AGM 2024, Second Strike and Board Spill., page-122

In my humble opinion, this "argument" from the 2 distinct camps is interesting but somewhat going no where.

I think the frustration with the Sayona BoD & management team is very valid and justified. It's clear that they have not done a great job, especially around the handling of the lop-sided offtake with Piedmont, delayed downstream plans at NAL, shareholder engagements and communications (roadmap, update on chairman/ceo hiring etc). However, I do think some in the sack-the-entire-board camp had been overzealous in their desire to demand for attention and actions.

Meanwhile, I don't think the BOD+Management team are totally useless and warrant such an extreme action of sacking the entire board. The environment that they are operating under currently is tough, not just for Sayona. We cannot blame the BoD for everything that's going terribly. But I do not agree with the BoD-can-do-no-wrong camp either.

Nevertheless, this continual bashing of the BoD is damaging. Repeating the same old points daily does not help either, especially with unfactual views. The negativity discourage potential investors buying into the Sayona story.

So as investors, what can we do?
* If you have lost all hopes in the current board/management, sell your holdings (my sincere and frank suggestion). IMO spilling the entire board is a long and difficult process and will achieve little for shareholders - and is not the true solution to our problem. How many are prepared for the sell down (sub 1c??) if the entire board/management is voted out? And do you have the alternative team/plan to do the job? How would the company recover from the revolt?

* If you still believe in the Sayona story and have strong desire for changes, I am of the view that we need to try to identify what changes are needed and continue to push very hard to engage with the current board/management.

What do you think?