Now is the time to start preparing for the AGM outcomes you want and being wary of new announcement timings. In late October, just over a month from now, EGR will release the notice of AGM and Proxy Form inviting people to vote early. The AGM will then be held in late November 2022.
It is an important time to start openly discussing how you want EGRs Board to operate post 22 AGM, whether you believe the retail holders have been treated fairly throughout the past year and whether the BOD have achieved the SP performance outcomes for all EGR shareholders based on global and local market conditions and against the performance of our peers.
Too many times holders AGM voting is based on what happened in the 6 weeks leading up to the AGM..thus the week or so prior to the notice of AGM and the following few weeks leading up to the AGM itself. Thus rather than a vote based on the historic performance of the BOD they often are swayed by announcements that materialise around the AGM itself....and it is quite remarkable how much companies across the ASX manage to achieve leading into AGMs.
And what is voted on at the AGM, Performance rights, Remuneration, re-election of Directors etc. Clearly it may well be beneficial to companies to have a whole lot of good news and progress that accidentally happens to tie in with the AGM. Cynical interpretation perhaps but DYOR. In every previous year there has been demand for better communications from EGRs Board....just read the history of post on HC. But then as we move towards the AGM....Bang...more progress updates than you can shake a stick at. Lets review:
Last years AGM lead-up
AGM held 26 Nov 21AGM Presentation 26 Nov POSCO announcement 25 Nov (albeit no progress since!) FYI announcement 24 Nov (no progress since ) Patent process are novel announcement 8 Nov (no update on challenges to patent made since that date)Bi-Product Development announcement 5 Nov....GreenCARB, EcoChem, hpFines (zero updates since) Joint Company Secretary appointed announcement 3 Nov Notice of AGM and proxy Form announcement 27 Oct Battery Anode Material plant Approved announcement 25 October (1 recent update) Completion of product qualifications 18 October (no update since) WOW...8 Big announcements in the weeks immediately prior to the AGM and 6 of those in the few weeks where the average retail investor was actively voting leading up to the last AGM itself. Amazing ...how fortuitous.
Amazing how we as holders were screaming for progress updates all last year and then bang by miracle all these big announcements in the 'voting window' ...a miracle of timing. (Sadly almost zero further updates on any of these announcements since then....lets just add to the Epanko, Merelani, Innogi, SungEel, etc unknown status pile)
But the reason to bring this to everyone's attention NOW...is that here we are a year later and a lot of screaming for updates throughout this year again ...nothing has changed ... crickets....
And my guess is we will suddenly as per last year and the years before that, get a whole lot of progress updates &/or new development announcements in the coming weeks. Great if they come..long overdue ....but DO NOT LET THEM CHANGE YOUR VOTE....
Base you AGM Votes on the BODs performance across the whole year of communications/progress .... not just the pre-AGM miracles that will no doubt come and that cement their positions and remuneration including performance bonuses ...year after year. Send a message for change
My Opinion
In the spirit of being open and honest, many of you will already know that I am a long term holder of EGR. I currently hold some 900k shares. I have been a holder since the early days of KNL....and in the past been in the T20. Whilst I have picked up some shares recently to average down (wasn't hard given where the SP is at), my EGR shares are at the time of writing still down 29.87% down....roughly 138k in the red. Many will also know that I have long had very serious issues with our BOD's shareholder/market communications....or more specifically their failings to communicate progress ...... I personally see it as miraculous that EGR has got to this point with such limited "material progress' which is required to be announced. So before anyone derails the discussion and makes it about me or implying I am biased, frankly, of course I am...but at least I am honest about it. As to why do I not sell...well.....I have in the past ...down from T20....at a serious loss... and I now live in eternal hope of communications and BOD change and finally reaching our SP potential......noting peers at multiples of our SP with technically a fraction of the progress and years behind us development wise.
Many believe that our BOD has made a conscious decision to minimize retail shareholder communications.....but I suspect that the waning interest from our Instos implies they too may be as much in the dark on our progress as we are. Lets face it other than conjecture, nobody actually knows what progress has been made with Epanko, Merelani-Arusha, Innogi, Posco, SungEel, FYI, Patent, GreenCARB, EcoCHEM, hpFines, SGP 2/3/4 (and boy we have had world maps and hints at plants in everywhere from Sweden to Germany to France, USA). ...well except the shorters...they too by miracle always get it right ....but thats a different 'communications' discussion
Despite us having buckets of staff here and in Tanzania ....ZERO material progress has been made on any of these projects.....some no progress for years ......as lets face it, there is an ASX requirement for 'material progress' to be announced to the market. So clearly there has been absolutely no material progress on any of these...full stop.
But we all know that is simply not true....progress has been made otherwise it implies all those senior managers and staff (and there are a load of them now here and in Tanz) are playing golf and sipping lattes rather than working.
I have read post of people saying the management should not have to report normal progress just 'material' progress.... But that is where this conscious decision by the BOD to keep us in the dark manifests. Think of an Egyptian pyramid.... is moving a single block into place material ? No . But nor is it right moving 10,000 blocks and simply one day in 100 years advising that the pyramid is finished. The completion is not the material progress ...progress is progress ...completion is completion. There absolutely 100% needs to be updates along the way and thats what we have never get here at EGR. Never. There has to be regular updates on the actual progress of all the multiple projects... if they were worthy of announcing in a price sensitive announcement in the first place...they are worthy of providing the market with progress updates.
I mean seriously why announce Innogy, SungEel, Posco, FYI, Merelani, GreenCARB, EchoCHEM, hpFines ...and then never provide an update? What possible purpose did the announcement serve ....oh wait....that's right they were announced pre-AGM last year. Just saying. Don't be fooled this year.
It is finally time for a change. Time to send Spinks and the BOD a BIG message. We are the owners of EGR and they are employed and paid and bonused based on how well they communicate the companies progress and drive the MC upward on our behalf. I say
Vote NO to BOD Remuneration
Vote NO to re-election of Conidi
Vote NO on re-election of Pett
Perhaps next year we will then get regular price sensitive and non price sensitive Good/Bad/Ugly updates on the companies real progress ...and finally start catching up and seriously overtaking our peers MCs and Shareprice performance
Looking forward to hearing from others ...lets keep this conversation live for the next 2 months till the 22 AGM
Cheers 564xxl
EGR Price at posting:
35.5¢ Sentiment: Hold Disclosure: Held
(20min delay)
