Everybody, good morning, ladies and gentlemen. My name is Murray Boyte. I'm the Chair of Eureka Group Holdings Ltd, and I'll be chairing today's meeting. It's my pleasure to welcome all shareholders participating online through our virtual meeting platform provided by our share register, Link Market Services. I note the meeting has been convened for shareholders to consider, and [audio distortion] approve the acquisition by Filetron Pty Ltd, of 20.5 million shares in the company from Aspen Group, which will result in Filetron's associates increasing their voting power in the company from approximately 22.2% to approximately 27%. If we experience any technical issues today, a short recess from the [audio distortion] may be required depending on the number of shareholders being affected. If this occurs, I shall advise you accordingly. As we have a quorum present, I now declare the meeting officially open.
Before we progress to the formal business of the meeting, I would like to introduce you to the members of the board and senior executive team who have joined online today. First, my co-directors, Non-executive Director, Sue Renkin, Non-executive Director, Mr. Greg Paramor, Non-executive Director, Mr. Russell Banham, and Non-executive Director, John Whiteman. In our management team, Chief Executive Officer, Simon Owen, Chief Financial Officer and Joint Company Secretary, Miss Laura Fanning, and Joint Company Secretary, Miss [Stephanie Shaw]. Also present at today's meeting is the company's legal counsel, Betty Sham from Hamilton Locke. To allow shareholders time to submit votes and ask questions, I'll now declare the poll open. The notice convening this meeting was circulated to shareholders required under the company's constitution, the ASX Listing Rules and Corporations Act. If there are no objections, then we will take the notice as read.
Valid proxies have been received and recorded, and are open for inspection. Proxies have been received from shareholders for a total of 188,729,428 shares, representing 44.49% of the company's issued capital. I will disclose valid proxy votes on the screen as we table the resolution. As mentioned, the Notice of Meeting is intended that any undirected proxies given to the chair will be voted in favor of the relevant resolution. Voting on the resolutions will be conducted by way of poll. Shareholders will be able to cast their vote using the electronic voting card received when online registration is validated. Please refer to the virtual meeting online guide or use the help line specified. Shareholders have the opportunity to ask questions via telephone or via the portal online. A reminder to click on the ask question button, type question, and click submit or follow the telephone operator's instructions.
I encourage shareholders attending online, if you have questions, to send your questions through. I'll endeavor to give all shareholders and proxy holders who wish to ask a question a reasonable opportunity to do so. However, in order to allow this for an effective meeting, please keep your questions related to the matters relevant to the meeting. T o the formal item of business, resolution one, approval of acquisition of sale of shares and resulting increase in Filetron's relevant interest in voting of the shares of the company.
Resolution one is an ordinary resolution seeking shareholder approval for the acquisition by Filetron, of substantial shareholder of 20.5 million shares from Aspen Group Ltd, another substantial shareholder of the company, which will increase Filetron's relevant interest in the company from approximately 22.2% to approximately 27%. Proxy votes received in respect of this resolution are displayed on the screen. Ladies and gentlemen, I now invite questions on the resolution. Laura, we have some questions.
Thank you, Murray. Yes, some questions have been lodged through the online portal, and there is also an option for shareholders to ask questions by phone, but I will start by reading out a couple of questions which relate directly to the item of business being considered. The first question has been submitted by Stephen Mayne, and I'll read it as written. What is the full history of Filetron's relationship with both Aspen and Eureka Group? Also, are either Ben or Blake Cottle, the co-owners of FDC Construction Group, likely to come on the Eureka Group board after this share sale completes? Surely, a shareholder of this size would want board representation.
Thank you, Laura. Firstly, it's well documented publicly, the history of Filetron buying shares into this company and becoming a cornerstone shareholder. They have stated publicly their intentions, including in the notice of meeting. There's a list of their intentions, one of which is that Filetron is not seeking to appoint a nominee to the board. I think that answers that question, Laura.
Thank you, Murray. I'll read the next question, also submitted by Stephen Mayne. I'll read it word for word. Last month, AUD 71.4 million raised at AUD 0.61 was poorly structured. It included a $15 million placement and a AUD 55.4 million one for 3.4 non-renounceable, with overs capped at just 50% of entitlement. The AUD 6.6 million retail offer only attracted 400,000, leaving AUD 4.4 million with the underwriters after board and management support. Why did you structure the offer so unfavorably for retail investors? Will Filetron and the board support an SPP for retail shareholders to make up for this dilution, even if it dilutes Filetron's powerful 27% stake after today's approvals?
Thank you, Laura. A t the time, this was the most appropriate way to raise the capital, and you could see we had strong institutional support to expand the capital raised for this business, as managed and advised by our advisors. Over the years, we've had good support from our retail investors, and we've always tried to treat them fairly. While I will not be able to answer the question today what we might do in the future, but I would say that the board would give very fair consideration to ensuring that all our shareholders are treated equally in the future .
Thank you, Murray. There are no further questions online directly.
Sorry. Laura, Simon's going to make a comment also.
Oh, apologies.
[audio distortion] Murray, I was just going to add that Eureka shareholders actually got a better deal, because they had the opportunity to [audio distortion] at the market. T hey had the full opportunity, and the reason [audio distortion] placement of two board members [audio distortion] .
Thank you, Simon. Laura, any further questions?
Laura, no further questions have been received relating to the resolution. There are a couple of other questions relating to general business.
I'm happy to deal with those.
Thank you. All right, the first one then is from Stephen Mayne, who says, "Thank you for offering your 1,000 shareholders online access to this virtual AGM, which is very different to the physical AGM you held in Brisbane on October 31. What was the thinking with both models, and is there any chance you could combine the best of these models and run a hybrid AGM next year, so that shareholders can attend in person in Brisbane and those of us who live interstate can participate online? The Link hybrid platform is excellent, so please keep using that for the online questions and voting component."
Thank you for that. Look, I would see no reason why the board would not give favorable consideration to that request in the future. However, I will not be on the board, and it'll be up to the incumbent board later on to do that, but we recognize and acknowledge the access it does give and the assistance with the board shareholders. Thanks, Laura.
Thank you, Murray. T he final question which has been submitted online is from Stephen Mayne, who says, "I can't find any audio, video, or transcript record of your past AGMs on your website, including the recent meeting in Brisbane, when there was across- the- board 40% protest votes on all resolutions. What was that all about? Was this Aspen lashing out shortly before selling down? Could you please undertake to make a recording of today's AGM proceedings available on your website, so that the 95% + of shareholders who are unable to watch it live are able to find out what was said?"
Firstly, the 40% protest vote was indeed Aspen. Secondly, the meeting is being recorded. While I won't undertake to put it online, the board will consider that. Any further questions?
Thanks, Murray. There are no further questions online.
Thank you, Laura. If there are no further questions and you've not already done so, please select for, against, or abstain for resolution one on your electronic voting card. This now brings the meeting to a close. Please note that shareholders can submit their vote online until five minutes after the meeting closes. Ladies and gentlemen, that concludes the business of the meeting. The result of the poll will be announced to the ASX later today. I would like to thank you all for your participation, and for your questions and your attendance at today's meeting. I now declare the meeting closed. Thank you.