WiseTech shares rise despite remuneration strike, Richard White sheds tears
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More news: WiseTech was one of the top performers on the ASX in morning trade despite shareholders delivering a first strike against the software group's remuneration report.
WiseTech shares were up 4.3% to $66.96 at midday AEDT, as the wider ASX 200 shed 1.3%.
A tally of proxy votes showed 49.46% of shareholders opposed the remuneration report, passing the 25% threshold for a strike. Elsewhere, co-founder Maree Isaacs saw 21.86% of shareholders vote against her re-election to the board.
Both Isaacs and fellow co-founder and former CEO Richard White shed tears as they addressed shareholders at WiseTech's annual general meeting in Sydney today.
What they said: "I want to thank the WiseTech team for their passion and brilliance, our customers and partners for their trust and collaboration, and of course, you, our shareholders, for your ongoing belief in WiseTech," said White, before wiping tears from his eyes.
"I’m sorry, I am very passionate about this company," he said.
WiseTech says ASIC investigation ongoing, reiterates FY26 guidance
The news: WiseTech Global has reconfirmed its full-year guidance and said that it is continuing to cooperate with authorities following a raid by the corporate regulator and the federal police last month.
The numbers: The company expects revenue between $1.39 billion and $1.44 billion, with EBITDA expected to be $550 million to $585 million.
The context: WiseTech's lead independent director Andrew Harrison confirmed that a probe by the Australian Securities and Investments Commission remains in the investigation stage and no charges have been brought against any individuals in the company.
"While there's a limit to what we know and can say right now, I want to assure you that both the board and management are cooperating with the authorities," said Harrison.
New chief executive Zubin Appoo said that WiseTech's new commercial model will go live on 1 December. The new structure aims to simplify billing, reduce overheads for customers, and deliver a broader set of capabilities across international forwarding, customs and warehousing.
Appoo also flagged that WiseTech's integration with newly acquired e2open will temporarily impact margins, but noted "that is exactly as planned".
"We have a clear execution roadmap, backed by more than three decades of successfully integrating strategic acquisitions and rebuilding margin strength," Appoo said.
The source: ASX
