No it wasn't me. I didn't manage to dial in until about 10 mins in because of the way the Teams meeting was set up. Basically it wouldn't let me connect while I was still logged into my Microsoft account. That's also why so many people couldn't vote online, they had to log in as 'guests'.
The issue with the BRP primary was of getting the right certification for it to operate, that's why there's still part of it in NZ. The management bought a piece of very expensive kit without doing sufficient DD to see whether they could actually operate it in Australia. I'm paraphasing but basically the output of the process wouldn't have been sufficient for them to keep their recycling certification. The vendor isn't to blame IMO, the management are. They tried to make out that the processes they now use as an alternative are more efficient & the BRP may be able to be used in another process somewhere etc etc but basically it's been a huge screw up.
So it looks like Sircel is going to have to go back to Sircel Technologies & 'beg' them to let them off the royalty hook along with finding an alternative customer to resell the plant onto. The company really is in a weak position, because at this stage it looks like they won't have a future relationship with the vendor to negotiate a position from. I wouldn't bank on any money coming back IMO even if they find a buyer after paying out the royalty contract.
As I posted before this is the first time this has all come out when shareholders should have been notified as soon as they were aware of the issues they were facing. It shouldn't take someone asking a question at the AGM.
As for the vote don't forget they've just had a major equity injection at a significantly discounted price together with them getting a seat on the board. The new investors are hardly going to vote no, nor are the rest of the BOD.
