4 questions lodged at 2025 Turaco Gold virtual EGM
January 10, 2025
Below is the text of the 4 written questions submitted at the 4 minute Turaco Gold (TGC) virtual EGM held via Zoom on January 10, 2025. All questions were ignored. See notice of meeting. Market cap was $242m the night before. No protest vote.
Q1. When did the shareholders give constitutional approval to hold a virtual EGM and why have we switched from the physical format at our last two shareholder meetings? Best practice is to hold hybrid shareholder meetings to allow both direct interaction in person and online access for east coast shareholders. Why have you never run a hybrid shareholder meeting and will you commit to do this at the upcoming 2025 AGM in May so that more of our 1200-plus shareholders can participate?
Answer: The chair of the all male 4 man board, John Fitzgerald, didn't show up so non-executive director Alan Campbell chaired the 4 minute Zoom meeting and, combining with share register provider Automic, ignored this and all other questions and instead wrapped up the meeting after just 4 minutes.
Q2. The 2024 annual report lists Mr Yi Weng as our largest shareholder with about 8% and he was allocated stock in one of last year's placements. Since then we've done a $35m placement and there have been no ASX notifications around substantial shareholdings all year. Who are our 5 largest shareholders and was Mr Weng or any other external shareholder consulted about the proposed share issue to Sodim given that it will dilute all shareholders. Also, why didn't we offer our 1200 retail shareholders a chance to participate on the same terms through a share purchase plan as the big end of our town investors after the 3 separate placements we've done raising $60 million over the past 14 months? Will the board give serious consideration to launching an SPP before the upcoming AGM?
Answer: The chair of the all male 4 man board, John Fitzgerald, didn't show up so non-executive director Alan Campbell chaired the Zoom EGM and, combining with share register provider Automic, ignored this and all other questions and instead wrapped up the meeting after just 4 minutes.
Q3. Will a copy of the webcast of today's EGM be made available on your website for the benefit of any of our 1200 shareholders who weren't able to dial in live? Ideally, a full transcript would be lodged with the ASX? Is today's EGM even being recorded as this sometimes doesn't happen with Zoom meetings? I also couldn't find any record of past AGM or EGM recordings on our website and until the last few days, the company's constitution was also not available. Please step up your focus on shareholder communication and transparency. The share price has increased 6 fold over the past 16 months and we should start acting like a $250 million market cap company, including by appointing our first female director. Will this be done before the end of the year?
Answer: The chair of the all male 4 man board, John Fitzgerald, didn't show up so non-executive director Alan Campbell chaired the Zoom EGM and, combining with share register provider Automic, ignored this and all other questions and instead wrapped up the meeting after just 4 minutes.
Q4. When disclosing the outcome of voting in the poll on today's resolution, please advise the ASX how many shareholders voted for and against, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp and even the world's biggest share registry provider Computershare all voluntarily provided this data during last year's main AGM season. Your share registry provider Automic has the data, so why not let the sun shine in? Also, are you able to say now how many of our 1200 shareholders bothered to vote by proxy before Wednesday's deadline?
Answer: The chair of the all male 4 man board, John Fitzgerald, didn't show up so non-executive director Alan Campbell chaired the Zoom EGM and, combining with share register provider Automic, ignored this and all other questions and instead wrapped up the meeting after just 4 minutes.
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