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This Monday’s annual general meeting (AGM) has seen shareholders of The Agency Group vote on the real estate network’s future.
As well as looking to adopt the company’s remuneration report, shareholders were asked to vote on the re-election of director Matthew Lahood, and on the ratification of all aspects of the Peters Proposal.
All resolutions were passed on a poll.
This means that Mr Lahood has been re-elected as director, and the Peters Proposal – with options to Peters Investments – is to go ahead.
In an announcement on the ASX post-meeting, The Agency Group outlined the proposed issue of a number of options and convertible notes.
It also acknowledged the “unsolicited and conditioner” bidder’s statement from Magnolia Equities III Pty Limited, and noted “that one of the conditions of the offer has been defeated at today’s Annual General Meeting by virtue of shareholders approving resolutions”.
According to the board, it will review the statement from Magnolia and respond formally through a target’s statement “in due course”, and provide a formal recommendation to shareholders, who have been urged to take no action in relation to the offer or any document received by Magnolia until such time.
This Monday morning, prior to the AGM, Magnolia’s founder and CIO, Mitchell Atkins, implored “all AU1 shareholders to review the bidder’s statement and understand our concerns with the current direction and management of The Agency Group”.
“As the largest shareholder, we are distinctively aligned to ensuring the best outcome for all shareholders,” he said.
“We feel it is important that Directors of The Agency Group consider this alternative proposal and allow shareholders time to consider the detail provided.”
In the release of its bidder’s statement to market on 4 January 2021, Magnolia considered its offer to be “a superior alternative” to the Peters Proposal, and stated that while The Agency Group had raised concerns around Magnolia’s ability to fund its proposal, “this is now clearly not in question”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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