5 questions lodged at 2024 AML3D hybrid EGM
December 20, 2024
Below is the text of the 5 written questions submitted at the 22 minute AML3D hybrid EGM held in Adelaide on December 20 2024, plus a summary of the answers and some video grabs via Twitter. There were no protest votes.
Q1. For online participants, it is tricky juggling two platforms - Zoom for the debate and Computershare for voting. Why didn't we just use the excellent Computershare platform to run the full hybrid meeting? How much did we save by going with Zoom?
Answer: The company secretary Kaitlin Smith tried to answer this in writing on zoom, rather than reading it out and putting it on the public record.
Q2. It was disappointing that you did a $30m two stage placement at 19c but didn't offer your retail shareholders a share purchase plan on same terms. Is there anything stopping you from launching an SPP in the new year or have you undertaken not to do that to the placement recipients, such as Regal?
Answer: The chair Noel Cornish said no future raisings were planned but didn't comment on whether undertakings were made not to offer an SPP. Watch video of exchange via Twitter.
Q3. A fee of up to 6% seems excessive for the brokers to the issue, Shaw and Bell Potter. Do the directors have any discretion to avoid paying any bonus fees once the placement settles? Does the chair acknowledge that if you offered your 5,000 retail shareholders a share purchase plan, there would be no under-writing fee payable to any middle man. Why don't you do that next time you need to raise capital?
Answer: The chair Noel Cornish said 6% was the going market rate but accepted the point being made about SPPs not having excessive under-writing fees. Watch video of exchange via Twitter.
Q4. How many different shareholders participated in the placement and do you have a split between new and existing shareholders for the entire $30 million raising?
Answer: The chair didn't know but undertook that a reply would be posted online. Watch video of exchange via Twitter.
Q5. Thanks for offering a hybrid EGM today. Do you think you could do the same with next year's AGM, unlike the physical meeting in Adelaide you ran last months?
Answer: The company secretary Kaitlin Smith replied on Zoom that this would be considered, rather than reading out the questions and putting it on the public record.
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