Shareholder Update - 2023 Annual General Meeting special resolution results

30 November 2023

Murray Irrigation hosted our 2023 Annual General Meeting (AGM) at 10.00am today.

Three special resolutions were presented for voting during the formal proceedings. Two of these special resolutions sought modifications to the company's Constitution, while the third related to a share register administrative matter.

All three special resolutions were carried.

You can view the final Poll Declaration from today's AGM on our company website.

View results of the 2023 AGM special reslolutions

Two new Directors, Brendan Barry and Troy Mauger, were also confirmed to the Board during the formal proceedings.

Outgoing Chair, Noel Baxter, provided the AGM with an overview of the company's activities over the past year.

He also spoke about the new measures that have been put in place, following a comprehensive business review undertaken during the year, to ensure the long-term financial viability of the company.

In his CEO address, Ron McCalman informed the AGM that, despite a projected budget loss of $7.8 million, Murray Irrigation delivered a profit of $900k during 2022/23.

With the Restoring Our Rivers Bill passed in the Senate this week, Mr McCalman said financial stability is now more critical than ever to ensure the company is in a strong position to weather the impact of a fresh round of water buybacks.

He also detailed some of the forward-looking initiatives Murray Irrigation has in the pipeline, including the proposed addition of a new forward allocation product to its WaterWell suite. The company will consult with shareholders throughout December and early 2024 to seek their input into this proposed product.

You can read more about the AGM via the link below.