Here are some of my questions for each resolution of the AGM.Resolution1 – Adoption of Renumeration Report
· Vote no to giving them a pay rise as the shareholder communication, degree of marketing standards, transparency and accuracy of information published and announced needs to drastically improve to be in line withtheir peers (WR1, LTR etc).
Resolution2 – Re-Election of Paul Crawford as a Director
· Tough one given the errors reported were in the accounting reports. As an accountant and director, he should have been checking the information was correct before releasing to market.
· Can we send them bulk emails telling him to prove his case before the AGM?
Resolution3 – Ratification of the issue of shares to instos..
Can we say no to them being able to issue up to 15% capacity without requirement of obtaining shareholder approval?
· Is this to build the carbonate plant? Do we bulk email them to address what this money is going to be used for?
Resolution4 – Approval of issue of share to Acuity Capital
· On 5 August 2022 company announced it agreed to increase ATM limit to $200m, available to July 31 July 2025.
Resolution5 – Ratification of issue of shares to PLL
By ratifying the issue of 25,038,534 Placement Shares, the Company will retain the flexibility to issue Equity Securities in thefuture up to the 15% Capacity without the requirement to obtain priorShareholders’ approval. Accordingly, the Company now seeks Shareholder approval to ratify the issue of the Placement Shares in accordance with Listing Rule7.4. If Resolution 5 is not passed, 25,038,534 Placement Shares will be included in calculating the Company’s Placement Capacity under Listing Rule7.1, which will limit the capacity of the Company to issue further Shares as required, without Shareholder approval. So this may mean, for example, that the Company has to pay cash for an acquisition (thereby depleting its cash reserves) rather than issuing Shares as acquisition currency.
· Shouldwe vote no?
Resolution6 – Adoption of Company’s Employee Share & Option Plan
· Voteno – the employees can buy shares rather than dilute our position.
(20min delay)