6 questions lodged at 2024 Weebit Nano hybrid AGM

Q1. Did any proxy advisers produce a report ahead of today's AGM and, if so, did any recommend against this remuneration report item, or any other item. It is better practice to disclose the proxies to the ASX along with the formal addresses so I don't have to ask if there have been any material protest votes against any of today's resolutions.

Answer: The chair was quite unhelpful saying that proxy adviser reports are confidential. Watch video of exchange via Twitter.

Q2. I don't understand why you can't offer your retail shareholders an SPP, at any price. Please get on with it early in the new year as we have been diluted as a class by big end of town investors who took up this recent $50 million placement.

Answer: Watch video of exchange via Twitter when question was delayed until formal business and this extended response an hour later at the end of proceedings..

Q3. I don't understand what is wrong with partial takeovers. Which law firm told us to do this? Give partial takeovers a chance.

Answer: This was a silly question designed to pad out the meeting to buy time so other questions could be formulated as was late to the action. The response was good, disclosing that Freehills gave the advice. Watch video of exchange via Twitter.

Q4. There were 15%+ protest votes against the two directors. Do we know which shareholders are giving us grief today and why? Have the protests extended to other resolutions?

Answer: The chair gave a passionate response about the quality of his directors and claimed to not know what the issue was. Watch video of exchange via Twitter. Also, watch independent director Naomi Simson explain why she's yet to buy any shares and that her role for shareholders is "to keep you safe".

Q5. Could Dr Nissan-Cohen comment on how it is working out at board level being listed on the ASX and based in Israel. Are we having many or any board meetings in Australia? Are the logistics complicated?

Answer: The candidate wasn't there but the chair gave a strong shout out to the upside of video-conferencing. Watch video of exchange via Twitter.

Q6. 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 insight into the chronically low retail shareholder participation rate. Others have already blazed the trail as this was a voluntary disclosure initiative adopted by the likes of Qantas, ASX, Suncorp, Tabcorp and Computershare during the current AGM season. You've got the data, so why not let the sun shine in?

Answer: The chair and CEO looked confused and threw it to a staffer who confused the request for early proxy disclosure with this one for extra voting outcome data. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

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