agm report back

I drove a total of 2,300km to attend the AGM and was pleasantly surprised to see a full house, standing room only (between 150 and 200 persons).
All directors were in attendance and the The Resolutions were attended to with Res1 and 7 having to go to a poll as split decision on a show of hands. Res1 and 7 passed at poll.
NC went thru the Chairmans report and from a personal point of view I felt he was at first tentative and on edge but seemed to gain confidence as the meeting progressed.
He expressed the feeling of the Board as one of confidence and optimism for the future of the company.
He remarked on the following....
Successful commissioning of Concentration Plant at Mt Weld and its subsequent de-risking.
LAMP Ready for Start Up, Almost Complete and first feed scheduled for 1Q2012.
LAMP Stage2 expansion progressing well and is on track for 1Q 2013(Constr Lic was received Sept 2011) and is testament for strong demand with 10 customers/letters of intent.
Confidently predicts that this time next AGM he will be reporting Sales Figures.
Acknowledged that more should have been done on the Kauntan PR and are now Engaging in long term communication with local residence for life of plant.
All documents are with AELB for final decision (have been so for last few weeks).
Duncan resource is the next to be developed and Primary results expect in the coming months. They are looking toward the Duncan deposit for a better suite of HREE's for customers.
Malawi Title was formally approved by the Malawi Gov and work is ongoing. LYC did have dialogue with Sanner in the early days but his dispute is between him and the Goverment.
Siemens LOI the BOD's is very excited about the future.
WRT the Chairman and CEO Position being held by NC....the BOD's are comfortable with this BUT he will stand for re-election when it becomes due [I would like to say David Jackson of the Australian Shareholders Association strongly made the point about good corporate governance and the preference for the 2 positions being truly Independent and NOT being done by the same person.
A question from the floor as to What If The POL did not get issued. Reply from NC was Issue is being monitored on a daily basis and that THEY are very confident of getting the Licence. Just qualifying that point NC said they will not Pre-empt the Malaysian Gov/Authorities. NC will not speculate on a Plan B alternative to Malaysia.
WRT the LT Storage Plan for LAMP...the paperwork is with the AELB for a decision (there is continuing assessment of proposals for 3rd party use of waste).
When the POL is issued they are happy to proceed to 22,000T

From a personal point of view I did note that Nicholas Curtis showed (exhibited) a smugness and disdain at any shareholder questioning of he or the BOD's. He needs to realise that all decisions by the BOD's need to stand up to scrutiny and are there to be questioned.

A shareholder did question NC wrt The Crown Affair and his integrity re. FORGE.....NC said he stood aside and the BOD's determined. On judgement due to major shareholder concerns they felt Crown should not be developed.

A shareholder made the point about the difference in the Malaysian culture and Recommended theInduction of a Malaysian person to the BOD's....NC acknowledged this point and it will be discussed at the next Directors meeting.

All in all it was a very positive AGM and I left feeling very positive about my substantial investment in LYC. I also feel that the BOD's and in particular NC are fully aware that their decisions are being closely scrutinised.

Good luck all holders