Shareholder Update - Announcement from the Murray Irrigation Board

The Murray Irrigation Annual General Meeting (AGM) is scheduled to be held on Thursday 30 November 2023. In recent weeks, a group of Murray Irrigation shareholders approached the company proposing two resolutions to be put forward at the AGM. The proposal was supported by a small percentage of shareholders who had signed letters of support.

The resolutions included:

• That Robert Burbury be removed as a director of the Company with immediate effect; and
• That Trisha Gorman be removed as a director of the Company with immediate effect.

To ensure governance and legal requirements were being met, Murray Irrigation undertook the required due diligence to determine the validity of these resolutions. It was found that the proposed resolutions did not meet the detailed legal requirements, and were therefore invalid.
 
In line with MIL’s constitution, shareholders can also seek Board approval of resolutions to be moved at the AGM. The two resolutions were presented to the Board for consideration at the Board meeting on Wednesday 25 October 2023. The Board resolved to not approve these resolutions; therefore, they will not be put to a shareholder vote at November’s 2023 AGM.
 
Board stability is critical to the efficient operation of any company, and the Board resolved these resolutions are not considered in the best interest of Murray Irrigation.
 
The Board was united in its determination to stabilise the company’s financial structure throughout the Business Review process earlier this year, and it remains united on this matter.
 
Murray Irrigation’s independent directors bring valuable knowledge and experience to the Board. The Board has full confidence in Robert and Trisha and the expertise and experience they bring to the company.
 
Regards,
Murray Irrigation Board of Directors