Getting AGI back on track

What needs to be done to begin getting AGI back on track at a Board and Management level?

1. Dividends must be restored.

Every shareholder I’ve spoken with has stated one way or another that they are unhappy at the lack of dividends for many years. AGI offered a $0.19/share dividend as a Scheme incentive. If that money is available to incentivise minority shareholders to sell, $0.04-$0.05 per share is available for an annual dividend.

The failure to pay dividends for six years amounts to shareholder oppression and I am prepared to take legal action to restore dividends.

2. Those responsible for the failed scheme should resign.

The Board of AGI has failed in its duty to minority shareholders by supporting a costly and ill-conceived Scheme of Arrangement. The $1/share offer has benefited only the majority shareholder at a cost of more than $1million to AGI’s shareholders. This is irresponsible and unacceptable.

Those who recommended and promoted a Scheme that would have benefited the majority shareholder – at great cost to the minority – must go.

3. Shareholders deserve full disclosure.

The independent valuations received in June for AGI’s US properties are available on www.agifightback.com. These valuations (US$75m) contradict the audited financial reports (US$26m) by a substantial amount.

AGI must release any and all property valuations obtained by AGI or its lenders between 2019 and now, in the interests of transparency.

McGrath Nicol have been retained to review the Scheme of Arrangement Independent Expert Report (IER). I will make the findings of that analysis available to shareholders when I receive it shortly.

Over recent weeks, the many messages I have received from shareholders and whistleblowers have overwhelmingly reinforced my belief that AGI’s shares are undervalued. I commit to you as a fellow minority shareholder that I will continue to take steps – and legal action as necessary – to fight back for AGI and achieve the best possible outcome for all. This is just the start.