RE:RE:RE:The way institutional investor's think Ace,
Quite a few. An advantage of having retired nearly 20 years now
As per the notice the following business was to be conducted at the AGM in Vancouver:
NOTICE IS HEREBY GIVEN that the Annual General and Special Meeting (the “Meeting”) of shareholders of Exro Technologies Inc. (“Exro” or the “Company”) will be held at Suite 1700, 666 Burrard Street, Vancouver, BC V6C 2X8, on Friday, June 30, 2023, at 11:00 a.m. (Pacific Time) for the following purposes:
1. to receive and consider the audited consolidated financial statements of the Company for the financial year ended December 31, 2022, and the report of the auditors thereon;
2. to set the number of directors at six;
3. to elect the board of directors of the Company for the ensuing year;
4. to appoint the auditors for the ensuing year at a remuneration to be fixed by the directors;
5. to approve the Exro Omnibus Long-Term Incentive Plan;
6. to ratify and approve certain grants made under the Exro Omnibus Long-Term Incentive Plan;
7. to amend the Company’s articles to adopt advance notice provisions in respect of the nomination of directors; and
8. to transact such other business as may be properly transacted at the Meeting or at any adjournment thereof
Every EXRO shareholder has a right to attend any AGM they wish but those that did would or should have known well in advance what to expect. After all they knew where it was being held and the company telegraphed that message pretty well.
And to my point, some on this board suggested that management was discouraging attendance in their communications with the commonly used phrase
While registered shareholders are entitled to attend the Meeting in person, we recommend that all shareholders vote by proxy and accordingly ask that registered shareholders complete, date and sign the enclosed form of proxy, or another suitable form of proxy, and deliver it in accordance with the instructions set out in the attached form of proxy and the Information Circular.
If the shareholder attendees were seeking to add new matters of business then they had the right and obligation to other shareholders to put those to management with proper notice so that management could address them by adding them to the business agenda. Period.
My guess is that those attending thought they would get an opportunity to play meet and greet and then ask specific questions the answers to which may influence their investment in the company. That is not how the system works. Thankfully.
AGMs are controlled for a very good reason. Debate if any arises when it comes time to vote on matters before shareholders. Rarely are they used or suitable for adhoc Q& A periods for the simple reason that they can lead to disclosure issues.
One of the major benefits of large or scaled AGMs is the opportunity to meet with and discuss investments with other shareholders. I look forward to a time soon when EXRO holds such an event.
In the meantime I am happy to state that I never considered flying out to Vancouver for a 1 hour meeting in a lawyers conference room with only a dozen or so attendees and no pressing business worthy of consideration.