If you've been following DMP, you probably know that Domino's Pizza Enterprises has rolled out GPS Driver Tracker across Australia. They have been very bullish about the impact of this innovation.
I just wanted to share this info:
On the 12th of May, I made a request to obtain a copy of the DMP share register - a right granted to everyone under Subsection 173(3) of the Corporations Act 2001.
The purpose of my request was to write to DMP shareholders and inform them of my concerns about the activities and management of the company that would also be concerns of theirs.
On 20th May, I received a most unusual response from Domino's lawyer Jim Holding, a senior partner of DLA Piper Australia - Domino's would only provide me a copy of the share register without any contact information. The explanation given in the letter:
1. Yep, I am a Director of Precision Tracking as well as the R&D Manager there. Precision Tracking is a small Sydney-based technology company that develops GPS tracking and fleet management solutions.
2. Domino's successfully trialled our GPS tracking technology in 50 of their stores. In late 2014, they decided to create their own similar-looking solution and use that instead. If you check out this page on our site, you can see some photo comparisons and other info.
3. Precision Tracking holds a patent applicable to GPS Driver Tracking.
4. Domino's seems to believe that knowledge of patent disputes is not relevant to its shareholders - I suspect that shareholders might disagree with that. I would have thought that the risk of patent-related licensing or litigation could have an impact on future earnings.
5. I don't believe that Domino's have the legal right to withhold shareholders' contact information for the reasons they have given.
I'm not a lawyer, but I've read through the relevant section of Corporations law. It is my understanding that as long the purpose of my request is not one of the improper purposes listed in Regulation 2C.1.03 of the Corporations Regulations 2001, and I pay the required fee, they're obliged to give me the full copy within 7 days.
I also note that in subsection 173(9A), it says that "An offence based on subsection (1), (3) or (9) is an offence of strict liability". Could this mean that they would be committing an offence if I paid the fee but was not supplied the full copy with the shareholder contact information?
If anyone here is from ASIC, I would appreciate your comments.
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