7 people in room. Norris, Dobbs, Glover, Steddum, among folks in room
2:00 – Norris opens meeting
2:01 – Glover speaks. Says questions can be submitted via Q&A portal or email@example.com
2:02 – Introduces directors
2:04 – official business starts
2:06 – Gliksberg is asked to present #7. Screen goes blank. Audio cuts off.
2:08 – Sounds like it is an audio clip. Tried again. Still not working.
2:09 – Dobbs says polls close at 2:30. Vote via web portal.
2:09 – Trying Gliksberg audio again. No dice.
2:11 – Silence
2:11 – Gliksberg audio finally plays. No video.
2:14 – Dobbs says polls are open until 2:30 and we’ll hear about the results via 8K in 4 biz days
2:15 – Glover reads history of the company. Reports that company was useless shithole prior to his active management.
2:20 – Meeting attendees in virtual chat say that voting is closed. Many not able to vote.
2:24 – Glover still chatting. Meeting attendee chat is not happy.
2:27 – Glover says they are going to try to use cash to grow. If there is some left, it will be returned to shareholders. They don’t appear to care about your capital policy preferences.
2:28 – Dobbs says voting will be extended until 3pm Central. Pause until then.
Question while we wait – If you own very little of a company but are charged with making capital allocation decisions for said company, what types of incentives and motivations would influence those decisions? How would you want to be compensated for your efforts?
2:51 – Dobbs comes in and says polls will be extended until 3:30 Central time. Leaves extra time to leaf through a favorite. https://www.amazon.com/Their-Finest-Riverside-Cambridge-Second/dp/B00FO67K4Y
3:11 – Meeting attendee chat disabled. Management tired of getting roasted.
3:12 – Aaaannnnd we’re back! Dobbs says polls will be open until 3:30 and asks for questions via the portal.
3:13 – Back to hold music
Question while we wait – On a scale from 1 to 10, how uncomfortable are the new independent board members right now?
3:29 – chat was opened back up for a while. closed again.
3:30 – Dobbs back. Says polls are closed.
3:30 – John Norris adjourns meeting
3:30 – Q&A starts without video.
3:31 – Question – Why is board classified. Answer – Refer to materials we already disclosed
3:33 – John Norris – Board conducted inquiry into McGinnis shares. Says he and clients blocked up got him to 2nd largest status. Board satisfied w/ that and doesn’t want to spend more time on it.
3:37 – 90 FTE. 1/3 of which are water biz dedicated.
3:38 – Capital allocation is driven by “active management” philosophy. Read between the lines – the old way is gone.
3:40 – “We don’t control mail”. Sorry you couldn’t vote.
3:42 – Breaking to see if there are more questions
3:46 – “We got a question on repurchases”. Then doesn’t answer it. “Yeah, we talk about it quarterly.”
3:47 – TPL owns a turbo prop plane. Helps w/ getting employees around and managing assets
3:48 – Q&A over