Harry Winston Diamond Corporation (HWD)
F1Q11 (Qtr End 04/30/10) Earnings Call
June 3, 2010 10:00 am ET
Bob Gannicott – Chairman and CEO
Lyle Hepburn – Corporate Secretary
Alan Mayne – CFO
Frederic de Narp – President and CEO, Harry Winston Inc.
Paul Gerning [ph]
Previous Statements by HWD
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» Harry Winston Diamond Corporation F2Q10 (Qtr End 07/31/09) Earnings Call Transcript
First of all, thank you all for coming. My name is Bob Gannicott, I am the Chairman and Chief Executive Officer. Before we get started on this, there are a few things. First of all, we are going to run the meeting as we usually do where we deal with the dry formal material at the beginning, and then we will get into presentations from those of us that are in management. And those presentations will be an introduction from me; then Alan Mayne, the Chief Financial Officer who is seated in the middle of those three gentlemen there who will deal with the financial numbers; followed by Frederic de Narp. Frederic is the new Chief Executive of our Retail and Wholesale Division based in New York, and Frederic is going to – he just joined in January and he’s creating a new vision, a new modus operandi for that side of the business, and he’s going to explain that to the meeting as well, then I am going to come back on and deal with the mining side of the business and sort of where the future takes us there as well.
Before we start on that, let’s just do some introductions then. So, on the head table, Lyle Hepburn, the Corporate Secretary. I have already introduced Frederic and Alan. Then in the front rows, we have our Directors, Micheline Bouchard in the front row here, Noel Harwerth on the other side of the aisle, Matt Barrett, Laurent Mommeja, Roger Phillimore, Jarvis and Tom Boehlert. And also in the room, I notice we have Hugo Dryland. Hugo is from Rothschilds and is our investment bank, principal investment banking relationship. Thanks for coming all of you.
And also then on the management side, at the sort of Vice President level, at least Jim Pounds I think is in the room somewhere. Jim, thank you; Ray Simpson; Robert Scott, and Robert’s from New York, he’s the CFO from New York; Wendy Kei, our Controller in Toronto; Beth Bandler, Legal and HR; Kevin Marchant who is in-charge of diamond sorting, yes, he’s in the room, I let him out for a few hours; Brian Parr [ph], yes, Brian is there as well; and (inaudible). Those three gentlemen will take care of diamond sorting and sales underneath Jim Pounds. So, thanks, that’s the introductions.
So, this is the 2010 Annual General Meeting of Shareholders of Harry Winston Diamond Corporation. In accordance with the bylaws of the corporation, I will preside as Chairman of this meeting and the Secretary of the corporation, while Hepburn will act as the Secretary of the meeting. In order to make the best use of our time, certain shareholders have already been asked if they would jump up and propose second various motions, but I wouldn’t want that to stop any of you that feel motivated to do that to from doing so, would be perfectly happy for you to do that.
Each holder of the common shares entitled to one vote per share. But unless a balance is demanded by a shareholder or proxy holder, we will conduct votes on the resolutions put to the meeting by a show of hands. With the consent of the meeting then, Carol Pineda and Radha Mulchan-Singh of CIBC Mellon Trust will act as scrutineers of this meeting to report on the shareholders present in person and the number of securities represented in person or by proxy at this meeting and any adjournment thereof. We will also compute the votes cast by ballot on any ballots conducted at this meeting or any adjournment thereof and to report the meeting on these matters.
The notice calling this meeting, the management proxy circular of the Corporation dated April 19th, 2010; financial statements of the Corporation for the year ended January 31st, 2010, together with the auditor's report thereon and the form of proxy were mailed to all registered shareholders and were also mailed to all non-registered shareholders in accordance with National Instrument 54-101. The affidavit of mailing has been duly filed and I direct that the affidavit be attached to the minutes of this meeting as a schedule.
A quorum for the transaction of business of the meeting of shareholders is at least two persons present in person, each being a shareholder entitled to vote at the meeting or a duly appointed proxy or representative for an absent shareholder so entitled together holding 5% of the outstanding shares of the Corporation. I will now ask the secretary to report on the attendance of the meeting.
Indicates that there are 151 shareholders holding 53,142,512 common shares represented in person or by proxy and this represents 69.35% of the issued and outstanding shares.
Thanks Lyle. So, I declare that the requisite quorum of shareholders is present and that the meeting is properly constituted for the transaction of business. I direct that the scrutineers report on attendance be annexed to the minutes of the meeting as a schedule.
The next item of business is the presentation of the financial statements of the corporation for the year ended January 31
, 2010, together with the auditor's report thereon and management's discussion and analysis of Harry Winston's operating results and financial condition. A copy of the annual report of Harry Winston was mailed to all shareholders with the notice of meeting. At this point, I will ask if there are any questions concerning the financial statements but I will also turn the event, of course, Alan is going to discuss this in more detail and there will be opportunity for those kind of questions at the end of the meeting. So, are there any questions at this point? No. Thank you.