4 questions lodged at 2025 Mayur Resources virtual EGM
March 25, 2025
Below is the text of the 4 written questions submitted at the 11 minute Mayur Resources virtual EGM held on March 25 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $159m on EGM day. No other shareholders asked questions, the board comprises 6 men and only 1 independent director, who chaired the meeting.
Q1. Why weren't the almost 1000 retail shareholders given the opportunity to participate in this placement through a share purchase plan on the same terms as the big end of town institutional investors? Do you value your loyal retail shareholders? You can still announce an SPP. Will you consider this?
Answer: The acting chair and only independent director Chris Indermaur made no promises. Watch video of exchange via Twitter.
Q2. There has been media this week that Australian billionaire Gerry Harvey now owns 6.7% of our company. Was Mr Harvey selectively placed stock through tranche 1 or tranche 2, or did he buy his shares on market. Who had the connection that brought a high profile investor like Mr Harvey onto the register and is he going to be offered a board seat?
Answer: The acting chair and only independent director Chris Indermaur said he thinks Gerry's purchasing may been through all 3 vehicles and his shareholding was too small to warrant a board seat. Watch video of exchange via Twitter.
Q3. Barrenjoey was paid 2% of the funds raised and an additional 4% fee on the $53 million which they under-wrote. Have they been left with any stock from the tranche 2 placement and did we run any sort of competitive process before awarding them this lucrative contract? Also, why weren't they partially paid in stock, as occurs with many other small cap miner capital raisings?
Answer: The acting chair and only independent director Chris Indermaur strongly praised Barrenjoey but said there no tender. Watch video of exchange via Twitter.
Q4. The name change is being done under Singapore law. Could you please explain the strange history and structure of this company whereby our shares trade as CDIs on the ASX, we're incorporated in Singapore, the head office is seemingly in Brisbane and the main operation is in PNG. Whilst the name change to Pacific Lime and Cement better relates to our aspirations in PNG, shouldn't we also simplify our corporate structure to make it easier to understand??
Answer: The acting chair and only independent director Chris Indermaur said they would look at this. Watch video of exchange via Twitter.
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