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Minutes of Annual General Meeting No. 10
Held on 8th November 2011 at 7p.m., at Caboolture Golf Club.
Board Members Present:
Roy Mollenhagen (Chairman), Chris Morris(Secretary), Joseph Law, Robert Walsh, Kevin Colbran and Teena Tolhoek.
70 members attended. The Chairman introduced two Guests, Laurie Sleeman and George Tsiros from our recent investment company, Diversified Technology Holdings Pty Ltd.
Apologies from Board Members:
Mike Burgess (Ill)
Apologies from Members:
Fred and Lois Chappel, Ed and Val Skelton, Robb Tolhoek, Celine Richardson, Debbie Vote, Elaine, Graham and Wesley Ford, Owen and Lyn Steinhardt, Lyn Barber, Lorraine McKenzie, Corey Fowler, Dianne Russell, Jan Smith, Don and Fay Meers, Leonie and Neil Dennison, Michelle Mischlewski, Tehrak and Aiden Clements. Kevin Woolich, Joan Bailey.
Proxy Votes
The Chairman advised the meeting that there had been 8 valid Proxy Votes received, to be used if required.
Previous Minutes AGM 9
The Chairman asked the membership if any person had not read the Previous Minutes. There was no response. He asked if any person had any questions or comments on the previous minutes. Alan Wildman commented that he assumed the Foltainer project would be upvalued in the next financials. There were no other comments or questions.
The Chairman asked for a motion to Adopt the Previous Minutes.
Moved: Graham Woodley. Seconded: Eddie Abrahams. On a show of hands, none against. Carried.
Chairman's Report 2011
The Chairman asked the members if everyone had read the Chairman's Report. No person responded in the negative. The Chairman then asked the members for any questions about the report.
Alan Wildman asked for clarification concerning the valuation of Ausfirst Capital shares at zero. The Secretary replied that most of the investments within Ausfirst Capital were considered by the Board to have failed, and no financials were available. Mr Wildman then said he wanted to congratulate the Chairman on his report.The Chairman asked for a Motion to Accept the Chairman's Report.
Moved: Kath Wessling. Seconded: Marie Barrett. On a show of hands, none against. Carried.
Directors' Report 2011
The Chairman asked the members if everyone had read the Directors' Report.
There being no negative response, he asked if there were any comments or questions on the report. Alan Wildman said he was pleased to see regular Board meetings and an appropriate remuneration for Directors. There being no further questions, the Chairman asked for a Motion to Accept the Directors' Report. Moved:Bob Lloyd. Seconded:Graham Woodley. On a show of hands, none against. Carried.
Financials 2011
The Chairman asked the members if everyone had read the Financials 2011. No response in the negative. He asked for any questions or comments on the Financials. Alan Wildman asked if we had local representation on the Board of Insight Options Sdn Bhd. The Secretary responded that both he and Robert Walsh were now Directors if that Board giving us strong representation. He also said he hoped the administration costs could be directed to the manager and a permanent assistant.There were no other questions. The Chairman then asked for a motion to adopt the Financials.
Moved: Peter Clements. Seconded: Eddie Abrahams. On a show of hands, none against. Carried.
Retention of Auditor.
The Chairman set out our satisfaction with our auditor, and asked for a motion that the Auditor be retained.
Moved: Alan Wildman. Seconded: Kath Wessling. On a show of hands, none against. Carried.
Election of Directors
The Chairman conducted the Election of Directors. He said he had received only two nominations for the position, that of Mike Burgess and Teena Tolhoek, the two Directors who were standing down. Since no other members stood for election, he declared the two nominees elected without contest. The members applauded the two Directors on their re-election.
General Business
The Chairman asked if any members had any new business they wanted to discuss.
Foldtainer: The Secretary explained how and why the patents owned by Foltainer International Pty Ltd were sold to Insight Options Sdn Bhd, and that the deal included repayment of moneys invested and loaned to Foltainer International, plus an offer of equity to those same investors and lenders, which has been accepted. Robert Walsh then answered questions from the floor and thanked members for their support.
Consolidated Interests Share Sale: The Secretary explained the results of the CIL share sale and how it has now ceased.
Smart Media Technologies: The Secretary explained this business and its potential for small business plus the Coop and individual members.
Diversified Technology Holdings: Laurie Sleeman presented an overview of the company and invited his Chief Engineer, George Tsiros to explain the Technology and take questions.
The Meeting concluded at 8.30 p.m.
Consolidated Interests Share Sale
Since February 2004 the Cooperative has offered free shares in its subsidiary company, Consolidated Interests Ltd, to people who were members of McNally Australia Pty Ltd - aka The Save Australia Buyers Club - to compensate them for the loss of potential earnings when McNallys closed down. This was not a duty of the Cooperative, nor was it a legal obligation.
Over the ensuing years, nearly 4000 people have accepted the offer. This is a large group of people, many of whom are not in the Cooperative, and they require a separate database to be maintained. This involves considerable time to compile and update, and the Board has decided that it is time to call a halt to the offer, and to use the available man-hours to get the database up to date. The cost was borne by the Cooperative as Consolidated Interests has no income of its own as yet.
No doubt there will be people who complain that they were not told about the offer, and others who will realise that friends and family have missed out due to their not telling them, and others still who will have to admit to themselves that they just didn't get around to applying. They have all had 7 years and 7 months to do so.
The closure of the free shares offer is permanent.
No more applications for shares will be sent out, and late-arriving applications were accepted up to midnight on 30.9.2011.