For the record and for those who did not have the opportunity to tune in online, or swell the crowd of perhaps 10 shareholders other than Board and staff members present, this was a subdued AGM, with no questions being sought outside of the Resolutions. (My impression is that questions about the technology or company activities were not being encouraged in the slightest - a startling contrast to every other AnteoTech AGM I have attended over the last decade or more. (But see my comment further below, please). In fact, I was unsure where my question would fit, but I asked it early. So for the record, my question was prefaced:
** the company is not directly responsible for the share price; the investor community is.
** despite the substantial technical advances since the last AGM, and the opportunities subsequently opened up, the share price has halved from 4 cents to 2 cents.
** the market either does not believe the future for AnteoTech that we see, and/or is unaware.
** In the absence of a substantial and near term deal with a clean energy prospect, what should the company do differently with investor relations? For if it keeps doing the same thing, we will get the same result - a sagging share price.
This major point about improving marketing to the investor community has been made many times by various shareholders for quite some time, and was re-iterated very clearly to Ewen only in the last week, receiving a negative response. After the meeting, in conversation with David I emphasised forcefully and with some heat on my part, that the Board had to take seriously this matter of improving investor relations. I followed up the same point, with determination but without heat, to some others later. A door being open at all times to shareholders is one thing, being deaf is quite another.
So what was the mood? Subdued.
The Remuneration Report requires 75% to pass. 49% for, 48% against, and about 5% of that total number abstaining.
Res 3 - short term incentive options (subject to KPIs being met) 52% for, 46.7% against (very few abstentions).
Res 4 - long term options (ditto re KPIs) 51.1% for, 47.6% against (very few abstentions)
and Res 6 - down the gurglur - over 50% but less than the 75% needed. (Please not that the company has the power to issue up to 15% annually without seeking approval in advance of shareholders - it has always struck me as curious about what happens if the shares have been issued, and at the next AGM the shareholders vote against that issue. Isn't that like regretting a bungee jump when near the bottom?
The votes against resolutions did indeed make a point. You'd have to have the skin of a rhino not to have felt the sting.
Now to be fair about questions, I had also submitted written questions. One was about protection of our IP and cybersecurity; I though Ewen and David answered that well, and thoughtfully. I had also asked about the role for Fabian as our VP - International Sales. Ewen explained he would be a member of the key management team, and David said he would be directly responsible as the interface with our primary three EV prospects (i.e. including Mercedes). I am unsurprised but pleased about this, and he should be given the scope to exercise his role, and we can then see what results he obtains. I am hopeful that his presence on the spot, given his credentials and contacts, that will make a big difference. David told us that he and Fabian met again on this last visit by David and Manuel, and he spoke with optimism about Fabian, who starts next week. Another question was about the specific role of the anticipated new Board member who would bring some CET expertise to the table; Ewen's response was that this person would be another valuable addition to the Board, but my question was a bit more specific than that. Oh well . . .
Now back to voting. Deliberately, I had refrained from offering opinion on this forum about the several resolutions, content to see how they fell. Now we all have seen. Reticence can have its own significance.
Well, what do i think about what we can glean from Ewen's and David's presentations? Ewen in part argued for continued patience and understanding in bringing home the bacon (well, my words of course, but you know how I lapse into the vernacular so intemperately). There is something solid in David's few slides - one of these has been noted on a new thread pointed out by semi-retired (he ain't at all, you know! just says he wants to be, but it would be the death of him - he just loves working!). See Slide 8. And slide 15 has some substance - EV3, and the Ultranode with MB. (Incidentally, I think one poster asked about the 10% and/or 20% MB anode and the planned design freeze; well, my take is that they may adopt one or both for different vehicle streams in the short term, so perhaps a design freeze at some time is not out of the question, but that MB are now far more interested in our Ultranode. So I'm not at all discouraged about this interest.
So the big fish are still out there, and we're working with them.
I think it was at the 2022 AGM that David and/or Ewen argued that AnteoTech's marketing was business-to-business. Well, this is a limited view of what is required. The company has to market to the investment community, and whatever it has been doing, is not working. I have a suggestion: send in a courteous email to the Board as a whole, explaining simply what you think is needed to improve this second area of marketing and why it matters. Please include suggestions of different measures. If like me, you are not au fait with all the modern online tools, your X,or Y and Z, your Instagram and Instafix, your Youtube self-made video clips - ask your kinds and grandkids and neighbourhood kids, for I don't think they turn automatically to ASX releases - they will have all kinds of suggestions. I know that jandb85 for one has previously sent in polite and thoughtful specific suggestions, and been disappointed at the lack of positive response. But I think today's voting has rammed home a bit of a message, so now is the time to follow up. It won't hurt if 20 or so shareholders throw in their thoughts and suggestions. I encourage civility; I know that hurling brickbats is so utterly counter-productive, and I'll call that for what it is - stupid. Complete failure on "how to win friends and influence people". So write politely, write with substance, and write well.
This has been a lengthy post, but I hope it helps. I am still optimistic about the company - its technical achievements are outstanding, the business case for their adoption is increasingly strong for customers, we have some very good prospects lining up, and it is high time to sing about all that from the rooftops!
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By Izzy WoodJuly 9, 2024
