- Goodman Group shareholders voted against a spill motion
- AV Jennings will go to a spill, likely in February 2023
- Some 17 AGMs were held this week for the real estate sector
This week has seen 17 AGMs held for ASX-listed real estate companies. While largely uneventful, two companies received second strikes, including Goodman Group and AV Jennings.
While only some 1% of Goodman Group shareholders voted for a spill motion, over 50% of AV Jennings shareholders decided to go ahead with a spill.
Head to the end of the article for GMG and AVJ results.
Sunland Group (ASX: SDG)
The developer saw its remuneration report pass with over 97% for proxy votes and over 98% for total votes cast in the poll (where applicable).
The re-election of Ron Eames as a director also passed, proxies were 88.97% and total 90.22%.
Lifestyle Communities (ASX: LIC)
LIC saw the remuneration report passed with an over 98% majority; the election of Clair Elizabeth Hatton passed with over 99% majority, similarly, the re-election of The Honourable Nicola Louise Roxon as a director passed with an over 99% majority.
Raptis Group (ASX: RPG)
Raptis saw remuneration reports passed with 1,347,263 votes for, nil against, 22,061 discretion, nil abstain, and 97,461,432 excluded.
The re-election of Malcolm Cory as a Director, Removal of Nexia Sydney Audit as auditor and appointment of Hall Chadwick QLD as auditor all passed with 98,798,220 votes for 10,475 votes against, and 22,061 discretion.
Hotel Property Investments (ASX: HPI)
HPI saw its remuneration report voted through with a circa 90% majority, while the election of Director Lachlan Edwards was passed with a 98% majority.
The issuance of performance rights to Don Smith passed with 97%, and the two motions for the reinsertion of proportional takeover provisions in the constitution, and trust deed were both passed with 99%.
Axiom Properties (ASX: AXI)
Axiom saw its remuneration report passed with a show of hands, with proxies for the resolution 186,702,790 and against 180,000. Abstentions were 29,605, with discretion 6,473,327.
The re-elections of Ian Laurence, AM, as a director, and Liu Ying Chung, as a director, both passed with large majorities.
DomaCom Limited (ASX: DCL)
The fractional investment platform is in the midst of seeking readmission to ASX quotation, with recent activity included in this wrap here.
DomaCom’s remuneration report was carried out, with instructions given to validly appointed proxies for 43.80% and against 4.16%, proxy’s discretion 52.04%. The number of votes cast on the poll was 96.35% for and 3.65% against.
The company had a total of nine resolutions, all carried.
Vicinity Centres (ASX: VCX)
The shopping centre company took seven resolutions to the AGM, with all motions carried.
Vicinity’s remuneration vote passed with over 99% for.
Charter Hall Group (ASX: CHC)
The five resolutions included the re-election of director David Clarke, the re-election of director Karen Moses, relevtion of director Greg Paramor, AO, remuneration report, issue of service rights to David Harrison, and issue of performance rights to David Harrison.
Cromwell Property Group (ASX: CMW)
Cromwell’s AGM saw the re-election of three directors: Gary Weiss, AM, Joseph Gersh, AM, and Lisa Scenna all carried, with the remuneration report passing with a 99% majority.
Ingenia Communities (ASX: INA)
Ingenia’s AGM saw the remuneration report pass with over 96%. The election of John McLaren was passed, along with the re-election of Robert Morrison. Remuneration and incentives for Simon Owen was also voted through, with approval of revised director’s deed, and increase in non-executive director fee pool all passing.
Growthpoint Properties Australia (ASX: GOZ)
Growthpoint’s AGM saw eight resolutions, with the remuneration report passing with 98%.
Josephine Sukkar was re-elected as a director, and the remuneration of non-executive directors was also passed, at 99%.
Two special resolutions were carried, including amendments to the company’s constitution, and amendments to the trust’s constitution.
Goodman Group (ASX: GMG)
The Goodman Group had 12 resolutions at the AGM, one of which included the spill resolution. The spill resolution was not approved, with the remainder all approved. The remuneration report, while approved, received 28.91% votes cast against the motion, hence the second strike.
In November 2021, the Goodman Group saw 41.68% of votes cast against the remuneration report, substantially higher than this year, with this year’s 28% closer to the 25% required for a strike.
The spill resolution saw only 1.13% of votes cast for, with an overwhelming majority of 98.87% voting against the spill motion.
Aspen Group (ASX: APZ)
At Aspen’s AGM, shareholders voted in favour of the remuneration report (96.3% for, proxy; 99.86% for, poll). Clive Appleton was re-elected as a director, with other motions including the approval to issue stapled securities to John Carter, and David Dixon; and grant of performance rights to both Mr Carter, and Mr Dixon.
AV Jennings (ASX: AVJ)
AV Jennings saw its second strike in this year’s AGM, with the company’s shareholders voting for a spill resolution. AVJ said it will hold a special meeting in February 2023, with more details to come.
The remuneration report saw 36.28% proxy votes for, and 46.12% against, with 17.61% discretionary. Total votes cast in the poll saw 53.96% vote for, and 46.04% vote against.
The re-election of Simon Cheong as director saw 85% of proxy votes in favour, with 90% for cast in the poll. Lai Teck Poh’s re-election saw similar numbers.
Mak Lye Mun was elected director, with proxy votes for coming in at 81.9% and total votes cast in the poll 87.30%.
The spill resolution saw 52.73% of proxies vote for, and 29.50% vote against, with 17.77% discretionary. Total votes cast in the poll for the spill resolution saw proxy votes for at 52.73%, proxy against 29.50%, proxy discretionary 17.77%, total votes cast in the poll for 52.63%, and against 47.37%.
Mirvac (ASX: MGR)
Mirvac’s AGM saw the re-election of Jane Hewitt and Peter Nash, with Damien Frawley elected. The remuneration report saw 93.69% proxy votes in favour, 4.62% proxy votes against, 1.60% direct vote for, 0.05% direct vote against, and total votes cast in the poll for 95.32%, and 4.68% against.
Lendlease (ASX: LLC)
Lendlease’s AGM saw the election of Nicholas Collishaw as a director and the re-election of David Craig and Nicola Wakefield Evans.
The remuneration report saw over 88% votes in favour, with 10% against, and the approval of allocation of performance rights to the managing director saw over 95% votes in favour.
