17,948,373 shares, which represents 73.86% of the total outstanding shares.

I adopt the preliminary scrutineer's report and declare accordingly that a quorum is present. As there is a quorum present and as adequate notice of this meeting has been given, I now declare this meeting to be regularly called and properly constituted for the transaction of business. As a matter of procedure, I ask that persons wishing to speak during this meeting please identify themselves by name on the telephone and indicate that they are a shareholder, or, if a proxy holder, their name and the name of the shareholder they represent by proxy. I've been advised that we have guests at this meeting or we may have guests at this meeting other than shareholders and proxy holders. I welcome all guests. However, I'd like to remind them that they do not have the legal right to vote on any resolution and are not entitled to address or ask questions at the meeting. Since this meeting is held virtually, all resolutions [ of the meeting ] 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 shareholders and the shareholders will press *1 on the telephone keypad to raise their hand to effect a vote. We remind you that if you are a registered shareholder and you have already voted by proxy, unless you wish to change your vote, you do not need to vote again. I'll now present the financial statements of the company for the fiscal year ended June 30, 2023, and the report of the auditors thereon, which were mailed to applicable shareholders prior to this meeting. Copies of the circular, the financial statements and other meeting materials are available on the company's website or under the company's profile on SEDAR+. I direct that the secretary now table the same. If there are any questions which any shareholder would like to ask in respect to the financial statements and the report, I'd be glad to answer them or call on others to do so. As there appear to be no questions, I'll proceed to the next item of business. The next matter is the nomination and election of directors. The Board of Directors presently consists of 6 directors. Management proposes to elect 7 directors for the ensuing year. I now move to fix the number of directors for the ensuing year at 7. Who will second the motion.

This is Dean Rockwell, shareholder. I will second the motion.

Thank you, Dean. Is there any discussion on this motion? All those in favor of this motion, please signify this by your approval using the telephone. [Voting]

Against? [Voting]

I declare this motion duly carried. I shall now proceed with the nomination of directors. This meeting is now open for nominations for election as a director for the ensuing year. I'll now read the names of the persons nominated as directors as listed in the company's information circular: Dr. Surinder Kumar, Mr. Sumit Kumar, Mr. Danial Faizullabhoy, Mr. James A. Blackley; Mr. Scott Edmonds, Mr. Rick Brace and Mr. Samuel Chernak. The company has received the written consent of each of these nominees to act as a director of the company. Are there any further nominations? Since there are no further nominations, I'll declare the nominations closed, and I declare the nominations closed. Since the number of nominees is the same as the number of vacancies to be filled, I now move that the persons nominated for election as directors be elected as directors of the company to hold office until the next AGM. Who will second the motion?

Dale Booth, shareholder. I second the motion.

Thank you, Dale. Is there any discussion on this motion? All those in favor of this motion, please signify this by your approval using the telephone. [Voting]

Against? [Voting]

I declare this resolution duly carried. The next item of business before the meeting relates to the appointment of auditors of the company. I now move that Grant Thornton LLP, chartered accountants, be reappointed as auditors for the company for the ensuing year and that the directors be authorized to fix their remuneration. Who will second the motion?

Clay McCreery, shareholder. I second the motion.

Thank you, Clay. Is there any discussion on this motion? All those in favor of this motion, please signify this by your approval using the telephone. [Voting]

Against? [Voting]

I declare this resolution duly carried. That will conclude the formal items of the business for the meeting. I now propose the meeting be concluded, unless there is any further business. If you'd like to raise any further business at this meeting, you can do so now. Now that all further business has been addressed, I now declare the formal part of the meeting to be concluded. I'll now provide an opportunity to ask any additional questions should you have them. Okay, hearing no further questions, I now consider the meeting to be concluded. I Thank you all for your attendance, and hope that you have a good day. Thank you.

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.