Monday, May 25, 2015

Reef Casino AGM

Reef Casino AGM was today. Somewhat disorganised after belatedly downloading the appropriate documentation for my small super fund holding, and with rainy weather, I drove the few blocks down Abbott St to the Casino.

I approached the lift with an elderly gentleman reliant on a walking stick also carrying his AGM documentation. However the lift would not accept L2 which was the meeting venue. Thankfully the open doors function was operational and spared me from being stuck in a lift with an elderly gentleman reliant on a pacemaker. Casino staff to the rescue. Just go to L1 and walk up the stairs. This took some time for the elderly gentleman who made it just in time for the meeting.

The meeting. Corporate AGM's have a reputation and this was no exception. A nearby gentleman started snoring very early in the Chairman's address. A gentleman unitholder asked if RCT had any debt (it's in the accounts dickhead) and stated that he was confused by changes in his tax statements.

Director's election and Gary Mauric standing against Queensland heroes DeLacy and Haire failed to even show up. Haire was wise and said not much. DeLacy chose to delve into the definition of an independent director which I may come back to with some disagreement. Keith insisted that independence was a state of mind and pointed to his head thereby demonstrating all required skills. Anyway, both independent directors were re-elected on the vote of 70% majority shareholders Accor and Casinos Austria so that's all good.

In such circumstances it is best to avoid direct confrontation and engage over tea and bickies. DeLacy was overheard engaging a couple from Noosa defending the viability of Reef regardless of Aquis. The Noosa couple were insistent to Keith that they wouldn't want anything like Aquis near them.

Meanwhile I had an excellent engagement over coffee with Reef CEO Allan Tan. In confidence all I will say is that this conversation did nothing to change any opinions previously expressed here at Loose Change related to Aquis and probity.

Leaving the meeting I encountered a Wildlife Dome worker attempting to access her workplace on the upper level. I explained to her the lift problem. AGM attendees were also given a free car park exit ticket. The ticket didn't work.

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