results from agm

I was there.

The chairman seemed sincere, for what it's worth.

The remuneration report was voted down, to which the board said that the vote was non-binding. I asked if that meant it would be explicitly ignored and the chairman said that it would be taken into consideration.

Anderson was honest in saying that the company is doing a full review/audit on how to get iron to market, but to any questions of time frames or costs, his answer was consistently "I don't know." He would only commit to the iron project costing somewhere between $2 and $20 billion. He would not rule out the possibility that after the review/audit, they might just decide the whole project is too hard and not proceed.

Prior was really just there to quote numbers.

PHIL! He tried to pretend that everything was normal and any mistakes that were made in the past were just due to circumstances. He never personally took the blame for anything. Someone asked the board if anyone was going to go to Charge or whether any of them knew the people involved, they all said "no," but then PT tried to act as if he didn't even know who Blumberg was. When I pressed the question and asked if any of them would ever go to work for any company that owned, or ran, the Rincon Salar, PT wouldn't commit to anything other than not working for Charge.

At the end, I suggested that the board take PT off the payroll as he is clearly planning on taking a stake or a job with Rincon. The chairman said the board would consider it. PT said that he hadn't drawn director's fees in 18 months (someone should verify this). I replied that he had his salary as CEO, to which he had no response. I ended by suggesting the board look into insider trading with respect to PT's son.

The possibility of a shareholder cash injection was touched on, being brought up by Jason Darko, but dismissed due to the large amount of cash needed.

I'm sure other people have comments to add to this.