Annual General Meeting

Results of the 2021 AGM

Brisbane Markets Limited (BML) held its Annual General Meeting (AGM) yesterday, Wednesday, 10 November 2021. During the course of the AGM, the Board reported on a number of key matters relating to BML’s ongoing investment in developing and improving the Brisbane Markets site. The Annual Report, as circulated to all Shareholders, was tabled and the performance of the company during the course of the 2021 Financial Year was discussed.

The underlying net operating profit before tax was $18.85 million an increase of 17.88%.

BML had total assets of $423.45 million at 30 June 2021, up by 7.19% on the prior year’s figure of $395.03 million. The net asset figure stood at $206.05 million, up by 7.5% on the prior year.

BML’s continued investment in creating new lettable space has seen the total lettable area within the site, excluding land leases, increase to 148,143 m² at 30 June 2021. This figure has shown an upward trend over time as a number of older properties have been refurbished and new premises, predominantly warehouses, have been constructed, creating additional revenue streams for BML.

BML completed the financial year delivering a solid result for our shareholders, despite the ongoing challenges of COVID-19. The Board was pleased to report that the group paid a fully franked dividend at 16.75 cents per fully paid share.

The two resolutions put before the General Meeting were supported. The new Constitution was adopted, and the aggregate amount available to be paid to Non-Executive Directors was increased from $500,000 to $550,000 per annum.

Shareholders who were unable to attend the meeting were given an opportunity to provide questions to the Board and the Company’s external auditor in advance of the meeting to be addressed at the meeting. No questions were received.

To view an abridged version of the AGM presentation, please click here.

During the AGM, the retiring Chair, Tony Joseph, announced the incoming Chair, as appointed by the Board, Tony Kelly. Tony has been on the Board since the Markets were acquired by BML and has served as Deputy Chair over many years. He is also a Director of Horticulture Innovations Australia Limited and has substantial experience in the fresh produce industry. His qualifications and a brief overview of his background can viewed on our Investor Page by clicking here.

The Board also appointed Peter Tighe, who was re-elected unopposed to the Board at the AGM, to the position of Deputy Chair. Peter also has significant Market experience as a second-generation Wholesaler with 40 years’ experience in fruit and vegetable wholesaling. He is currently a consultant for Global Fresh Australia and New Zealand.

Brismark also confirmed the appointment of four Industry Directors, in accordance with BML’s Constitution being Bruce Hatcher, Stuart Lummis and newly appointed Directors Nicole Radice and Stephen Edwards.

Nicole is a Partner in the Corporate Advisory and Governance practice of HopgoodGanim Lawyers. Nicole specialises in the areas of Corporate Law, Corporate Governance and Due Diligence.
Stephen is Deputy Chair of Brismark and also Managing Director of Murray Bros, one of the larger Wholesaler’s in the Brisbane Markets.

Shareholders continue to show strong support for the direction of the Company, with the Board of Directors, as follows:

  • Anthony (Tony) Kelly, Chair
  • Peter Tighe, Deputy Chair
  • Bruce Hatcher, Director
  • Stuart Lummis, Director
  • Nicole Radice, Director
  • Noel Greenhalgh, Director
  • Stephen Edwards, Director
  • Andrew Young, Managing Director and CEO

At the conclusion of the meeting, the incoming Chair thanked Tony Joseph for his long and dedicated service to the company and the Markets, and his leadership over the past 20 years.

In closing the meeting, Tony Joseph expressed his sincere thanks to BML’s shareholders for their ongoing support, trust and confidence. He noted that it had been a great honour to serve Brisbane Markets and he was proud of what the company had achieved to date. Tony also thanked BML’s Managing Director and CEO, Andrew Young, his fellow Board of Directors, both past and present, and BML’s management and staff. He noted that the success of BML was a testament to the loyalty and dedication shown by the collective efforts of the team, and that this will ensure that Brisbane Markets continues to be Queensland’s heart of fresh produce.

Board of Directors
Brisbane Markets Limited

For more information regarding this notice, please contact BML on (07) 3915 4200.


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