9 questions lodged at 2024 Peninsular Energy hybrid AGM

Q1. What is the history of proxy advisory firms covering us and did any of them issue reports ahead of today's meeting? If so, were there any recommendations against and on what grounds? Were proxy advisers a part of last year's remuneration first strike and has there been a material against vote on the remuneration report today?

Answer: The chair... Watch video of exchange via Twitter.

Q2. As a retail shareholder who has participated in hundreds of capital raisings, I was disappointed by the structure deployed in May 2024. The $52.9m placement was too large & it was unfair to restrict your 13,000 retail shareholders to overs of just 50% of entitlement in the accompanying 1-for-4 non-renounceable to raise $60.1m. This led to the $39.8m retail component falling $22.7m short. There was also no disclosure of the overs/entitlement split or retail participation. How many retail shareholders took up the offer?

Answer: The chair... Watch video of exchange via Twitter.

Q3. Could new director David Coyne and the chair comment on the recruitment process that led to his appointment to the board. Was a head hunter involved, did the full board interview David as a group and did they interview any other candidates? Did David know any of our directors before engaging with the recruitment process?

Answer: The chair... Watch video of exchange via Twitter.

Q4. There've been many big protest votes against resolutions seeking an extra 10% placement capacity this AGM season. Why are we doing this when it is not good practice to allow a board to selectively place up to 25% of the company's shares to anyone they like over a 12 month period, diluting existing shareholders without compensation for their lost property rights. What is our group's history of seeking this authority & what is the approach going forward. From my point of view, you should never request it again & I voted against.

Answer: The chair... Watch video of exchange via Twitter.

Q5. We seem to be struggling to retain our leadership team with the CEO wanting to go part time and multiple directors planning their exit. In this context, wouldn't it make sense to put the company up for sale and roll our efforts in with Paladin, Deep Yellow, Lotus Resources or one of the other ASX listed uranium players. As a soon to be departing director, what does re-election candidate Harrison Barker think of this idea. Would it make sense to wait until we have de-risked and commenced production?

Answer: The chair... Watch video of exchange via Twitter.

Q6. Well done for putting up this 20-for-1 share consolidation. It's amazing how many small caps, especially Perth-based resources plays, that keep trucking along with billions of shares on issue and share a price below 1c. Look no further than fellow uranium company ERA which today has 405 billion shares on issue after Rio Tinto just bought another 383 billion courtesy of under-writing an over-sized entitlement offer designed to blow away the minorities. Did you have any opposition from shareholders to this sensible move?

Answer: The chair... Watch video of exchange via Twitter.

Q7. Recipients of placement shares are not allowed to vote on this placement refresh resolution. What process did we go through to ensure that the exclusions were comprehensively identified?

Q8. Could Wayne explain his history of incentive grant vesting & share trading in our stock. Also, when disclosing the outcome of the polls today, please include the numbers of shareholders who voted for and against like you have done with the proxies displayed during the meeting. This will reveal the worryingly low level of voting by our 13,000 shareholders & the sentiment of those who have voted on this item of business. It would be good to disclose the proxies earlier to the ASX with the formal addresses next year too.

Q9. There are consistent 40% protest votes on the proxies on all these remuneration items today. You've identified ISS as recommending against but do you know the identity of the actual shareholders who've caused the second strike, defeated the 10% placement expansion and generally given you a solid belting today. Corporate voting is not a secret ballot so you should be across this. Is it the big US index funds Blackrock, VAnguard and State Street which tend to follow ISS advice?

Copyright © 2024 The Mayne Report. All rights reserved

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