Ok a few responses so Ill try to address them. -
I am an ordinary shareholder with the same rights as those that hold 110 times fewer ordinary shares than me or the person or entity that holds one million ordinary shares and are invited to these private "ordinary shareholder roadshows" on the basis of the number of ordinary shares they hold.
These roadshows imo are a waste of money and pose some questions about corporate governance, not only for AVZ but should be a concern for all people that hold ordinary shares in a company in OZ. You don't want this sort of thing taking off
I'm not "poo pooing" anything but like last time AVZ held this type of "roadshow" there should be nothing disclosed to this AVZ invented entitled class of ordinary shareholder that isn't disclosed to all ordinary shareholders. I pointed out they did not disclose to these ordinary shareholders last time anything about a dathcom minute, or tribunal actions but merely pumped the potential of the company, all of which had been disclosed and was contained in presentations released to all ordinary shareholders.
The roadshows entertaining, or as some expect, will be to disclose or explain the situation of AVZ in better or more detail to ordinary shareholders who hold one million ordinary rights, (hold one million shares), they come at a cost to all ordinary shareholders.
As an ordinary shareholder of AVZ or any company, I don't expect the company capital to be spent essentially putting on events for other ordinary shareholders that merely hold more of exactly the same entitlements as me. Just because they have a certain number of exact same entitlements represented by simply a greater number of ordinary shares they hold than me. Ordinary shareholders dont get more of a dividend per share in a company becasue they own more shares right?, entitlements are the same for ordinary shareholders of a compnay hence rights are expressed as per share
As an ordinary shareholder who is essentially funding these events I would rather the capital in terms of time and money be spent on taking more action to facilitate faster resource and reserve updates and or legal actions to speed up the delivery of the mining LIC.
There is a meeting coming, AGM , at which time AVZ can address ALL ordinary shareholders regardless of how many shares they own and better explain and detail the current situation, this is the appropriate forum, not a private roadshow of some newly formed ordinary shareholder class of one million shares.
Some people will imply how important or good and smart they are by disclosing they are invited and the cut off point. How many ordinary shares you own does not entitle you in OZ to anything over and above in theory to that afforded to any ordinary shareholders regardless of the number of ordinary shares they hold. It certainly does not make you any smarter or more important
Once again this is a corporate governance and shareholder activist question imo
I understand AVZ -
https://hotcopper.com.au/posts/61271347/singlesince explaining the above ownership situation above, I have since learnt that AVZ owning 75% and ability to get to 90% of dathcom has been questioned and is and has been subject to disputes by tribunals and courts, is still subject to question and arbitration and that these issues were known to management at the time of the last roadshow in 2021. These issues were only first partly disclosed in MAY 2022 with more details finally emerging for all shareholders in more detail during their resent update and response to Boatman announcement many months into a rolling suspension. Nothing will be announced or explained in clearer pr more detail at these privileged roadshows with this new class of ordinary shareholders, it wasn't in the past and it won't be this time, unless there is an announcement to all ordinary shareholders, so hence imo they are a waste of time and capital imo, not appropriate, misguided a poor reflection on management.
All ordinary shareholders of companies on OZ should be imo want this type of ordinary shareholder event to be questioned.
So some will tell me how many shares they own in AVZ, good luck to you, some will tell me how they bought them early after the patterson cap raise and some of these ordinary shareholders will imply how much smarter they are as a result,
what if I told those people that I am an ordinary shareholder that owns way more than one million shares and that whilst some are implying how privileged and important, they are, or how smart they are holding one million shares vs other ordinary shareholder who only hold say 20,000 ordinaries about the 5M ordinary shareholder club.... lets say a small group of us "big boys" "smarter boys" spent a week in late April 2022 with the company management because we are in the 5M shares ordinary shareholder club, it was all at the company's expense (all ordinary shareholders) at a resort island. Luckily for me having been invited I was able to ascertain from management better details about how some were trying to "muscle in" and reduced my exposure significantly before the trading halt. If only you were as smart as me and held 5M ordinary shares you would have been invited and heard these explanations and got a clearer vibe as to what was comping. If only you had invested much earlier on, you would have been invited to this 4 day all expenses paid roadshow and may not have the same exposure subject to the current trading suspension, you would have received a better explanation and gained a better understanding as the potential issues surrounding mining and exploration rights. We got all the explanations and detail we needed, more detail that that given at the 1M ordinary shareholder roadshows clearly, even better drinks and meals.
If I said the above was fact, do you see the issue surrounding these ordinary shareholder roadshows funded by all shareholders?
But there is more - I'm only annoyed that i wasn't invited to the top 20 event, that I wasn't a smarter ordinary investor to make the list, these ordinary shareholders got flown first class to the DRC to inspect the mine, and a mate of mines uncles, butcher who went, that guy was able to go short apparently as he got a really in depth explanation as to why the Mining LIC which was expected immanently in NOV 2021 as per the last roadshows in 2021, and as per the announcements had been delayed , he learnt because he was at a top 20 ordinary shareholder event that there had been a tribunal issue and there was a dathcom minute which purported to approve a sale of DRC 15 % to Zjin
Do you see how crazy these events are? How thery could be a huge corporate governance risk and how certain ordinary shareholders are deemed more important by the company vs other ordinary shareholders?
If you own 1million shares and are going to the forthcoming "roadshows" and you learnt this, you would be livid -
sure it didn't happen but do you see the issues surrounding holding events funded by all ordinary shareholders for ordinary shareholders who hold a particular number of ordinary shares.? The manner in which these events are formulated and ordinated by AVZ are off imo and set a bad president for ordinary shareholders of any company in OZ.
AVZ is even trying to create a sub class of ordinary shareholders amongst its own shareholder holdings rankings
here is some trivia to think about in relation to ordinary shareholder rights
I'm an ordinary shareholder in AVZ part of the group that owns 91% of the ordinary shares in the company
there are 3.538 billion ordinary shares on issue for AVZ , every ordinary share has the exact same rights
2316 shareholders own 91.66 % of the company holding a combined total of 3.23 billion ordinary shares
but 20 shareholders own 1.802 Billion of the 3.23 billion ordinary shares on issue
so 2296 people own 1.428 billion ordinary shares approx in total with an average of 620 K average holding
but AVZ is actually inviting only ordinary shareholders with 1M ordinary shares, the cost of which is paid for by all bourse by 21110 shareholders
I think the idea of these roadshows for select groups of ordinary shareholders simply based on the number of shares they hold in a company is way off base, especially considering that all ordinary shareholders have the same entitlements per share
consider nearly 7% of AVZ is owned by 7171 shareholders with a total of approx 250M ordinary shares of the company, why are they paying for these events in essence but excluded from this entitlement to attend?, aren't they entitled to be placated by management or entitled to the same information?, of course they are!, but they shouldn't be paying in essence for this sort of company event for other ordinary shareholders who may happen to hold one million of exactly the same rights and entitlements, it's not equitable, everyone holds the same class of shares
Hence again why I think these types of roadshows by AVZ are a wrong, poor corporate governance and a waste of all ordinary shareholders capital. No information will be released that isn't known by all shareholders prior, so again this shows it's a waste of ordinary shareholder capital as not all ordinary shareholders are seemingly entitled to participate in this use of group shareholder capital.
I don't think we want this type of "roadshow" taking hold across markets, one ordinary shareholder with more shares valued by management as more valuable and needing more explanation than other ordinary shareholders with less shares which have exactly the same entitlements.
So your off to an AVZ roadshow, did you get invited to the BHP or RIO ones? what about the WBC ones, if you got the CSL one then wow you must have been wealthy, they cost all shareholders a fortune, there was nothing not already known to the market at these event but we got to talk to management at length and extract better clearer information as to the current operations and legal issues outstanding........yes it sounds absurd, these types of ordinary shareholder events DO NOT happen in these companies as they do not differentiate entitlements amongst ordinary shareholders simply based on a holding statement.
regardless of what's happening with ML or any legal issues with AVZ, they should not be holding roadshows for certain ordinary shareholders chosen just on the size of their holding but expensing the cost of these roadshows to all ordinary shareholders. AVZ know the information discussed or disclosed at these "roadshows" over and above what has been disclosed to the market of all ordinary shareholder has to be disclosed to all ordinary shareholders prior, so it serves no purpose and is unequitable use of company capital owned amongst all ordinary shareholders
I can think of many other uses of company capital than holding a series of roadhsows with existing retail investors with 1M ordinary shares
