MINUTES OF THE FIFTY SEVENTH ANNUAL GENERAL MEETING OF SHAREHOLDERS OF WHARENUI APARTMENTS LIMITED, HELD IN THE FOYER, 274 ORIENTAL PARADE, WELLINGTON, ON WEDNESDAY, THE 15TH JUNE 2016.
PRESENT: Mr. D. R. Black – Chairman
Mr. E. W. Bisdee
Mr. P. Graham
Mr. L. V. Klee
Mr. A. G. Short
And 27 Shareholders
IN ATTENDANCE: Mr. S.H.E. Raphael – Secretary
MEETING OPENED:
The Chairman welcomed shareholders attending the meeting and thanked them for their attendance. He confirmed the meeting had at least five shareholders present in accordance with the Constitution.
APOLOGIES:
Mr. D.M. Evans Mr. D. M. E. Samuels
Mrs P. M. Scott Mrs. J. S. Samuels
Mrs. J. C. Campbell Mr. E. O. Leung
Mr. RM. Campbell Mr. K. P. Ross
Motion: That the above apologies be sustained.
Proposed: Mr. E. W. Bisdee
Seconded: Mr. A. G. Short Carried.
PROXIES:
The Secretary reported the following proxies had been received.
FROM IN FAVOUR OF NO. OF SHARES
Mr. D. M. E. Samuels Mr. D. R. Black 10,800
Mrs. P. M. Scott The Chairman 8,700
VOTING PROCEDURE:
The Chairman confirmed voting would be by a show of hands.
The Chairman also confirmed where there are joint shareholders attending, the first shareholder shown on the list of shareholders is the person who can vote.
CONFIRMATION OF THE MINUTES OF THE PREVIOUS ANNUAL GENERAL MEETING HELD ON WEDNESDAY 22ND APRIL 2015.
The Chairman reported that the minutes had been confirmed by himself as Chairman of the board as required by the Constitution.
Mr. Garry Simons asked the Chairman to have the minutes confirmed by the shareholders.
The Chairman responded that the minutes had been confirmed in accordance with the Constitution.
The Chairman then read to the meeting the following motion:
THAT THE STATEMENT OF FINANCIAL POSITION AND THE STATEMENT OF FINANCIAL PERFORMANCE, TOGETHER WITH THE DIRECTORS REPORT AND THE AUDITORS REPORT FOR THE YEAR EMDED 31ST DECEMBER 2015 BE ADOPTED.
Proposed: Mr. D. R. Black
Seconded: Mr. P. Graham
The Chairman read the Board’s report and tribute to Mr. David Evans, the previous Chairman of the Board who resigned as a Director due to ill health. The Board Report was circulated to shareholders at the meeting. A copy of the Board report and tribute to Mr. David Evans are attached to these minutes.
The Chairman invited questions on the Board Report and the Financial Statements.
Mr. Garry Simons queried if the company could be getting higher interest rates.
The Chairman confirmed the new Board would look into the best deposit rates as each deposit came up for renewal.
Mr. Peter Graham addressed the meeting confirming his view that the deposit rates the company had were at current market value.
Mrs. Pauline Mitchell asked how the valuation of the building shown in the Financial Statements was obtained.
The Chairman confirmed it was done by an independent registered valuer .
There being no further questions, the Chairman asked shareholders to vote on the motion.
The motion was put to shareholders and carried.
DIRECTORS LEAVING BOARD.
The Chairman confirmed that Mr. David Evans had resigned as a Director due to ill health.
He confirmed Mr. Eddie Bisdee was not offering himself for re-election.
The Chairman thanked Mr. Eddie Bisdee on behalf of the Directors and shareholders for his constructive contribution over fifteen years with specific thanks for his work on the Executive Committee which managed maintenance matters.
RE-ELECTION OF DIRECTORS.
MOTION: That Mr. A.G. Short be re-elected a Director.
Proposed: Mr. D. R. Black
Seconded: Mrs. B. S. Evans Carried.
As it was the Chairman’s turn to be re-elected a Director, the Secretary was asked to take the Chair.
MOTION: That Mr. D. R. Black be re-elected a Director.
Proposed: Mr. P. J. G. Hollier
Seconded: Ms. S. Day Carried.
ELECTION OF DIRECTORS:
Before the election of the three new Directors, the Chairman asked each candidate to introduce themselves and what they could contribute to the Board.
MOTION: That Mr. J. M. Burke be elected a Director.
Proposed: Mr. D. R. Black
Seconded: Mrs. G. V. Short Carried.
MOTION: That Ms. J. M. Garlick be elected a Director
Proposed: Mrs. D.D. Staniland
Seconded: Mrs. P. M. Mitchell Carried.
MOTION: That Ms. C. M. Torrance be elected a Director.
Proposed: Ms. M. J. Almao
Seconded: Mr. P. Hollier Carried.
APPOINTMENT OF AUDITORS.
The Chairman put the following motion to the meeting:
TO APPOINT STAPLES RODWAY OF WELLINGTON AS AUDITORS TO HOLD OFFICE FROM THE CONCLUSION OF THIS MEETING UNTIL THE CONCLUSION OF THE NEXT ANNUAL GENERAL MEETING AND TO AUDIT THE FINANCIAL STATEMENTS OF THE COMPANY TO THE EXTENT AGREED WITH DIRECTORS, FOR A FEE AND EXPENSES TO BE FIXED AS AGREED BY DIRECTORS AND AUDITORS.
Proposed: Mr. L. V. Klee
Seconded: Mr. P. Graham Carried.
GENERAL BUSINESS:
MEDIA:
Mr. Garry Simons asked the Chairman if the Board would address the incorrect postal address listed with NZ post.
He also suggested that the Board put together a brochure highlighting the benefits of Wharenui to prospective purchasers.
The Chairman said he would take these suggestions to the new Board.
There being no further business to conduct the meeting finished at 6.15 pm.
SIGNED