Ann: Annual General Meeting, page-19

Tarvold, PP

I'll try to answer your questions in a concise manner. 90 mins of an unusual AGM was compelling viewing. No one was rushing to the tea and biccies.
Btw, I appreciate both your contributions over the past year on HC. I don't understand the industry so HC is a useful input for me.
The tone of the AGM was surprisingly positive. Yes, there were difficult questions but PWC were on the receiving end of most.
The Chair explained the BOD's reasoning thru the whole process (in a sentence, PNC thought FV best, but ASIC preferred consistency across all players; regulator won, as they always do). But strong relationship with ASIC remains.
To a reasonable person, KJ did not look like he was going anywhere. It's his baby and he talked like he was there for the long term. He suggested that PNC was well-positioned for the post-Hayne world. No-one else even measures NPS, let alone answers all feedback from customers.
Not clear if this was defence/sales pitch/passion for the business. KJ emphasised cash generation still strong and the key metric.
Your key question is when will we find out about the next steps? The Chair said that nominating a date is basically setting yourself up to fail; however 'expected' it to be pre-Christmas.
On value, my bias for what I'd like to see is difficult to overcome. The talk has always been about a transaction or finance. I'd guess from watching/listening that KJ wants new finance, the rest of the BOD may have had their fill of PNC. The past 9 months will have been a full time job. So your guess would be as good as mine.
The clapping may have been relief but the presentation was worthy of an ASX50 AGM. PNC has lifted its game, there's no doubt.