Morikaunui Incorporation - 2020 Annual General Meeting  
  to be held on 18th November, 2020  
  Preliminary details of an electronic meeting (ie online).  
                   
  2020 AGM to be held electronically      
 
  After careful consideration and in light of the recent (June) increase in COVID-19 cases landing in NZ from returning citizens, the Committee of Management (CoM) has resolved that the potential risks associated with trying to hold a physical AGM for 2020 are just too high. 

In line with COVID-19 related legislation that came into force in May the decision has been made to hold this year's AGM as an "electronic" meeting (ie online). Further details will be available from this link by September 4.

 
   
  Background        
 
  One of the major factors in coming to this decision is that individuals can show absolutely no symptoms yet be infectious. With there likely to be 300 plus people at a meeting, many regarded as high risk, the only safe option is to not have a physical meeting.

The other risk is of the government being forced by circumstances to move back to Level 2, 3 or 4 prior to the meeting and just how any resulting cancellation could be managed and communicated. This could result in a considerable financial cost, not to mention the inability to pay a dividend or provide the charitable purposes funding without a meeting.
 
  The steps        
 
  While the details are still being finalised, the Notice of Meeting, Annual Report and other documentation together with participation instructions will be mailed out as usual prior to the meeting.
One of the departures permitted under the COVID-19 legislation is for electronic voting which also extends to proxy appointments.  These will be restricted this year to directed proxies only, to the secretary or nominee.  Because this has the same effect as a postal vote, there will be no postal voting option.

The electronic process will entail the shareholder entering the shareholder number AND the 5 digit PIN provided, both of which will be included with the Notice of Meeting.  Only with those two "codes" having been entered, will there be access to the respective forms.

The meeting technology that will be used has both an online and dial in option, with both voting and chat (for questions) capability.  Those online will therefore be able to vote electronically but for those having dialled in, there will be an online voting option that will be held over for five business days after the meeting.
 
  Dividend - a proposed COVID-19 top-up    
 
  As the old saying goes, "every cloud has a silver lining". There will be a cost saving in not holding a physical meeting so it has been decided to reflect that in the dividend recommendation. The proposed COVID-19 extra is $0.75 over the sum paid last year, taking this year's dividend recommendation to $4.00 per share.