Embark Early Education Limited · ASX:EVO
Embark Early Education — Embark Education Group — Shareholder Meeting (June 2023)
18 slides from Embark Early Education's shareholder meeting presentation, Jun 6, 2023
Slide 1: Annual Shareholders' Meeting
Embark Education Group Limited Annual Shareholders’ Meeting 6 June 2023 For personal use only
Slide 2: In attendance today
In attendance today For personal use only Board of Directors • Hamish Stevens - Chair • Chris Scott – Managing Director • Kim Campbell – Independent Director • Renita Garard – Independent Director Senior management • Edmund Mah – Group CFO
Slide 3: 2022 a year of strategic change
2022 a year of strategic change For personal use only • NZ operations (105 centres)divested to Anchorage Capital Partners in September 2022. • Headline sale price 13x underlying EBITDA, but cash adjustments for working capital and transactions costs. • All support and corporate functions largely mov
Slide 4: Australia growth strategy
FY 31 December 2022 Australia growth strategy For personal use only • In 2019 Evolve embarked on the strategy of broadening and strengthening the company’s earnings through the expansion into the Australian ECE sector. • 10 centres were acquired in 2019 and 13 were acquired in 2021. Evolve acquired
Slide 5: Australia underlying EBITDA FY December 2022
FY 31 December 2022 Australia underlying EBITDA For personal use only $Am 12 months to 12 months to change 31 Dec 2021 31 Dec 2022 Centres at year end 23 24 +1 Average occupancy 80% 80% - Revenue 41.5 54.4 +12.9 Operating costs (31.6) (41.2) -9.6 Underlying EBITDA 9.9 13.2 +3.3
Slide 6: Australia underlying EBITDA FY2023 April YTD
FY 2023 April YTD Australia underlying EBITDA For personal use only $Am 4 months to 4 months to Change 30 April 2022 30 April 2023 Centres at period end 23 24 +1 Average occupancy 74% 78%* +4% Revenue 15.4 18.5 +3.1 Operating costs (13.1) (15.1) -2.0 Underlying EBITDA 2.3 3.4 +1.1 * Occupancy in fir
Slide 7: Annual Shareholders' Meeting
Embark Education Group Limited Annual Shareholders’ Meeting 6 June 2023 For personal use only
Slide 8: Questions
Questions For personal use only • Management and Operations
Slide 9: Resolution: Auditor fees and expenses
Resolution 1 For personal use only That the Board be authorised to fix the fees and expenses of the auditor of Embark for the coming year.
Slide 10: Election of Renita Garard
Resolution 2 For personal use only Election of Renita Garard Renita Garard was appointed by the board as a director in January 2023, and is now required to retire in accordance with NZX Listing Rule 2.7.1, which prohibits a director appointed by the board from holding office past the next annual mee
Slide 11: Re-election of Kim Campbell
Resolution 3 For personal use only Re-election of Kim Campbell Kim Campbell was last elected as a director by shareholders in September 2020, and is now required to retire in accordance with NZX Listing Rule 2.7.1, which prohibits a director from holding office (without re-election) for longer than
Slide 12: Election of Michelle Thomsen
Resolution 4 For personal use only Election of Michelle Thomsen Michelle Thomsen has been nominated by a shareholder as a director. Being eligible, Michelle offers herself for election. The board supports the election of Michelle Thomson.
Slide 13: Resolutions on re-domiciling by scheme of arrangement
Resolutions 5 and 6 For personal use only These two resolutions will effect the re-domiciling of Embark by way of a scheme of arrangement. The scheme of arrangement involves the establishment of an Australian incorporated company, and the transfer of the current shareholders of the current Embark pa
Slide 14: Resolution: Approve scheme of arrangement
Resolution 5 That the scheme of arrangement relating to For personal use only the re-domicile of Embark, as set out in the Scheme Plan accompanying Notice of Meeting, be and is approved. To pass, Resolution 5 must receive a majority of 75% or more of the votes entitled to vote and voting, and a majo
Slide 15: Resolution: Delist from NZX Main Board and ASX
Resolution 6 That Embark be delisted from the NZX main For personal use only Board and ASX Note that this resolution will be conditional on Resolution 5 being passed.
Slide 16: Conclusion of Resolutions
Conclusion of Resolutions For personal use only • Vote online – for the next 5 minutes • Results to the NZX later today
Slide 17: Proxy and postal votes received as of June 2023
Proxy and postal votes received as of 4 June 2023 For personal use only Resolution Votes for % of votes cast 1 Fix fees and expenses of 87,450,982 99.1 Auditor 2 Elect Renita Garard 87,567,904 99.2 3 Re-elect Kim Campbell 87,020,949 98.6 4 Elect Michelle Thomsen 87,560,385 99.2 5 Approve re-domicile
Slide 18: Thank you
Embark Education Group Limited Annual Shareholders’ Meeting 6 June 2023 For personal use only Thank you.
Embark Education Group — Shareholder Meeting (June 2023) on 6ix