Adcorp Australia's FY18 AGM Results- Things That You Need To Know

  • Jan 21, 2019 AEDT
  • Team Kalkine
Adcorp Australia's FY18 AGM Results- Things That You Need To Know

Adcorp Australia Limited (ASX: AAU), domiciled in Australia, is engaged in providing marketing solutions such as video production and marketing solutions; website design, development, and database support services; and digital marketing services and consulting. It caters to the government, human resources, real estate, motor vehicle, education, and retail markets.

On 19 October 2018, the company issued a notice to its members regarding the Annual General Meeting which was held at Grand Thornton, Level 17, 383 Kent Street, Sydney on 19 November 2018 at 12:00 pm (AEDT). The agenda of the AGM were 2 resolutions and 1 item set. People who held the shares of the company as on 17 November 2018 at 07:00 pm (AEDT) were eligible to cast their vote and had a right to appoint a proxy (if the shareholder held two or more shares) after depositing the proxy form at the registrar of the Company.

Item 1 was regarding the Annual Financial Report including the Financial report, Director's report and Auditor's report that was presented at the AGM. Members were allowed to ask questions regarding these reports, the business operations, and the management but were not required to approve the same. The annual report was published on 19 October 2018.

Resolution 1 was regarding the remuneration of the management (Remuneration Report). This report explained the policy and process for calculating the remuneration of its executives and employees, the relationship between the company’s performance and the executive remuneration, and remuneration details for each director and executive for FY18.

Resolution 2 was regarding the Re-election of Mr. David Morrison as the Director for a further term of three years. Under the Clause 12.9, one-third of the directors and any director, at the next AGM, have held the office for more than three years will automatically retire and will be eligible for re-appointment according to which Mr. David Morrison stood for re-election.

The meeting was held on the scheduled date, i.e., 19 November 2018. Gloria Serobe, the Chairman of the company, addressed the AGM. A total of 409,605,550 votes were cast with the following results:

For Resolution 1, out of the total 409,605,550 votes, 9,809,709 votes were in favour of the motion, 1,957,899 votes were against the motion, 35,890 votes abstained, 397,744,528 votes were excluded or were marked invalid, and 57,524 votes were undirected of which 45,024 votes were cast with the chair as a proxy. The motion was carried on a show of hands with over 75% in favour of the resolution.

Similarly, for Resolution 2, out of the total 409,605,550 votes, 408,548,264 votes were in favour of the motion, 613,762 votes were against the motion, 386,000 votes abstained, no vote was excluded or was marked invalid, and 57,524 votes were undirected of which 45,024 votes were cast with the chair as a proxy. It was also carried on a show of hands.

On 31 October 2018, the company declared its quarterly report for the quarter ending September 2018. During the quarter, the company reported net cash used in operating and investing activities of $889K and $261K million respectively and net cash from financing activities of $1.353 million. The cash and cash equivalents at the end of the quarter was marked at $1.670 million and estimate cash outflows of $9.209 million for next quarter.

Looking at Adcorp Australia Limited’s stock performance and the return it has posted over the last few months, the stock has generated a positive return of 14.76% during the past six months. It is currently trading at $0.008 (as on 21 January 2019, 15:30 AEST) with no change in the price during the day’s performance. The company has ~ 455.07 million shares outstanding with the market cap of circa $3.64 million.


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