NOTICE OF 2024 ANNUAL GENERAL MEETING

• 2 months ago

The 2024 Annual General Meeting (AGM) of the Members of Plumbers Supplies Co-operative Limited (Plumbers Co-op) will be held at 6.00pm (AEDT) on Thursday, 31 October 2024.

Members will be able to attend the AGM in person at: Silverwater Hotel, 214 Silverwater Rd, Silverwater in NSW; Heritage Golf & Country Club, 21 Heritage Ave, Chirnside Park in VIC; and Burleigh Heads Mowbray Park SLSC, corner Goodwin Terrace & Gold Coast Highway, Burleigh Heads in QLD.

Plumbers Co-op's AGM is an important opportunity for Members to engage with the Co-operative and its Board of Directors. For further information about the AGM and access to the Plumbers Co-op 2024 Annual Report, please click here.

If you would like to attend the AGM, please RSVP by Friday, 18 October 2024 by email to companysecretary@plumberscoop.au.

Meeting Agenda

1. Opening, attendance, quorum and apologies
2. Receipt of the Minutes of the 2023 AGM (available here)
3. Chairman's address
4. Items of business:
  a. Receipt and consideration of Plumbers Co-op's Financial Report, the Directors' Report and the Auditor's Report, for the year ended 30 June 2024
  b. Declaration of Dividends and Rebates
  c. Re-election of Directors (Explanatory Statement here)
  d. Directors Remuneration
  e. Adoption of Special Resolution – amendment of Rules in relation to Member shareholding value cap (refer to the Notice of Special Resolution below)
5. CEO's address
6. Opportunity for Members to ask questions

Notes to the Notice of Annual General Meeting

If membership is held in the name of a company and the company wishes to vote at the Annual General Meeting, then the company may appoint a representative to attend the Annual General Meeting and vote on the company's behalf by completing the "Appointment of Representative of Corporation" form here.

If you cannot attend the Annual General Meeting you are advised to appoint a proxy to attend the Annual General Meeting and vote on your behalf by completing the "Appointment of Proxy" form here.  

All completed forms appointing either a representative or a proxy must be received by the Secretary prior to the commencement of the Annual General Meeting.

Notice of Special Resolution to be proposed at the AGM

At the AGM on 31 October 2024, consideration will be given to the special resolution to amend the Plumbers Supplies Co-operative Limited Rules (Rules). The intention of the proposed special resolution is to remove the existing $400,000 Member shareholding value cap. The reason for the proposed change is to provide Members with greater flexibility in their investment in Plumbers Co-op while ensuring compliance with legal obligations. Rather than maintaining an arbitrary dollar value cap, the change brings the Rules in line with the Co-operatives (Adoption of National Law) Act 2012 No 29 (Act). Once the special resolution is passed, the maximum permissible level of share interest in Plumbers Co-op will be 20% of the nominal value of the issued share capital of Plumbers Co-op, without the previous value cap.

Special Resolution to amend the Rules 40A(g) and 14(f):

Proposed Amendment to Rule 40A(g):

That the rule 40A(g) of the Rules be amended as follows:
  The words "the maximum permissible level of share interest in the Co-operative" shall be deleted and replaced with "the maximum permissible level of share interest in the Co-operative, provided for by section 363 of the Act".

Proposed Amendment to Rule 14(f):

That the rule 14(f) of the Rules be amended as follows:
  The words "A member must not hold shares exceeding the nominal value of $400,000 or shares representing more than 20% of the nominal value of the issued share capital (whichever amount is the lesser) of the Co-operative except in accordance with section 363 of the Act." shall be deleted and replaced with "A member must not hold shares representing more than 20% of the nominal value of the issued share capital of the Co-operative except in accordance with section 363 of the Act".

The above proposed resolution will be put as a Special Resolution requiring a vote of two-thirds of the Members attending and voting at the AGM in person or by Proxy.