The Slater & Gordon Annual General Meeting is to be held in Melbourne on 20th October 2014 at 2pm. Shareholders will vote on a range of issues but the AGM also provides an opportunity for shareholders to ask questions about the Slater & Gordon operation.
ASU Assistant National Secretary Linda White and other officials have been proxied by shareholders to represent them at the AGM and cast their votes and ask some questions.
These shareholders have also asked us as their proxies to find out if there are any questions that ASU members would like asked of Slater's management.
This is your chance – if you have a question you think should be asked about anything to do with the Slater's operation– email the ASU National Office lwhite@asu.asn.au by Friday 17th October with the question or questions you think we should ask.
Clearly a lot of matters arise from our EBA negotiations but we are sure there are burning questions you have been dying to ask about other things! We will not disclose who the questions came from.
What else will happen?
The meeting will consider the re-election of directors John Skippen and Ian Court and consider a resolution about the Nowicki Carbone and Shultz Toomey O'Brien acquisitions including the additional issuing of shares for future acquisitions or capital requirements including for the Nowicki and Schultz acquisition.
The company also is seeking approval for a new Employee Incentive Plan which provides for share rights allocations to staff – the company is proposing 3 plans:-
- Executive Equity Incentive Scheme – for 53 executive leaders – 500,000 rights to shares valued at approximately $3,125,000 of which $800,000 will be allocated in the first year.
- Deferred Short Term Incentive Scheme – for 30 to 60 employees who are "key leaders" in Australia – up to 30% of short term incentives will be awarded as rights to shares from August 2015.
- Share Save Scheme – Australia based employees earning less than $180,000 to be offered $1000 worth of shares - $500 worth free and $500 is through salary sacrifice.
Shares to directors – Grech and Fowlie
The AGM is also being asked to grant 40,000 rights to shares to Andrew Grech and 16,000 to Ken Fowler which represents around $250,000 and $100,000 respectively based on the rights being valued at $6.25. These are awarded at no cost.
There is also a proposal for further free share rights of up to $350,000 for each of them if performance targets are met.
It is worth reading the papers that have been prepared for the AGM – you do get a real sense that those at the top are doing very well from the hard work of staff.
Make sure you attend
If you own Slater shares and you're available attend the AGM or if you would like us to be your proxy let us know - email the ASU at lwhite@asu.asn.au
Slater & Gordon EBA Bulletin, 13 October 2014