Audit uncovers Wellard polling error

19 Dec, 2016 02:00 AM
Wellard chief executive officer Mauro Balzarini.
Wellard chief executive officer Mauro Balzarini.

AN audit has exposed an error in the counting of Wellard Limited's poll results at its recent annual general meeting (AGM).

The live export company advised shareholders on the Australian Stock Exchange (ASX) that after conducting an audit on the poll results of its AGM on November 29, a calculation error arose from a shareholder being incorrectly excluded from voting on resolutions one, six and seven.

Wellard stated in an announcement to the ASX, poll results had been recalculated to include the shareholders votes, which left only two non-approved resolutions.

Resolution six, which called for the adoption of the board's executive share option plan, and resolution seven, which comprises an option issue to Wellard chief executive officer Mauro Balzarini were both declared to be initially rejected following the meeting, however both were approved following the audit.

The push by shareholders headed by Tariq Butt, to have a nominee installed on the board, remained opposed by stakeholders.

It was yet another blow for the company which floated on the ASX a year ago - a year Mr Balzarini said he would like to put behind him.

Mr Balzarini said it was a year where anything that could go wrong, did.

"We look forward to 2017 and put this year behind us," he said.

"In accordance with Listing Rule 3.13.2 and section 251AA(2) of the Corporations Act 2001, details of updated proxy/direct votes, and votes cast for each resolution, are attached," the company said in its ASX statement.

"The updated results affect the outcome of Resolutions 6 and 7 only."

The updated results of all resolutions put forth at Wellard's AGM is as follows;

* Resolution 1 - Remuneration Report Received first strike - this is an advisory resolution only and does not bind the directors of Wellard.

* Resolution 2 - Mr Griffiths appointment - approved

* Resolution 3 - Mr Wheeler appointment - approved

* Resolution 4 - Mr Clausius appointment - approved

* Resolution 5 - Appointment of auditor - approved

* Resolution 6 - Adoption of ESOP Plan approved - previously not approved

* Resolution 7 - Option issue to Mr Balzarini approved - previously not approved

* Resolution 8 - 10 per cent Placement Capacity - not approved

* Resolution 9 - Mr Dennison appointment - not approved

* Resolution 10 - Mr Klepec appointment - approved

Jacinta Bolsenbroek

Jacinta Bolsenbroek

is a senior journalist at Farm Weekly


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