Im very curious about this too. They are likely getting their...

Im very curious about this too.

They are likely getting their second strike at this meeting , especially seeing these results:


I guess they are trying to push out the AGM as far as possible to get what money they can before a possible board spill.

Here is the timeline of what happens if they get a second strike:

If a company receives a second strike on its remuneration report at an Annual General Meeting (AGM), the following sequence of events is triggered under Australia's two-strikes rule:
1. Second Strike Trigger

• If 25% or more of the votes cast by shareholders are against the adoption of the company's remuneration report for the second consecutive year, a second strike is recorded.

2. Spill Resolution

• At the same AGM where the second strike occurs, shareholders must vote on a spill resolution. This resolution determines whether the entire board of directors (excluding the managing director) should stand for re-election.
• For the spill resolution to pass, a simple majority of votes cast (more than 50%) is required.

3. Spill Meeting

• If the spill resolution passes, the company must hold a spill meeting within 90 days. At this meeting:
  • All directors (except the managing director) are required to stand for re-election.
  • Shareholders vote to either re-elect the directors or replace them with new appointees.

4. Potential Outcomes

• Board Changes: If significant dissatisfaction exists among shareholders, new directors may be appointed, altering the company’s strategic direction.
• Reaffirmation of Leadership: If the existing board members are re-elected, it may signal shareholder confidence in their ability to address concerns.

5. Compliance with the Corporations Act

• Companies must comply with Section 250V of the Corporations Act 2001 regarding spill resolutions and subsequent meetings. Shareholders are entitled to clear communication about these proceedings.

This process reflects the Australian Government's commitment to improving corporate accountability by empowering shareholders to address concerns about executive remuneration.

Exciting times, AGH must be holding back on the AGM, maybe Josh and Robert know, this is their last days of robbing the company blind whislt doing sweet f all!