I have received numerous messages of despair. It's clear that...

I have received numerous messages of despair. It's clear that there are commendable companies worldwide, and even though retail investors often receive the short end of the stick, it's not too late for action. Write your letters to local representatives, to regulatory bodies, to anyone who recognises that we have endured this for far too long. We may not be the first to be treated as 'second-class' on the ASX, but it doesn't make it OK, there is no reason to surrender now.

Dear Board of Directors,

As we stand at a pivotal moment in our company's journey, we, the retail investors, urge you to consider the legacy you wish to leave behind. Your decisions today will shape the future of our company and the trust we place in it.

Retail investors are the backbone of our company. We believe in its vision, its potential, and its promise. We are not just shareholders; we are passionate advocates, loyal supporters, and true believers in the long-term success of our enterprise. Our commitment goes beyond financial investment; it is a testament to our faith in the company's mission and values.

However, recent practices have left us feeling marginalized and undervalued. The preferential treatment given to institutional investors through discounts at capital raises and the allocation of majority of these shares has not only diluted our shares but also empowered those who do not share our long-term vision. These institutional investors have, in many cases, returned shares to short-sellers, undermining the very foundation of our company.

Here are some key points to consider:

• Government Funding: The government has indeed provided significant funding, around $850 million, to support ARU’s projects. This funding is expected to be used responsibly and transparently.

• Shareholder Value: Remuneration and financial decisions should reflect the value to shareholders, including share price and diluted value. Ensuring that the company’s actions align with shareholder interests is crucial.

• Project Delays and Mismanagement: There have been concerns about missed timelines, budget mismanagement, and delays in the Final Investment Decision (FID) for seven years. These issues can erode trust and confidence among investors and stakeholders.

• Regulatory Review and Reporting: There should be a genuine attempt to review these issues and report any misconduct to regulators. Ensuring transparency and accountability is essential for maintaining investor confidence.

• Short Selling and Capital Raises: Addressing the issue of short selling and ensuring that fund arrangers do not supply shares to short sellers after each capital raise is important to protect the company’s stock value.

• Non-Aligned Shareholder and Executive Remuneration: Under the Corporations Act 300A, there is a requirement for transparency in executive remuneration. Any misalignment between shareholder interests and executive pay should be scrutinized and addressed to ensure fairness and accountability.

It pains me to continue this discussion on a public forum, but it is not a rant; it is a genuine concern. At times, I have felt guilty for questioning our worth… but why should I? This is not something I have done wrong. In fact, I would never engage in the way our board has - I am different, many of us are. But we have realised that as retail investors, we are not of lesser quality.

When I read Darryl Cuzzubbo’s letter, I was appalled to see what he considers quality investors! The investors that have been shorting our company and receiving shares during each capital raise. How about recognising us retail as the quality investors, the loyal ones, the ones who do not get 15-20% off their share purchase at each capital raise + options, the ones who did not get any inside knowledge but were always left guessing. The ones that did not get diluted each raise. The ones who spent their savings on this investment and have followed the announcements each week/month to understand the project. What we were instructed to do when we asked questions recently.

So, we ask the board, what happened to looking after the loyal, not just a standard thank you in the annual report? We would like action, we want to know if in fact the sponsored West Australian article is accurate, we want to understand what values we are raising, and who is getting the Lionshare of these funds, and how they have been allocated. We have heard half stories, that they are used for expansion. What represents the truth, as you cannot expect shareholders to buy shares, when plans have not been made clear. Nor should you expect existing shareholders simply wear the brunt of the markets frustration with decisions made in recent history.

We implore you to recognize the importance of retail investors. We are the ones who stand by the company through thick and thin, who advocate for its growth, and who believe in its potential. By prioritising our interests, you are not just making a financial decision; you are making a statement about the values and principles that guide our company.

Imagine the legacy you could create by championing the cause of retail investors. You have the power to foster a culture of inclusivity, fairness, and long-term growth. By ensuring that capital raises are equitable and that options are allocated with integrity (particularly when retail was scaled back in previous capital raises), you can restore our faith and strengthen our collective resolve.

Take inspiration from leaders like Alex Karp of Palantir Technologies, who has consistently shown respect and transparency towards all investors. His recentInstagram postis a testament to the values we hope to see reflected in our own company.

Let us build a future where every investor, regardless of size, feels valued and respected. Let us create a legacy that future generations will look back on with pride. Together, we can achieve greatness, but it starts with the decisions you make today.

To fellow retail investors, let us make our voices heard. Share this message, engage in discussions, and stand firm in our demand for fairness and respect. Together, we can drive the change we wish to see.

Thank you for your consideration and for the opportunity to be a part of this incredible journey.

With hope and determination,

A Proud Retail Investor