AGM Meeting 2018
AC was not present at the meeting.
Ian Hobson (Company Secretary), TB, AM, TM were present.
The company legal counsel and the company auditor were also present.
Paterson’s Executive Director was also present at the back of the room.
Computer Share Guy overseeing the vote count process.
I didn’t get an accurate count of shareholders – approx. 25 shareholders attended.
A show of hands was used on Res 1, 2, 3 to be all found in favour and was passed.
Votes were counted by a poll on the remaining resolutions 4-9.
The Poll is to count the proxies appointed and the OPEN votes cast and for shareholders who were present to cast their voting numbers for those who elected to do it on the day.
Res 4 – 7.1A 10% placement -This was a SPECIAL Resolution and requires 75% to pass.
This was always unlikely to pass at this moment in time.
Poll was called and the motion was not carried on a poll.
Res 5 – ESOP - Poll was called and the motion was not carried on a poll.
This effectively nullifies the remaining Resolutions 6,7,8,9.
Res 6,7,8,9. – 3 year Options 20c strike price.
Motions were NOT carried on the poll for TB and TM.
Motions were carried for AC and AM.
The motions that were carried however are nullified by Res 5 not being carried.
AGM process took longer due to the counting of the votes.
A presentation slide which was information that was already out there was being shown and questions asked along the way. We only managed to reach the first few slides of the slide presentation.
No material questions on the other projects as the time was consumed with the more prioritized key questions and concerns raised from shareholders in the room.
These were the CR, dilution, SPP and clarity of details that people felt confused people and stalled the SP, funding delays, the management options, the Patersons reports, alternate funding, and shareholders wanting greater clarity and more details and most importantly much better levels of engagement with shareholders moving forward.
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(20min delay)