11 questions asked at Alterity Therapeutics 2022 AGM
November 11, 2022
11 questions asked at Alterity Therapeutics 2022 hybrid AGM held on November 11.
1. We have a market cap of $25m. Could the auditor comment on why this is so different from the claimed net assets.
Answer: not asked, not even sure the auditor was there.
2. We have $182m of accumulated losses. Where did all that money go when net assets are only $35m and the market cap $25m?
Answer: long explanation from the chair on $100 billion globally that has been spent not solving alzhermier's.
3. With 2.4 billion of shares on issue and the stock trading at 1c, why don't we do a 1-for-100 share consolidation?
Answer: watch this space but can't given details as we have to follow NASDAQ rules.
4. Given the interesting discussions across a range of topics today, including this constitutional amendment, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.
Answer: yes for access to audio archive of AGM.
5. Why are we seeking extra placement approval. Are we planning to do another placement and what is our history when it comes to doing selective placements as opposed to pro-rata capital raisings.
Answer: flexibility to raise capital and the authority was introduced in 2008 after the GFC.
6. Why are you being expedient. The AGM has been going 14 minutes. Please deal with items 5, 6 and 7 separately.
Answer: not asked.
7. When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus last year and Webjet and Tabcorp so far this AGM season.
Answer: no commitment.
8. The likes of Dexus, Brambles, NAB, JB Hi Fi, Origin Energy, Viva Energy and many other companies have all disclosed the proxy votes to the ASX before their latest AGMs started along with the formal addresses. Will the board agree to do this next year so that interested shareholders and other stakeholders have an early insight into the proxy position before the AGM debate commences. Why withhold only the voting data slides from the presentations lodged with the ASX when this can easily be disclosed at a time of the company's choosing during the meeting itself without disrespecting those participating in the debate.
Answer: not asked.
9. Which of our directors is next most likely to retire and who is up for election next year. Do we have enough headroom on our fee cap authority if we wanted to expand the board and what is the constitutional cap on board numbers?
Answer: there is plenty of fee headroom and no constitutional cap on board numbers. Wouldn't comment on directors.
10. The proxies were flashed up so quickly I didn't get a chance to see them whilst typing in online questions. Was there a material protest vote against any of the resolutions today and what percentage of our share register is owned by independent shareholders not associated with the board or management?
Answer came back from the moderator through the Computershare chat function that more than 90% was in favour of all resolutions.
11. Thank you for offering shareholders a hybrid AGM this year and will you commit to keep doing this in future years to maximise shareholder participation? Big companies like Altium, Argo Investments, AUB Group, Austal, Bank of Queensland, Beach Energy, Bega Cheese, BHP, Blackmores, Boral, Brickworks, Commonwealth Bank, Cleanaway, Downer, Flight Centre, Fortescue Metals, Harvey Norman, Metcash, Netwealth, Origin Energy, Premier Investments, Ramsay Healthcare, Reliance Worldwide, Rio Tinto, Seven Group, Seven West Media, Soul Pattinson, Super Retail Group, The Reject Shop, Whitehaven Coal and Worley all banned online questions and voting in 2022, so well done for showing them up. What was the experience like from your end?
Answer came back from the moderator through the Computershare chat function saying it was a good experience which would be continued next year.
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