The AGM was interesting to watch.The same question was raised 3...

The AGM was interesting to watch.

The same question was raised 3 times. Ms Rashid was first up for re election and Chairman Bruce Phillips asked if there were any questions. Someone online asked:

Why have retail investors been marginalised in favour of Institutional client investors in the CR, to acquire Who Dat?

Ms Rashid smiled and wondered aloud if this question was really for her. The Chairman smiled and proceeded to recite jargon in a very controlled, sedate, bureaucratic manner which explained nothing.

It was interesting that in his introduction he noted that institutional investors made up only 40% of the KAR share register, when he began his tenure in 2019. They now stand at 70%.


Then up for re election was Peter Botten (who is also the new Chairman from now). He received 23% votes against his nomination.

Chairman Phillips explained it was one of 4 proxy groups that objected to him being male and that the BOD failed the 30% rule for female inclusion.





Once again the Chairman asked if there were any questions and again they were queried, why retail investors have been diluted in favour of institutional investors re the Who Dat deal?

The Chairman smiled and laughed. He said vendor timing infringed on the capital raising structure. It was the only option.

Chairman remarked this is the 2nd time this question has been raised, as in please stop asking us.


I always learnt that in order to secure the best deal, you have to show you are prepared to walk away from the table. Peter Botten suggested to secure the Who Dat deal they needed to act quickly. The deal resulted in retail dilution and forced favouring of institutional clients. Is the BOD really acting in ALL shareholders best interests?


Scotty received overwhelming support for his remuneration package. He really is an excellent speaker and tremendous asset for the Company.

He mentioned Bauna natural decline is 15% pa.

He also emphasised the Who Dat production and resource discovery potential in the next few months.


Again any questions were called for and again retail dilution from the Who Dat deal queried. Someone blew their nose loudly and then the Chairman proceeded to complain that the BOD are the worst affected as they are precluded to participate. He said he only had a couple of million shares. Oh dear.


Someone queried the news deal leak.

He said the leak wasn't them and they acted accordingly ASAP.

Its been referred to ASIC. They want the perpetrators prosecuted to the full extent of the law. Under investigation now.


AGM and transcript available on KAR website


Clorita queried, ie if it will be surrended. Scotty said its under continual assessment. Another 12 months with option to extend. Not prospective so far but more work to identify prospectivity ongoing.


Origin Browse payments queried. Scotty says contingency still exists but Browse is end of Origin's line of development. Origin has written off the acquisition.