7 questions lodged at 2024 Strike Energy hybrid AGM
December 14, 2024
Below is the text of the 7 written questions submitted at the 49 minute Strike Energy (STX) hybrid AGM held on November 28, 2024. Every single once of them was ignored whilst multiple other online and on the floor shareholders had their questions addresses. Appalling effort by chair John Poynton or whoever was responsible. There were multiple major protest votes and proxies weren't disclosed early with the formals. Was initially emailed an incorrect access code of 52327295 by Harrison from Boardroom, so texted investors relations manager Emma Alexander and was given 52327294, which worked. After texting all the questions to Emma when they were ignored after being lodged through the Lumi platform during the meeting, was advised "our CFO is moderating and has responded to some of your questions on the app". Never saw this. Also, see AFR feature on the AGM season which mentioned sparkling wine being served after this one.
Q1.Do any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - cover us? If so, did any of them recommend voting against this remuneration report item or any other resolutions today? If so, what reasons did they give and has it caused any material proxy protest votes? It would also be better to disclose the proxies to the ASX with the formal addresses to allow for a more fully informed debate. Will you do this next year?
Not asked.
Q2. With an excessive 2.865 billion shares on issue, we clearly need to do a share consolidation. Will the chair and board agree to seriously consider a proposal such as a 10-for-1 share consolidation at next year's AGM? With a market cap of $616 million, we're a serious company but with a share price of just 21c, we look like a penny dreadful. What is the justification for having more shares on issue than the Commonwealth Bank and will we fix this issue at next year's AGM?
Not asked.
Q3. Andrew Seaton election resolution: I'm curious to see how popular Andrew Seaton is with retail shareholders, compared with the other resolutions today. Therefore, 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. Qantas, ASX, Suncorp, Tabcorp, Computershare and many others all did this during the current AGM season. You've got the data, so why not let the sun shine in?
Not asked.
Q4. Nev Power election: CVs matter for directors and APM Human Services was a bad experience for public investors like me. Did Nev learn any lessons from his time on that board which will add value to his contributions at Strike Energy? Also, does Nev still have a good relationship with his old boss Andrew Forrest and could Twiggy's empire be encouraged to support our endeavours in any way, or are we persona non grata for Australia's richest climate evangelist courtesy of our carbon emissions?
Not asked.
Q5. Could CEO Stuart Nicholls summarise his past LTI grants as to whether they have vested or lapsed during his 7 years with the company. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds.
Not asked.
Q6. Why was there a 31.3% proxy protest against Andrew Seaton's election, a near rem strike and a big protest against the CEO's LTI grant. Corporate voting is not a secret ballot in Australia. Which proxy advisers and/or major shareholders are lodging these large protest votes and why?
Not asked.
Q7. Deloitte has been our external audit firm for more than 15 years. When we did we last run a full tender for the job and when are we next intending to tender our audit work?
Not asked.
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