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FAR LIMITED — AGM Information 2018
Apr 16, 2018
64899_rns_2018-04-16_beb4d0d2-4a26-4828-bfe4-07b742ae1349.pdf
AGM Information
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17 April 2018
Notice of Annual General Meeting
FAR Limited (ASX: FAR) is about to commence the dispatch of the Notice of Meeting relating to the Annual General Meeting of Shareholders to be held at 10:00am (AEST) on Wednesday, 30 May 2018 at Baker & McKenzie, Level 19, 181 William St, Melbourne, Victoria. A copy of the Notice of Meeting is attached, together with a copy of the shareholder proxy voting form. Copies of the document have been lodged with the ASX today a�d are a�aila�le o� the �o�pa�y’s �e�site www.far.com.au.
FAR wishes to issue approximately 11.5 million performance rights to various employees and directors under the terms of the Performance Rights Plan, approximately 4 million of the rights are to be issued to the directors listed in Resolutions 4 and 5 of the attached Notice of Meeting.
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Notice of Annual General Meeting and Explanatory Statement
Fo� the A��ual Ge�e�al Mee� �g to �e held at ��.��a� o� Wed�esda�, �� Ma� ���� at Bake� M�Ke�zie, Le�el ��, ��� Willia� “t�eet, Mel�ou��e Vi�to�ia
This is a� i�po�ta�t do�u�e�t. Please �ead it �a�efull�.
If �ou a�e u�a�le to a� e�d the A��ual Ge�e�al Mee� �g, please �ote o�li�e OR �o�plete the P�o�� Fo�� e��losed a�d �etu�� it i� a��o�da��e �ith the i�st�u�� o�s set out o� that fo��.
TIME AND PLACE OF MEETING AND HOW TO VOTE
Ve�ue
The A��ual Ge�e�al Mee� �g of the sha�eholde�s of the Co�pa�� �ill �e held at ��.��a� o� Wed�esda�, �� Ma� ���� at Bake� & M�Ke�zie, Le�el ��, ��� Willia� “t�eet, Mel�ou��e Vi�to�ia.
Ho� to Vote
You �a� �ote �� a� e�di�g the �ee� �g i� pe�so�, �� p�o�� o� autho�ised �ep�ese�ta� �e.
Vo� �g i� Pe�so�
To �ote i� pe�so�, a� e�d the �ee� �g o� the date a�d � �e a�d at the pla�e set out a�o�e.
Vo� �g �� P�o��
To �ote �� p�o��, please �o�plete a�d sig� the P�o�� Fo�� e��losed a�d eithe�:
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se�d the P�o�� Fo�� �� post to Co�pute�sha�e, GPO Bo� ���, Mel�ou��e, Vi�to�ia ����; o�
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se�d the P�o�� Fo�� �� fa�si�ile to Co�pute�sha�e o� fa�si�ile �u��e� outside Aust�alia +�� ��� ���� ���� o� �ithi� Aust�alia ���� ��� ���
O�
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fo� o�li�e �o� �g, �isit ���.i��esto��ote.�o�.au
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fo� I�te��edia�� O�li�e su�s��i�e�s o�l� ��ustodia�s�, �isit ���.i�te��edia��o�li�e.�o�
so that it is �e�ei�ed �ot late� tha� ��.��a� o� Mo�da�, �� Ma� ����.
P�o�� Fo��s �e�ei�ed late� tha� this � �e �ill �e i��alid.
�
FAR LIMITED ABN �� ��� ��� ��� NOTICE OF ANNUAL GENERAL MEETING
No� �e is gi�e� that the A��ual Ge�e�al Mee� �g of sha�eholde�s of FAR Li�ited �"Co�pa��"� �ill �e held at ��.��a� o� Wed�esda�, �� Ma� ���� at Bake� M�Ke�zie, Le�el ��, ��� Willia� St�eet, Mel�ou��e Vi�to�ia.
AGENDA
RECEIPT OF FINANCIAL STATEMENTS
To �e�ei�e the A��ual Fi�a��ial ‘epo�t, i��ludi�g Di�e�to�s� de�la�a� o� a�d a��o�pa��i�g �epo�ts of the Di�e�to�s a�d audito�s, fo� the fi �a��ial �ea� e�di�g �� De�e��e� ����.
RESOLUTION � – ADOPTION OF REMUNERATION REPORT
o�di�a�� �esolu� o� :
�That, for the purposes of “e�� o� ���R��� of the Corpora� o�s A�t a�d for all other purposes, the Co�pa�� adopts the Re�u�era� o� Report as set out i� the A��ual Report for the �ear e�ded �� De�e��er ����.�
The �ote o� ‘esolu� o� � is ad�iso�� o�l� a�d does �ot �i�d the Di�e�to�s o� the Co�pa��.
RESOLUTION � – RE-ELECTION OF MR TIMOTHY WOODALL
o�di�a�� �esolu� o� :
�That Mr Regi�ald Nelso�, �ho re� res i� a��orda��e �ith the Co�pa��’s Co�s� tu� o�, �ei�g eligi�le for re-ele�� o�, �e re-appoi�ted as a dire�tor of the Co�pa��.�
RESOLUTION � – RE-ELECTION OF MR REGINALD NELSON
o�di�a�� �esolu� o� :
�That Mr Regi�ald Nelso�, �ho re� res i� a��orda��e �ith the Co�pa��’s Co�s� tu� o�, �ei�g eligi�le for re-ele�� o�, �e re-appoi�ted as a dire�tor of the Co�pa��.�
RESOLUTION � – GRANT OF PERFORMANCE RIGHTS TO MS CATHERINE NORMAN AS A LONG TERM INCENTIVE
�THAT for the purposes of A“X Lis� �g Rule ��.�� a�d all other purposes, appro�al �e gi�e� to the gra�t to Ms Catheri�e Nor�a� of �,���,��� perfor�a��e rights for �o �o�etar� �o�sidera� o� i� a��orda��e �ith the ter�s a�d �o�di� o�s of the Perfor�a��e Rights Pla� a�d o� the ter�s a�d �o�di� o�s as �ore par� �ularl� spe�ifi ed i� the E�pla�ator� Notes.�
RESOLUTION � – GRANT OF PERFORMANCE RIGHTS TO MR BENEDICT CLUBE AS A LONG TERM INCENTIVE
�THAT for the purposes of A“X Lis� �g Rule ��.�� a�d all other purposes, appro�al �e gi�e� to the gra�t to Mr Be�edi�t Clu�e of �,���,��� perfor�a��e rights for �o �o�etar� �o�sidera� o� i� a��orda��e �ith the ter�s a�d �o�di� o�s of the Perfor�a��e Rights Pla� a�d o� the ter�s a�d �o�di� o�s as �ore par� �ularl� spe�ifi ed i� the E�pla�ator� Notes.�
RESOLUTION � – RENEWAL OF PROPORTIONAL TAKEOVER PROVISION
a spe�ial �esolu� o� :
"That the propor� o�al takeo�er pro�isio� i� rule �.�� of the Co�pa��'s Co�s� tu� o� �e re�e�ed for a period of three �ears �o��e��i�g fro� the date of this A��ual Ge�eral Mee� �g."
Dated this ��th da� of Ap�il ����
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Pete� Thiesse�, Co�pa�� Se��eta��
�
NOTES
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�. A sha�eholde� of the Co�pa�� e�� tled to a� e�d a�d �ote is e�� tled to appoi�t �ot �o�e tha� t�o p�o�ies. Whe�e �o�e tha� o�e p�o�� is appoi�ted, ea�h p�o�� �ust �e appoi�ted to �ep�ese�t a spe�ifi ed p�opo�� o� of the sha�eholde��s �o� �g �ights. If the sha�eholde� appoi�ts t�o p�o�ies a�d the appoi�t�e�t does �ot spe�if� this p�opo�� o�, ea�h p�o�� �a� e�e��ise half of the �otes. A p�o�� �eed �ot �e a sha�eholde� of the Co�pa��.
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�. Fo� the pu�poses of the Co�po�a� o�s A�t, se�u�i� es �ill �e take� to �e held �� pe�so�s �ho a�e �egiste�ed holde�s as at �.�� p� o� �� Ma� ����.
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�. If a p�o�� is �ot di�e�ted ho� to �ote o� a� ite� of �usi�ess, the p�o�� �a� �ote o� a�stai� f�o� �o� �g o� that �esolu� o� if the� thi�k fi t.
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�. If a p�o�� is i�st�u�ted to a�stai� f�o� �o� �g o� a� ite� of �usi�ess, the p�o�� is di�e�ted �ot to �ote o� the sha�eholde�'s �ehalf o� the poll a�d the sha�es that a�e su�je�t of the p�o�� appoi�t�e�t �ill �ot �e �ou�ted i� �al�ula� �g the �e�ui�ed �ajo�it�.
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�. “ha�eholde�s �ho �etu�� thei� p�o�� fo��s �ith a di�e�� o� o� ho� to �ote �ut do �ot �o�i�ate the ide�� t� of thei� p�o�� �ill �e take� to ha�e appoi�ted the �hai��a� of the �ee� �g as thei� p�o�� to �ote o� thei� �ehalf.
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�. If a p�o�� fo�� is �etu��ed �ut the �o�i�ated p�o�� does �ot a� e�d the �ee� �g o� does �ot �ote o� the �esolu� o�, the �hai��a� of the �ee� �g �ill a�t i� pla�e of the �o�i�ated p�o�� a�d �ote i� a��o�da��e �ith a�� i�st�u�� o�s.
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�. P�o�� appoi�t�e�ts i� fa�ou� of the �hai��a� that do �ot �o�tai� a di�e�� o� o� ho� to �ote �ill �e used �he�e possi�le to suppo�t ea�h of the �esolu� o�s p�oposed i� this �o� �e of �ee� �g.
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�. The p�o�� fo�� �ust �e sig�ed �� the �e��e� o� his/he� a� o��e� dul� autho�ised i� ��i� �g o� if the sha�eholde� is a �o�po�a� o� i� a �a� e� pe��i� ed �� the Co�po�a� o�s A�t o� i� a��o�da��e �ith the la�s of that �o�po�a� o�'s pla�e of i��o�po�a� o�.
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�. P�o�ies �eed to �e �etu��ed as i�st�u�ted o� the p�o�� fo�� to �e �e�ei�ed �o late� tha� �� hou�s �efo�e the �o��e��e�e�t of the �ee� �g.
�
VOTING EXCLUSIONS
�. RESOLUTION � – ADOPTION OF REMUNERATION REPORT
The Co�pa�� �ill dis�ega�d a�� �otes �ast o� ‘esolu� o� � �� o� o� �ehalf of a �e��e� of the Co�pa��'s ke� �a�age�e�t pe�so��el ��KMP��, details of �hose �e�u�e�a� o� a�e i��luded i� the ‘e�u�e�a� o� ‘epo�t; o� a �losel� �elated pa�t� of a KMP �hethe� the �otes a�e �ast as a sha�eholde�, p�o�� o� i� a�� othe� �apa�it�. “e�� o� ���‘ of the Co�po�a� o�s A�t p�ohi�its a �ote �ei�g �ast i� a�� su�h �i��u�sta��e.
Ho�e�e�, the Co�pa�� �ill �ot dis�ega�d a �ote �ast �� a �e��e� of the KMP ��KMP �e��e��� o� a �losel� �elated pa�t� of a KMP �e��e� if the �ote is �ast as a p�o��; the p�o�� is appoi�ted �� ��i� �g that spe�ifi es ho� the p�o�� is to �ote o� ‘esolu� o� �; a�d the �ote is �ot �ast o� �ehalf of a KMP �e��e� o� a �losel� �elated pa�t� of a KMP �e��e�.
KMP �e��e�s a�e those pe�so�s ha�i�g autho�it� a�d �espo�si�ilit� fo� pla��i�g, di�e�� �g a�d �o�t�olli�g the a�� �i� es of the Co�pa��, di�e�tl� o� i�di�e�tl�, i��ludi�g a�� di�e�to� ��hethe� e�e�u� �e o� othe��ise� of the Co�pa��.
If �ou a�e a KMP �e��e� o� a �losel� �elated pa�t� of a KMP �e��e� �o� a�e a�� �g o� �ehalf of a�� su�h pe�so�� a�d pu�po�t to �ast a �ote that �ill �e dis�ega�ded �� the Co�pa�� �as des��i�ed a�o�e�, �ou �a� �o��it a� off e��e �� ��ea�hi�g the �o� �g �est�i�� o�s that appl� to �ou u�de� the Co�po�a� o�s A�t.
A �losel� �elated pa�t� of a KMP �e��e� �ea�s a�� of the follo�i�g:
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a spouse o� �hild of the KMP �e��e�;
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a �hild of the KMP �e��e�'s spouse;
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a �o�pa�� the KMP �e��e� �o�t�ols; o�
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a pe�so� p�es��i�ed �� �egula� o�s �as at the date of this No� �e of A��ual Ge�e�al Mee� �g, �o su�h �egula� o�s ha�e �ee� p�es��i�ed�.
The p�o�� fo�� a��o�pa��i�g this No� �e of A��ual Ge�e�al Mee� �g �o�tai�s i�st�u�� o�s �ega�di�g ho� to �o�plete the p�o�� fo�� if a “ha�eholde� �ishes to appoi�t the Chai��a� as his o� he� p�o�� a�d to di�e�t the Chai��a� to �ote o� the �esolu� o� to adopt the ‘e�u�e�a� o� ‘epo�t. You should �ead those i�st�u�� o�s �a�efull�.
�. RESOLUTIONS � a�d � – PERFORMANCE RIGHTS RESOLUTIONS
The Co�pa�� �ill dis�ega�d a�� �otes �ast o� these �esolu� o�s i� fa�ou� of the �esolu� o� �� o� o� �ehalf of:
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the �a�ed pe�so� �o� �lass of pe�so�s� e��luded f�o� �o� �g �i� the �ase of ‘esolu� o� � this �ei�g Ms Cathe�i�e No��a� a�d i� the �ase of ‘esolu� o� � this �ei�g M� Be�edi�t Clu�e�; o�
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a� asso�iate of that pe�so� �o� those pe�so�s�.
Ho�e�e�, the Co�pa�� �eed �ot dis�ega�d a �ote if:
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it is �ast �� a pe�so� as p�o�� fo� a pe�so� �ho is e�� tled to
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�ote, i� a��o�da��e �ith the di�e�� o�s o� the p�o�� fo��; o�
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it is �ast �� the pe�so� �hai�i�g the �ee� �g as p�o�� fo� a pe�so� �ho is e�� tled to �ote, i� a��o�da��e �ith a di�e�� o� o� the p�o�� fo�� to �ote as the p�o�� de�ides.
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a depe�da�t of the KMP �e��e� o� the KMP
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�e��e�'s spouse;
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a��o�e else �ho is o�e of the KMP �e��e�'s fa�il� a�d �a�
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�� the KMP �e��e�, i� the KMP �e��e�'s deali�g �ith the Co�pa��;
ENQUIRIES
“ha�eholde�s a�e i��ited to �o�ta�t the Co�pa�� “e��eta��, Pete� Thiesse�, o� +�� ��� ���� ���� if the� ha�e a�� �ue�ies i� �espe�t of the �a� e�s set out i� these do�u�e�ts.
�
EXPLANATORY STATEMENT
GENERAL INFORMATION
This E�pla�ato�� “tate�e�t has �ee� p�epa�ed fo� the sha�eholde�s of the Co�pa�� i� �o��e�� o� �ith the A��ual Ge�e�al Mee� �g of the Co�pa�� to �e held o� Wed�esda�, �� Ma� ����.
The pu�pose of this E�pla�ato�� “tate�e�t is to p�o�ide sha�eholde�s �ith i�fo��a� o� that the Boa�d �elie�es to �e �ate�ial to sha�eholde�s i� de�idi�g �hethe� o� �ot to app�o�e the a�o�e �esolu� o�s detailed i� the No� �e.
This E�pla�ato�� “tate�e�t is a� i�po�ta�t do�u�e�t a�d should �e �ead �a�efull� i� full �� all “ha�eholde�s. If �ou ha�e a�� �ues� o�s �ega�di�g the �a� e�s set out i� this E�pla�ato�� “tate�e�t o� the p�e�edi�g No� �e, please �o�ta�t the Co�pa��, �ou� sto�k��oke� o� othe� p�ofessio�al ad�ise�.
RECEIPT OF FINANCIAL STATEMENTS
o� �ote. Ho�e�e�, it p�o�ides a� oppo�tu�it� fo� sha�eholde�s to ask �ues� o�s i� �ela� o� to the fi �a��ial state�e�ts should the� �ish.
�. RESOLUTION � – ADOPTION OF REMUNERATION REPORT
“e�� o� ���‘��� of the Co�po�a� o�s A�t �e�ui�es the Co�pa�� to put to the �ote at the A��ual Ge�e�al Mee� �g a �esolu� o� that the ‘e�u�e�a� o� ‘epo�t �e adopted. The Co�pa�� is also �e�ui�ed to i�fo�� “ha�eholde�s i� the No� �e of A��ual Ge�e�al Mee� �g that a �esolu� o� to this eff e�t �ill �e put at the A��ual Ge�e�al Mee� �g. The ‘e�u�e�a� o� ‘epo�t is �o�tai�ed �ithi� the Di�e�to�s' ‘epo�t i� the Co�pa���s A��ual ‘epo�t fo� the �ea� e�ded �� De�e��e� ����. It sets out the �e�u�e�a� o� poli�� fo� the Co�pa�� a�d �epo�ts the �e�u�e�a� o� a��a�ge�e�ts i� pla�e fo� the Ma�agi�g Di�e�to�, spe�ifi ed e�e�u� �es a�d the �o�-e�e�u� �e Di�e�to�s.
“ha�eholde�s a�e ad�ised that, pu�sua�t to se�� o� ���‘��� of the Co�po�a� o�s A�t, the �ote o� this ‘esolu� o� is ad�iso�� o�l� a�d does �ot �i�d the Di�e�to�s o� the Co�pa��. A��o�di�gl�, the Co�pa�� �ill �ot �e �e�ui�ed to alte� a�� a��a�ge�e�ts detailed i� the ‘e�u�e�a� o� ‘epo�t, should the ‘e�u�e�a� o� ‘epo�t �ot �e adopted.
If ��% o� �o�e of the �otes �ast o� ‘esolu� o� � a�e agai�st adop� o� of the ‘e�u�e�a� o� ‘epo�t, the�:
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�a� if �o��e�ts a�e �ade o� the ‘e�u�e�a� o� ‘epo�t at the A��ual Ge�e�al Mee� �g, the Co�pa��'s �e�u�e�a� o� �epo�t fo� the fi �a��ial pe�iod e�di�g �� De�e��e� ���� �ill �e �e�ui�ed to i��lude a� e�pla�a� o� of the Boa�d's p�oposed a�� o� i� �espo�se o�, if �o a�� o� is p�oposed, the Boa�d's �easo�s fo� this; a�d
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��� if, at the ���� A��ual Ge�e�al Mee� �g, ��% o� �o�e of the �otes �ast o� the �esolu� o� fo� the adop� o� of the �e�u�e�a� o� �epo�t fo� the fi �a��ial �ea� e�di�g �� De�e��e� ���� a�e agai�st its adop� o�, the Co�pa�� �ust put to its sha�eholde�s a �esolu� o� p�oposi�g that a� e�t�ao�di�a�� ge�e�al �ee� �g ��“pill Mee� �g�� �e held �ithi� �� da�s. Whe�e a “pill ‘esolu� o� is �a��ied �i.e. �o�e tha� ��% of the �otes �ast o� the “pill ‘esolu� o� a�e i� fa�ou� of the “pill ‘esolu� o��, the Di�e�to�s ge�e�all� �othe� tha� the Ma�agi�g Di�e�to�� �ill �ease to hold offi �e i��ediatel� �efo�e the e�d of the “pill Mee� �g, u�less the� a�e �e-ele�ted at the “pill Mee� �g.
The Co�pa�� �e�o��e�ds that �e��e�s �ho su��it p�o�ies should �o�side� gi�i�g �ho� to �ote� di�e�� o�s to thei� p�o��holde� o� ea�h �esolu� o�, i��ludi�g this ‘esolu� o� �. If �ou �o�plete a p�o�� fo�� that autho�ises the Chai��a� of the A��ual Ge�e�al Mee� �g to �ote o� �ou� �ehalf as a p�o��holde�, a�d �ou do �ot �a�k a�� of the �o�es �fo�� o� �agai�st� o� �a�stai�� so as to gi�e the Chai��a� di�e�� o�s a�out ho� �ou� �ote should �e �ast i� �ela� o� to ‘esolu� o� �, �ou� p�o�� appoi�t�e�t �ill auto�a� �all� di�e�t the Chai��a� to �ote i� fa�ou� of the �esolu� o� to adopt the ‘e�u�e�a� o� ‘epo�t a�d the Chai��a� �ill �ote a��o�di�gl�.
The Chai��a� i�te�ds to �ote i� fa�ou� of ‘esolu� o� � �he�e the Chai��a� is di�e�ted to do so �� i�st�u�� o�s.
If �ou �ish to appoi�t the Chai��a� as �ou� p�o��holde� �ut �ou do �ot �a�t to put the Chai��a� i� the posi� o� to �ast �ou� �otes i� fa�ou� of ‘esolu� o� �, �ou should �o�plete the app�op�iate �o� o� the p�o�� fo��, di�e�� �g the Chai��a� to �ote agai�st o� a�stai� f�o� �o� �g o� ‘esolu� o� �.
�. RESOLUTION � – RE-ELECTION OF MR TIMOTHY WOODALL
I� a��o�da��e �ith the Co�pa��'s Co�s� tu� o� a�d the A“X Lis� �g ‘ules, M� Ti�oth� Woodall �e� �es a�d �ei�g eligi�le fo� �e-ele�� o�, off e�s hi�self fo� �e-ele�� o� at the Mee� �g.
Details a�out M� Ti�oth� Woodall a�e set out i� the Di�e�to�s ‘epo�t of the ���� A��ual ‘epo�t.
�. RESOLUTION � – RE-ELECTION OF MR REGINALD NELSON
I� a��o�da��e �ith the Co�pa��'s Co�s� tu� o� a�d the A“X Lis� �g ‘ules, M� ‘egi�ald Nelso� �e� �es a�d �ei�g eligi�le fo� �e-ele�� o�, off e�s hi�self fo� �e-ele�� o� at the Mee� �g.
Details a�out M� ‘egi�ald Nelso� a�e set out i� the Di�e�to�s ‘epo�t of the ���� A��ual ‘epo�t.
�. RESOLUTION � – GRANT OF PERFORMANCE RIGHTS TO MS CATHERINE NORMAN AS A LONG-TERM INCENTIVE
‘esolu� o� � seeks app�o�al fo� the g�a�t of Pe�fo��a��e ‘ights ��ei�g a �ight to �e�ei�e a �u��e� of full� paid sha�es i� the Co�pa�� fo� �o �o�eta�� �o�side�a� o�, su�je�t to the sa� sfa�� o� of pe�fo��a��e hu�dles�, as a lo�g-te�� i��e�� �e to the Co�pa���s Ma�agi�g Di�e�to�. “u�je�t to “ha�eholde� app�o�al, it is p�oposed to g�a�t �,���,��� Pe�fo��a��e ‘ights to Ms No��a� o� te��s a�d �o�di� o�s �hi�h a�e su��a�ised i� these E�pla�ato�� Notes.
Based o� the details of the Co�pa���s �e�u�e�a� o� pla� set �� the Boa�d, Ms No��a��s total pote�� al �e�u�e�a� o� st�u�tu�e i��ludes a ��% at-�isk �o�po�e�t p�o�ided �� lo�g te�� i��e�� �es. The Boa�d has dete��i�ed that the �� da� VWAP p�io� to � Fe��ua�� ���� of $�.���� should �e used to e�aluate the �u��e� of �ights to �e issued u�de� the Pe�fo��a��e ‘ights Pla�. Ha�i�g �o�side�ed the p�e�aili�g �a�ket �o�di� o�s the Boa�d dete��i�ed that eff e�� �e f�o� � Ja�ua�� ����, Ms No��a��s fi �ed �e�u�e�a� o� i��ludi�g �ase sala�� a�d supe�a��ua� o�, �e i���eased �� $��,��� f�o� $���,��� to $���,���, �ep�ese�� �g a CPI adjust�e�t of �%. The �alue of the p�oposed issue of Pe�fo��a��e ‘ights dete��i�ed o� this �asis is app�o�i�atel� $���,��� �hi�h is o�e �ua�te� of Ms No��a�'s total fi �ed �e�u�e�a� o� i��lusi�e of supe�a��ua� o�.
The pu�pose of the lo�g-te�� i��e�� �e is to p�o�ide Ms No��a� �ith a� app�op�iate LTI �hi�h is �at �isk� a�d �hi�h is alig�ed to the Co�pa���s lo�g-te�� st�ategi� pla�s a�d �usi�ess o�je�� �es.
Pe�fo��a��e ‘ights �hi�h �est shall �e �apa�le of �ei�g e�e��ised �� �� Ja�ua�� ����.
�
�.� Pe�fo��a��e �o�di� o�s fo� �es� �g
The Boa�d app�o�ed pe�fo��a��e �o�di� o�s fo� �es� �g a� a�hi�g to the Pe�fo��a��e ‘ights a�e �o�p�ised as follo�s:
- �a� A�solute Total Sha�eholde� Retu�� – ��% of the Pe�fo��a��e ‘ights �ill �e su�je�t to a� a�solute total sha�eholde� �etu�� ��T“‘�� hu�dle o�e� the th�ee �ea� pe�fo��a��e pe�iod ��ei�g � Fe��ua�� ���� to �� Ja�ua�� ���� a�d �ill �e tested at the e�d of this pe�iod�. A�solute T“‘ �ights �ill �est a��o�di�g to the follo�i�g s�hedule:
| Measu�e | Pe�fo��a��e le�el to �e a�hie�ed |
Pe�fo��a��e �es� �g out�o�e |
Pe��e�tage of total g�a�t that �ill �est |
|---|---|---|---|
| A�solute T“‘ |
A�o�e ��% CAG‘ | ���% | ��% |
| Bet�ee� ��% a�d ��% CAG‘ |
P�o �ata �es� �g f�o� ��%-���% |
Bet�ee� ��% a�d ��% |
|
| Less tha� ��% CAG‘ |
�% | �% | |
| CAG‘ = Co�pou�d A��ual G�o�th ‘ate |
- ��� Rela� �e Total Sha�eholde� Retu�� – ��% of the Pe�fo��a��e ‘ights �ill �e su�je�t to a �ela� �e T“‘ hu�dle o�e� the th�ee �ea� pe�fo��a��e pe�iod ��ei�g � Fe��ua�� ���� to �� Ja�ua�� ���� a�d �ill �e tested at the e�d of this pe�iod�. ‘ela� �e T“‘ �ights �ill �est a��o�di�g to the follo�i�g s�hedule:
| Measu�e | Pe�fo��a��e le�el to �e a�hie�ed |
Pe�fo��a��e �es� �g out�o�e |
Pe��e�tage of total g�a�t that �ill �est |
|---|---|---|---|
| ‘ela� �e T“‘ |
��% PCG o� a�o�e | ���% | ��% |
| Bet�ee� ��% & ��% PCG |
P�o �ata �es� �g f�o� ��%-���% |
Bet�ee� ��% a�d ��% |
|
| Belo� ��% PCG | �% | �% | |
| PCG = Pee� Co�pa�ato� G�oup |
The �o�pa�ato� g�oup is the “&P/A“X E�e�g� ��� I�de�. The �o�pa�ato� g�oup is i�te�ded to �efl e�t pee� �o�pe� to�s, �o�pa�ies a�d se�to�s �he�e i��esto�s �a� �hoose to i��est thei� �o�e� if �ot i� FA‘ �ith pa�� �ula� �ega�d to those �o�pa�ies of loosel� si�ila� i�dust�� a�d �a�ket �apitalisa� o�.
�.� Cha�ge of Co�t�ol, Good Lea�e� a�d Bad Lea�e�
“hould a Cha�ge of Co�t�ol o��u� �efo�e the e�d of the �es� �g pe�iod, the a�ou�t of �ights that �ill �est �ill �e �al�ulated i� a��o�da��e �ith the follo�i�g ta�le:
| Measu�e | Pe�fo��a��e le�el to �e a�hie�ed |
Pe�fo��a��e �es� �g out�o�e |
Pe��e�tage of total g�a�t that �ill �est |
|---|---|---|---|
| A�solute T“‘ |
A�o�e ��% CAG‘ | ���% | ���% |
| Bet�ee� ��% a�d ��% CAG‘ |
P�o �ata �es� �g f�o� ��%-���% |
Bet�ee� ��% a�d ���% |
|
| ��% CAG‘ | ��% | ��% | |
| Less tha� ��% CAG‘ |
�% | �% | |
| CAG‘ = Co�pou�d A��ual G�o�th ‘ate |
pe�fo��a��e ��ite�ia �ill �e the sha�e p�i�e at �hi�h a �ha�ge of �o�t�ol o��u�s.
Pla� the pe�fo��a��e pe�iod �ill �e assessed ha�i�g �ega�d to the pe�iod up to that date �athe� tha� up to �� Ja�ua�� ����, su�je�t to a� o�e��idi�g dis��e� o� o� the pa�t of the Boa�d to �est a g�eate� �ua�tu� of the Pe�fo��a��e ‘ights a�d su�je�t to a�� appli�a�le �egulato�� li�ita� o�s.
u��ested i��e�� �es held �� that pa�� �ipa�t �ill i��ediatel� lapse.
�.� E�e��ise P�i�e
No e�e��ise p�i�e is pa�a�le i� �espe�t of the e�e��ise of a�� Pe�fo��a��e ‘ights �efe��ed to a�o�e �hi�h ha�e �ested.
�.� E�pi��/lapse
The pe�fo��a��e �ights �ill lapse if �es� �g does �ot o��u� o� tes� �g of the pe�fo��a��e �o�di� o�s o� �� Ja�ua�� ����.
�.� E�pi�� date
The ���� pe�fo��a��e �ights �ill e�pi�e o� �� Ja�ua�� ����.
�.� Co�po�a� o�s A�t �e�ui�e�e�ts
Chapte� �E of the Co�po�a� o�s A�t �egulates the p�o�isio� of fi �a��ial �e�efi ts to �elated pa�� es �� a pu�li� �o�pa��. As Ma�agi�g Di�e�to� of the Co�pa��, Ms No��a� is a �elated pa�t� fo� the pu�poses of Chapte� �E a�d the g�a�t of Pe�fo��a��e ‘ights u�de� the Pla� �ill �o�s� tute a �fi �a��ial �e�efi t�.
The Boa�d �othe� tha� Ms No��a�, �ho has a� i�te�est i� ‘esolu� o� �� �o�side�s that the g�a�t of Pe�fo��a��e ‘ights to Ms No��a� �o�s� tutes a� app�op�iate a�d �easo�a�le �o�po�e�t of he� �e�u�e�a� o�, a�d that the fi �a��ial �e�efi t �ep�ese�ted �� the g�a�t of the Pe�fo��a��e ‘ights falls �ithi� the ��easo�a�le �e�u�e�a� o�� e��ep� o� i� se�� o� ��� of the Co�po�a� o�s A�t. I� fo��i�g this �ie�, the Boa�d has �o�side�ed the posi� o� a�d �espo�si�ili� es of Ms No��a�, the Co�pa���s �elia��e o� a li�ited �u��e� of e�e�u� �e pe�so��el, the �eed to eff e�� �el� i��e�� �ise Ms No��a� �hile alig�i�g the i��e�� �e �ith sha�eholde� �alue, the desi�a�ilit� of p�ese��i�g �ash �esou��es, the �e�u�e�a� o� off e�ed to e�e�u� �es i� �o�pa�a�le posi� o�s at �o�pa�a�le �o�pa�ies, a�d the te��s of the Pe�fo��a��e ‘ights.
�.� ASX Lis� �g Rule ��.��A �e�ui�e�e�ts
I� a��o�da��e �ith the �e�ui�e�e�ts of Lis� �g ‘ule ��.��A, the follo�i�g i�fo��a� o� is p�o�ided to “ha�eholde�s i� �espe�t of ‘esolu� o� � to allo� the� to assess the p�oposed g�a�t of Pe�fo��a��e ‘ights to Ms No��a�, a Di�e�to� of the Co�pa��:
-
�a� The �a�i�u� �u��e� of Pe�fo��a��e ‘ights to �e g�a�ted to Ms No��a� is �,���,��� Pe�fo��a��e ‘ights.
-
��� The�e is �o �o�eta�� �o�side�a� o� pa�a�le �� Ms No��a� i� �espe�t of the p�oposed g�a�t of Pe�fo��a��e ‘ights pu�sua�t to the off e� �ade.
-
��� No Pe�fo��a��e ‘ights ha�e �ee� g�a�ted u�de� the Pe�fo��a��e ‘ights Pla�.
-
�d� I� a��o�da��e �ith Co�pa��'s �u��e�t �e�u�e�a� o� poli��, the E�e�u� �e Di�e�to�s of the Co�pa�� a�e the o�l� pe�so�s �efe��ed to i� Lis� �g ‘ule ��.�� �ho a�e e�� tled to pa�� �ipate i� the Pe�fo��a��e ‘ights Pla�. The �u��e�t p�oposed pa�� �ipa�ts a�e the Ma�agi�g Di�e�to�, Ms No��a� a�d E�e�u� �e Di�e�to� M� Clu�e. All othe� eligi�le e�plo�ees of the Co�pa�� �hi�h a�e e�pe�ted to pa�� �ipate i� the Pe�fo��a��e �ights Pla� a�e �ot Di�e�to�s of the Co�pa��, o� asso�iates of Di�e�to�s of the Co�pa��.
-
�e� No loa�s e�ist i� �ela� o� to the p�oposed g�a�t of Pe�fo��a��e ‘ights to Ms No��a�.
-
�f� Ms No��a� is p�ohi�ited f�o� hedgi�g the sha�e p�i�e e�posu�e i� �espe�t of the Pe�fo��a��e ‘ights du�i�g the Pe�fo��a��e Pe�iod appli�a�le to those ‘ights.
�
-
�g� Details of a�� Pe�fo��a��e ‘ights g�a�ted u�de� the Pe�fo��a��e ‘ights Pla� �ill �e pu�lished i� ea�h a��ual �epo�t of the Co�pa�� �ela� �g to the �ele�a�t pe�iod i� �hi�h the Pe�fo��a��e ‘ights ha�e �ee� g�a�ted, a�d that app�o�al fo� the g�a�t of the Pe�fo��a��e ‘ights �as o�tai�ed u�de� Lis� �g ‘ule ��.��.
-
�h� A�� addi� o�al pe�so�s �efe��ed to i� Lis� �g ‘ule ��.�� �ho �e�o�e e�� tled to pa�� �ipate i� the Pe�fo��a��e ‘ights Pla� a� e� ‘esolu� o� � is app�o�ed a�d �ho �e�e �ot �a�ed i� the No� �e of Mee� �g �ill �ot pa�� �ipate i� the Pe�fo��a��e ‘ights Pla� u�� l app�o�al is o�tai�ed u�de� A“X Lis� �g ‘ule ��.��.
-
�i� The date �� �hi�h the Co�pa�� �ill g�a�t the Pe�fo��a��e ‘ights �efe��ed to a�o�e to Ms No��a� �ill �e �o late� tha� � �o�th a� e� the date of the A��ual Ge�e�al Mee� �g at �hi�h ‘esolu� o� � is app�o�ed.
�. RESOLUTION � – GRANT OF PERFORMANCE RIGHTS TO MR BENEDICT CLUBE AS A LONG TERM INCENTIVE
The posi� o� i� �ela� o� to M� Be�edi�t Clu�e is ide�� �al to that set out a�o�e i� the e�pla�ato�� �otes fo� Ms Cathe�i�e No��a� i� the e�pla�ato�� �otes to ‘esolu� o� � e��ept fo� the follo�i�g diff e�e��es:
-
The p�oposed �u��e� of Pe�fo��a��e ‘ights to �e issued to M� Clu�e is �,���,���
-
Ha�i�g �o�side�ed the p�e�aili�g �a�ket �o�di� o�s the Boa�d dete��i�ed that eff e�� �e f�o� � Ja�ua�� ����, M� Clu�e�s fi �ed �e�u�e�a� o� i��ludi�g �ase sala�� a�d supe�a��ua� o�, �e i���eased �� $��,��� f�o� $���,��� to $���,���, �ep�ese�� �g a CPI adjust�e�t of �%. The �alue of the p�oposed issue of these Pe�fo��a��e ‘ights is dete��i�ed o� the sa�e �asis as fo� Ms No��a� a�d is app�o�i�atel� $���,��� �hi�h is o�e �ua�te� of M� Clu�e�s total fi �ed �e�u�e�a� o� i��lusi�e of supe�a��ua� o�.
-
All othe� aspe�ts des��i�ed a�o�e i� �ela� o� to Ms No��a� othe��ise e�uall� applies i� the �ase of M� Clu�e.
full �id, �athe� tha� pa�� al �id, �e �ade. It �a� also assist i� e�su�i�g that a�� p�opo�� o�al �id is ade�uatel� p�i�ed a�d is st�u�tu�ed so as to �e a� �a�� �e to a �ajo�it� of sha�eholde�s. B� dete��i�i�g the �ie�s of a �ajo�it� of sha�eholde�s, it assists ea�h i�di�idual sha�eholde� i� assessi�g the likel� out�o�e of a p�opo�� o�al takeo�e� �id a�d �hethe� to app�o�e o� �eje�t that off e�. The �o�se�ue��e of this is that all sha�eholde�s �a� a�oid the �isk of �ei�g a �i�o�it� sha�eholde� i� a �o�pa�� �o�t�olled �� a si�gle do�i�a�t sha�eholde�. Ma�� listed �o�pa�ies ha�e a p�opo�� o�al takeo�e� app�o�al p�o�isio� i� thei� Co�s� tu� o� as it allo�s sha�eholde�s to dete��i�e �hethe� a p�opo�� o�al takeo�e� �id should p�o�eed.
The �ai� disad�a�tage of a p�opo�� o�al takeo�e� app�o�al p�o�isio� is that it �akes a p�opo�� o�al takeo�e� �id �o�e diffi �ult to p�o�eed, �hi�h �a� �edu�e the oppo�tu�i� es i� �hi�h sha�eholde�s ha�e to sell so�e of thei� sha�es. It �ould �e said that su�h a p�o�isio� �o�s� tutes a �est�i�� o� o� the a�ilit� of sha�eholde�s to deal f�eel� �ith thei� sha�es. It �a� a�gua�l�, as a �esult, �edu�e a�� takeo�e� spe�ula� o� ele�e�t i� the p�i�i�g of the Co�pa��'s sha�es �hi�h �elates to the possi�ilit� of a p�opo�� o�al takeo�e�.
The Di�e�to�s �o�side� that the�e a�e �o ad�a�tages o� disad�a�tages of a p�opo�� o�al takeo�e� app�o�al p�o�isio� f�o� the Di�e�to�s' pe�spe�� �e as the� �e�ai� f�ee to �ake a �e�o��e�da� o� to sha�eholde�s o� �hethe� a p�opo�� o�al takeo�e� �id should �e a��epted.
As at the date of the No� �e of Mee� �g, �o Di�e�to� is a�a�e of a�� p�oposal �� a pe�so� to a��ui�e o� to i���ease the e�te�t of a su�sta�� al i�te�est i� the Co�pa��.
Copies of the p�oposed Co�s� tu� o� a�e a�aila�le to sha�eholde�s f�ee of �ha�ge o� �e�uest.
O� �ala��e, the Di�e�to�s �o�side� that the pote�� al ad�a�tages fo� sha�eholde�s of the p�opo�� o�al takeo�e� app�o�al p�o�isio�s out�eigh the pote�� al disad�a�tages a�d a��o�di�gl�, �ou� Di�e�to�s �e�o��e�d that sha�eholde�s app�o�e the p�oposal to �e�e� the p�opo�� o�al takeo�e� p�o�isio�s i� �ule �.�� of the Co�pa��'s Co�s� tu� o�.
�. RESOLUTION � � RENEWAL OF PROPORTIONAL TAKEOVER PROVISION
‘ule �.�� of the Co�pa��'s Co�s� tu� o� �o�tai�s a p�opo�� o�al takeo�e� app�o�al p�o�isio� �p�o�idi�g that if a� off e� is �e�ei�ed fo� a spe�ifi ed p�opo�� o� of the Co�pa��'s sha�es, a sha�eholde�s' �ee� �g �ust app�o�e the takeo�e� �id �efo�e it �a� take eff e�t�. If that app�o�al is o�tai�ed, the off e� �a� p�o�eed. If the app�o�al is �ot o�tai�ed, the off e� �ill �e take� to ha�e �ee� �ithd�a��. The p�o�isio�s do �ot appl� to a� off e� u�de� a takeo�e� �id fo� all of the Co�pa��'s sha�es.
U�de� the Co�po�a� o�s A�t a�d �ule �.�� of the Co�pa��'s Co�s� tu� o�, the p�o�isio�s �ust �e �e�e�ed e�e�� th�ee �ea�s o� the� �ill �ease to ha�e eff e�t. The �u��e�t p�o�isio�s ha�e �eased to ha�e eff e�t as the� �e�e last �e�e�ed th�ee �ea�s ago. It is p�oposed to �e�e� the p�o�isio�s i� the Co�s� tu� o�. If �e�e�ed, �ule �.�� �ill ope�ate o� the sa�e �asis as des��i�ed a�o�e fo� a pe�iod of th�ee �ea�s f�o� the date of the A��ual Ge�e�al Mee� �g.
The �ai� ad�a�tage of a p�opo�� o�al takeo�e� app�o�al p�o�isio� is that sha�eholde�s ha�e a� oppo�tu�it� to stud� a p�opo�� o�al takeo�e� �id p�oposal a�d, if the� �elie�e that �o�t�ol should �ot �e pe��i� ed to pass u�de� the �id, �ote o� the p�opo�� o�al takeo�e� to p�e�e�t it f�o� p�o�eedi�g. I� othe� �o�ds, this e�a�les the �ie�s of sha�eholde�s to �e fo��all� as�e�tai�ed. It �a� assist sha�eholde�s i� a�oidi�g �ei�g lo�ked i�to a �ela� �el� po�e�less �i�o�it� posi� o�, a�d i���ease sha�eholde�s' �a�gai�i�g po�e� to �e�ui�e that a
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All your securities will be voted in accordance with your directions.
Appointment of Proxy
Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite each item of business. If you do not mark a box your proxy may vote or abstain as they choose (to the extent permitted by law). If you mark more than one box on an item your vote will be invalid on that item.
Voting a portion of your holding: Indicate a portion of your voting rights by inserting the percentage or number of securities you wish to vote in the For, Against or Abstain box or boxes. The sum of the votes cast must not exceed your voting entitlement or 100%.
Appointing a second proxy: You are entitled to appoint up to two proxies to attend the meeting and vote on a poll. If you appoint two proxies you must specify the percentage of votes or number of securities for each proxy, otherwise each proxy may exercise half of the votes. When appointing a second proxy write both names and the percentage of votes or number of securities for each in Step 1 overleaf.
A proxy need not be a securityholder of the Company.
Signing Instructions for Postal Forms
Individual: Where the holding is in one name, the securityholder must sign.
Joint Holding: Where the holding is in more than one name, all of the securityholders should sign.
Power of Attorney: If you have not already lodged the Power of Attorney with the registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.
Companies: Where the company has a Sole Director who is also the Sole Company Secretary, this form must be signed by that person. If the company (pursuant to section 204A of the Corporations Act 2001) does not have a Company Secretary, a Sole Director can also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Company Secretary. Please sign in the appropriate place to indicate the office held. Delete titles as applicable.
Attending the Meeting
Bring this form to assist registration. If a representative of a corporate securityholder or proxy is to attend the meeting you will need to provide the appropriate “Certificate of Appointment of Corporate Representative” prior to admission. A form of the certificate may be obtained from Computershare or online at www.investorcentre.com under the help tab, "Printable Forms".
Comments & Questions: If you have any comments or questions for the company, please write them on a separate sheet of paper and return with this form.
GO ONLINE TO VOTE, or turn over to complete the form
Samples/000001/000001/i12
MR SAM SAMPLE FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030
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Change of address. If incorrect, mark this box and make the correction in the space to the left. Securityholders sponsored by a broker (reference number commences with ‘ X ’) should advise your broker of any changes.
I 9999999999 I ND
Proxy Form
Appoint a Proxy to Vote on Your Behalf
I/We being a member/s of FAR Limited hereby appoint the Chairman OR of the Meeting
Please mark to indicate your directions
XX
PLEASE NOTE: Leave this box blank if you have selected the Chairman of the Meeting. Do not insert your own name(s).
or failing the individual or body corporate named, or if no individual or body corporate is named, the Chairman of the Meeting, as my/our proxy to act generally at the Meeting on my/our behalf and to vote in accordance with the following directions (or if no directions have been given, and to the extent permitted by law, as the proxy sees fit) at the Annual General Meeting of FAR Limited to be held at Baker McKenzie, Level 19, 181 William Street, Melbourne Victoria on Wednesday, 30 May 2018 at 10.00am and at any adjournment or postponement of that Meeting.
Chairman authorised to exercise undirected proxies on remuneration related resolutions : Where I/we have appointed the Chairman of the Meeting as my/our proxy (or the Chairman becomes my/our proxy by default), I/we expressly authorise the Chairman to exercise my/our proxy on Resolutions 1, 4 & 5 (except where I/we have indicated a different voting intention below) even though Resolutions 1, 4 & 5 are connected directly or indirectly with the remuneration of a member of key management personnel, which includes the Chairman.
Important Note: If the Chairman of the Meeting is (or becomes) your proxy you can direct the Chairman to vote for or against or abstain from voting on Resolutions 1, 4 & 5 by marking the appropriate box in step 2 below.
Items of Business
PLEASE NOTE: If you mark the Abstain box for an item, you are directing your proxy not to vote on your behalf on a show of hands or a poll and your votes will not be counted in computing the required majority.
| For | Aga | Abst | ||||||
|---|---|---|---|---|---|---|---|---|
| Resolution | 1 | Adoption of Remuneration Report | ||||||
| Resolution | 2 | Re-election of Mr Timothy Woodall | ||||||
| Resolution | 3 | Re-election of Mr Reginald Nelson | ||||||
| Resolution | 4 | Grant of Performance Rights to Ms Cath Norman as a Long Term Incentive | ||||||
| Resolution | 5 | Grant of Performance Rights to Mr Ben Clube as a Long Term Incentive | ||||||
| Resolution | 6 | Renewal of proportional takeover provision | ||||||
The Chairman of the Meeting intends to vote undirected proxies in favour of each item of business. In exceptional circumstances, the Chairman of the Meeting may change his/her voting intention on any resolution, in which case an ASX announcement will be made.
Signature of Securityholder(s) This section must be completed.
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Individual or Securityholder 1 Securityholder 2 Securityholder 3
Sole Director and Sole Company Secretary Director Director/Company Secretary
Contact
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