5 questions lodged at 2024 Spirit Technology virtual AGM

Q1. Have there been any material proxy protest votes on any of today's resolutions and will you disclose the proxies to the ASX along with the formal addresses ahead of next year's AGM so I don't have to ask questions like this. Also, as a growing successful company, please offer a hybrid AGM next year as virtual is not regarded as good governance from an accountability point of view.

Answer: Chair was confused in thinking I was asking for a return to physical meetings with no online participation. Watch video of exchange via Twitter.

Q2. As a new shareholder, I'm not up to speed with the connections and history between our major shareholders, directors and executives. Could the chair please briefly summarise who are the major shareholders, how many of them are associated with our directors or senior executives, who are the completely independent directors representing us small retail shareholders and which of the major shareholders have no affiliation with management or the board?

Answer: The chair gave a good summary explaining that Shan Kanji had recently become the largest shareholder. .

Q3. It's a bit embarrassing that our shares are trading at just 6.2c when we have a market capitalisation of $104 million. Do we really need to have 1.7 billion shares on issue? This is the same as the Commonwealth Bank with 1.7 billion shares on issue and far more than CSL with 489 million. Will the board consider bringing a 10-for-1 consolidation for the vote at next year's AGM?

Answer: The chair explained that they were already doing this later in the meeting. How embarrassing. Watch video of exchange via Twitter.

Q4. The 5 most valuable US big tech stocks - Microsoft, Apple, Amazon, Alphabet and Nvidia - are together worth more than $20 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on and what would we do if they suddenly put their prices up by 30%?

Answer: The CEO said they are most exposed to Microsoft and Cisco and if Microsoft put their prices up 30%, they would do the same. Watch video of exchange via Twitter.

Q5. There have been many substantial protest votes against resolutions like this during the current AGM season. 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 the existing shareholders without compensation for their lost property rights. Why are we asking for this authority and has there been a substantial protest vote against this resolution? Placements favour big end of town investors at the expense of retail and even when retail are offered an SPP, the mast majority don't participate. When next raising capital, will you consider doing a pro rata renounceable which is the fairest method for all shareholders

Answer: The chair claimed they were a micro-cap which is not right with a market cap of $104 million. Watch video of exchange via Twitter.

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