I'm glad that they have an in person meeting, it seems that a lot of questions have been ignored for the virtual events. Hard to ignore someone present in person who asks some hard and questions.
Zoom will still be available - you can register here:
https://us02web.zoom.us/webinar/register/WN_TwP1xlMzRKiRgJ4wtDd6_w
Make sure that if you want to vote, you jump onto the Automic website to see what that you are able to do so. This is the link:
Automic
The re-election is going to be interesting after Axel's dismissal last year. If we see a large number of votes against these then I will think it is safe to assume that our most recent cap raise was, among other things, a safeguard. Hopefully it was Axel that was singled out and the entire board isn't a target. We will soon see.
Key points of the resolutions:
Resolution 1: Remuneration Report
6 The Remuneration Report is contained in the Annual Report. A copy is available on the Company’s website.
Everyone should be paid. I haven't checked this yet, but will have a look over it.
Resolution 2: Re-election of Director – Mr Paul Hopper
This guy will get us commercialised. If he isn't re-elected then I would expect to see a massive share price failure
Resolution 3: Re-election of Director – Dr Lesley Russell
Resolution 4: Re-election of Director – Dr Jens Eckstein
Resolution 5: Election of Director – Dr Jakob Dupont
If there are any hostile parties out there trying to strong arm IMU then a failure(or attempt at) of any of these resolutions could be taken as an attempt to send a message.
Resolution 6: Issue of options to Director – Ms Leslie Chong
26(c) the exercise price will be $0.40 per option;
34 The current total remuneration package for Ms Chong (excluding the value of the proposed Incentive Options) is $1,153,580 per annum, comprising of short-term benefits including cash salary and cash bonus and long-term benefits of $1,066,194 (including superannuation) and options of $87,386 for the year ended 30 June 2022. If the Incentive Options are issued, the total remuneration package of Ms Chong will increase by $2,557,401, being the value of the Incentive Options (based on the Black-Scholes methodology), to $3,710,981 (if both Resolution 6 and Resolution 7 are approved) or to $1,460,981 (if only Resolution 6 is approved).
I'm a massive fan of what LC has done and is doing, as are many others here. I guess each person needs to decide for themselves though if they think that what she has done this year and the progression of the company is worth increasing her remuneration from 1.15mil to 1.46mil.
Resolution 7 – Issue of options to Director – Ms Leslie Chong45(c) the exercise price will be $0.306;
53 The current total remuneration package for Ms Chong (excluding the value of the proposed Incentive Options) is $$1,153,580 per annum, comprising of short-term benefits including cash salary and cash bonus and long-term benefits of $1,066,194 (including superannuation) and options of $87,386 for the year ended 30 June 2022. If the Incentive Options are issued, the total remuneration package of Ms Chong will increase by $ $2,557,401, being the value of the Incentive Options (based on the Black-Scholes methodology), to $3,710,981 (if both Resolution 6 and Resolution 7 are approved) or to $3,403,580 (if only Resolution 7 is approved) . Each person needs to decide for themselves if they think that what LC has done this year and the progression of the company is worth increasing her remuneration an additional 236%. I do not, even with the exercise price of 30c.
Resolution 8: Issue of options to Director – Mr Paul Hopper64(c) the exercise price will be $0.306;
72 The current total remuneration package for Mr Hopper (excluding the value of the proposed Incentive Options) is $350,000 per annum, comprising of directors’ fees and cash bonus of $350,000 (excluding superannuation) and options of $Nil for the year ended 30 June 2022. If the Incentive Options are issued, the total remuneration package of Mr Hopper will increase by $375,000 to $725,000, being the value of the Incentive Options (based on the Black-Scholes methodology).
As above, each person needs to make their own assessment. For me, PH has not done nearly enough this year to see a remuneration increase of an additional %107.Resolution 9: Issue of options to Director – Dr Jens Eckstein
Resolution 10: Issue of options to Director – Dr Lesley Russell
Resolution 11: Issue of options to Director – Mr Charles Walker
Resolution 12: Issue of options to Director – Dr Jakob Dupont
Resolution 13 - Issue of options to Director - Dr Jakob Dupont
All at an exercise price of 0.306 except Res 13 which is exercised at 0.184. Remuneration increases of 93%, 93%, 90% and Dr Dupont with an additional 300% (Res 12&13) Respectively.
Despite the % increase, these increases are on lower incomes, so it makes sense to increase them somewhat.Resolutions 14: Ratification of previous equity issuance under ListingRule 7.4
ASX Listing Rule 7.1 (in combination with ASX Listing Rule 7.1A) limits the Company from issuing more than 15% of its issued capital without shareholder approval. Listing Rule 7.4 provides that where a company subsequently approves an issue of securities, the issue will be treated as having been made with approval for the purpose of Listing Rule 7.1, thereby replenishing the Company’s 15% capacity, enabling it to issue further securities up to that limit.
175 If Resolution 14 is approved, the Company will have additional capacity to raise additional equity funds over the next 12 months without reference to Shareholders. If Resolution 14 is not approved, the Company’s capacity to raise additional equity funds over the next 12 monthswithout reference to Shareholders will be reduced. Resolutions 15: Increase in non-executive directors’ fee pool
183 The proposed increase in the NED Remuneration Limit will provide the flexibility to change composition of the Board as part of the ongoing Board renewal process and to adjust fees to the maintain market competitiveness and to reflect increasing demands on non-executive directors.
184 The proposed increase in the NED Remuneration Limit does not impact on the remuneration arrangements of the Managing Director or any other executives. As an executive director of the Company, the Managing Director does not receive separate directors’ fees in addition to theremuneration package he receives in his senior executive capacity.
Definitely going to be a landmark AGM in my opinion. Hope everything goes well.
(20min delay)