Marsden Maritime (MMH) EGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders, outlined the meeting's purpose, and confirmed a quorum was present.

• Only one resolution was to be considered: the scheme resolution regarding the consortium's acquisition of all shares not held by Northland Regional Council.

• Voting procedures and thresholds were explained, with results to be announced on the NZX.

• The agenda included an overview of the scheme, independent advisor's report, board recommendation, timeline, and Q&A.

Specific resolutions to be voted on

• The sole resolution was the approval of the scheme of arrangement for the consortium to acquire all shares not held by Northland Regional Council at $5.60 per share.

• Voting required 75% approval in each interest class and over 50% of all shares entitled to vote.

Board and executive committee updates

• Directors and leadership team were introduced and thanked for their work on the scheme.

• The board established an independent subcommittee to negotiate the proposal and facilitated due diligence.

• Directors declared independence and confirmed no financial gain from the scheme.