end-week-asx-12-11-feature-2021
This week saw AGMs held, Jobkeeper notices released, and IAP reject 360 Capital’s proposal. Image: Canva.
  • IAP rejected a revised indicative proposal from 360 Capital
  • Philip Garling retired as a director of CHC
  • More than 95% of votes were in favour of the LLC remuneration report

During this AGM season: Lendlease avoided a second strike, with more than 95% of shareholders voting in favour of the remuneration report, and Charter Hall Group (ASX: CHC) came close to a first strike, with just over 22% voting against the remuneration report.

Companies also made their ESG (environmental, social and corporate governance) messages clear, and JobKeeper notices rolled in.

The mid-week wrap can be found here.

The broader market

The ASX200 closed today at 7,443 points, up 61.1 points from yesterday, but still down for the week, the market having opened on Monday at 7,456.90.

asx-end-week-12-11-2021-graph
Image: Google.

Top-performing ASX listed real estate company shares: 12 November 2021

Company Code Price ($) Change (%)
US Masters Residential Property URF 0.33 +11.86
Elanor Retail Property Fund ERF 1.13 +4.15
Eureka Group Holdings EGH 0.72 +3.60
Victory Offices VOL 0.16 +3.23
CIMIC Group CIM 19.40 +2.32

Source: ASX

In addition to the top performers, the bottom five (from fifth lowest to lowest) were:

Least-performing ASX listed real estate company shares: 12 November 2021

Company Code Price ($) Change (%)
Peet PPC 1.13 -1.74
Lendlease LLC 10.41 -2.44
Openn Negotiation OPN 0.15 -3.23
Proptech Group PTG 0.615 -3.91
Cedar Woods CWP 5.45 -4.72

Source: ASX

The movement

Thursday saw the annual general meetings for the REA Group (ASX: REA), GDI Property Group (ASX: GDI), Ingenia (ASX: INA), and Charter Hall Group (ASX: CHC).

Notable was the remuneration report vote for CHC, which saw 77.20% vote for and 22.73% against by proxy, the total votes were 77.53% for and 22.47% against. This came close to the 25% against vote which would trigger a ‘first strike’.

Also on Thursday, Charter Hall Group (ASX: CHC) bade farewell to Philip Garling, who retired as director. Mr Garling joined the board in February 2013, was the Chair of the Investment Committee, member of the Remuneration and Human Resources, and Nominations Committees.

Today, Irongate Group (ASX: IAP) announced it rejected a revised indicative proposal from 360 Capital. The new price 360 Capital put on stapled securities is $1.6547.

360 Capital expressed its disappointment in a statement to the market.

The company said “360 Capital is surprised the IAP Board has not given its security holders the opportunity to be aware of and to consider the Improved Indicative Proposal before releasing its Improved NBIO Rejection Announcement.”

Lendlease (ASX: LLC) held its AGM today, with all motions passing with majorities above 95%. The remuneration report received a total of 96.61% votes for, avoiding a second strike.

General meetings were also held for Centuria Office REIT (ASX: COF) and WOTSO (ASX: WOT); WOTSO also held an AGM.

Jobkeeper details

No. of individuals for which payment  received 1 Sum of payments received2 Voluntary repayment3 Repaid amount4
Company ASX Code FY1 FY2 FY1 FY2 FY1 FY2
CIMIC Group Limited CIM 1116 695 $19,700,700 $831,300 Yes $0 $20,532,000
Aventus Holdings Limited AVN 60 58 $537,000 $585,000 No $0 $0
Cedar Woods Properties Limited CWP 86 84 $514,500 $1,083,000 No $0 $0
Ingenia Communities Holdings Limited INA 487 498 $2,905,500 $6,519,000 Yes $0 $1,700,000
Charter Hall Social Infrastructure REIT CQE 0 0 $0 $0 N/A N/A N/A
Lendlease Corporation Limited LLC 762 0 $6,777,000 $0 No $0 $0

~~

The descriptions as seen on the JobKeeper Payments Notification, a notice for release to the market under subsection 323DB(1) of the Corporations Act 2001- Jobkeeper payment disclosure by listed entity is as follows:

  1. The number of individuals for whom the listed entity or a subsidiary of the listed entity received a jobkeeper payment for a jobkeeper fortnight that ended in the financial year (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits ) Rules 2020).
  2. The sum of all jobkeeper payments the listed entity, and each subsidiary of the listed entity, received in a jobkeeper fortnight that ended in the financial year.
  3. Has the listed entity or a subsidiary of the listed entity, made one or more voluntary payments (whether or not in the financial year) to the Commonwealth by way of a repayment of jobkeeper payments received by the listed entity or a subsidiary of the listed in the financial year?
  4. If the listed entity or a subsidiary of the listed entity has made such a voluntary payment or payments – the sum of those payments:
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