Result of AGM

RNS Number : 8640U

Seeing Machines Limited

21 October 2014

 



2014 Annual General Meeting Results

21 October 2014

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, announces the results of its' Annual General Meeting held on Tuesday 21 October 2014.  

The resolutions for items 2 to 6 in the notice of meeting were passed on a show of hands.  Items 7 and 8 were not put to the meeting.  These items are discussed below. 

The proxy votes received by the Company for each of these resolutions are noted below:

Item	Subject	Proxy votes
		For   (% of votes cast)	Against (%)	Abstain
2	Elect Dr Rudolph Burger	135,000,702   (99.55%)	0	369,960
3	Elect James Walker	135,050,662   (99.55%)	0	320,000
4	Elect Jim Walker	135,370,662   (99.55%)	0	0
5	Re-Elect Terry Winters	135,370,662   (99.55%)	0	0
6	Executive Share Plan	134,327,176   (99.55%)	0	83,400
7	Amendment To Constitution	87,194,086   (64.47%)	47,453,090   (35.08%)	83,400
8	Directors' Remuneration Cap	128,202,176   (94.95%)	6,208,400   (4.6%)	0

The Board thanks shareholders for their very strong support for items 2 to 6, including the election of directors.

Item 7, which proposed amendments to the Company's constitution, was a special resolution, requiring the support of 75% or more of votes cast.  The 47,453,090 proxy votes against this item - while representing only 5.7% of all shares - meant this item would not have achieved the required 75% of votes cast.  Accordingly the Chairman, exercising his authority to ensure that the outcome of the meeting fairly reflects the will of the shareholders as expressed through votes and proxies, withdrew this item and the resolution was not put to the meeting. 

The Board is disappointed by this outcome.  The Company did not receive any indication that any shareholders had concerns with this item.  The Board still believes the proposed changes to the constitution are in the best interests of all shareholders.  The Company will engage with the shareholders who voted against this item to understand their concerns, before considering this item again in the future. 

Item 8 on the agenda dealt with a cap on directors' remuneration.  The notice of meeting noted that if the resolution in item 7 is not passed and the Constitution is not amended, this resolution in item 8 would not be put to the meeting.  Accordingly, this item was also withdrawn. 

An audio recording of the presentation given at the meeting will shortly be available on the Company's website, at www.seeingmachines.com/investors.

Enquiries:

Seeing Machines Limited	www.seeingmachines.com
Ken Kroeger, Managing Director and CEO	[phone] [e-mail]
James Walker, Finance Director	[phone] [e-mail]
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Ben Thompson, Corporate Finance	[phone]
Victoria Bates, Corporate Broking
Newgate Threadneedle, Investment Communications for Seeing Machines
Robyn McConnachie Josh Royston	Tel: [phone] / Mob: [phone] [e-mail] Tel: [phone] / Mob: [phone] [e-mail]

About Seeing Machines

Seeing Machines, (AIM: SEE), is an AIM-listed technology company that specialises in operator monitoring and intervention technologies and services. Its software and engineering services are used in products and applications that range from devices that improve driver safety and save lives to assessing trainees in simulators and simplifying the relationships between people and technology. Seeing Machines technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia, and has offices in Tucson, Mountain View, and Santiago. The Company counts Caterpillar, Takata, Eye Tracking Inc and Samsung Electro-Mechanics (SEMCo) as its partners and BHP Billiton, Freeport McMoran, Teck, Toll Holdings amongst its customers.

 

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