I have been a shareholder in AEE since mid 2015 and now hold a...

I have been a shareholder in AEE since mid 2015 and now hold a large enough position to be in the top 15 shareholders.

I’ve appreciated the technical contribution Peter Reeve has made, and I think he’s also shown great creativity along the way to date. There’s little doubt that progressing Auras interests has taken place in the toughest possible market for Uranium resource developers, and we have done well to stay alive and achieve what has been to date.

Recently I’ve become increasingly more concerned about a few things:

Why is the financial belt tightening only now being announced?
We’ve been on this trajectory for quite some time and it has taken a resounding message from shareholders at the AGM to bring this to a head.

Our CEO is earning a remuneration out of kilter with company performance.
Who is assessing executive performance and what are the metrics by which this is being measured.
It appears to me that it is an internal measure only and there is no connection with financial market metrics.

With the exception of Brett Fraser (now departed) all other members are highly technical – metallurgists and geologists.
Whilst we need that of course, there is not a single member with any clear track record of financial acumen.
Is it any wonder then that “measured performance” as determined by the board ignores share price, market engagement, media coverage etc. We’re now living the consequences of low levels of commercial acumen, poor funding choices and Lind Partners slowly strangling the life out of it.

In relation to the 249D response, I doubt I’ve seen a more acrimonious formal response than the notice of extraordinary general meeting released on 26^thNovember. Sentences written in large bold caps, presumably for the illiterate idiots out there to comprehende?

The principle reasons offered proposing why Pre-empt should not be admitted as a director being, “….has no experience in the mining industry, no board experience in publicly listed companies….”

Let’s look at what experience Pre-empt has;

Put more than a million dollars of his own cash into the company.
Supported Aura strongly and publicly for the past 5yrs.
Invested in many small cap ASX companies throughout the past 15yrs and knows the measure of small cap lifestyle company executives.
Understands what shareholder value is!

Finally, the single most important thing for me is I have lost confidence in the current board. Undoubtedly they are technically very strong, but I believe they are weakin some other important areas, yet they don’t acknowledge this and it has let us down significantly.

They have no skin in the game.

Where are the on-market purchases of shares by Directors? Where is the trimming of remunerations in-line with present circumstances? Where are the shares as % of remuneration to really incentivise share price growth. There is little evidence of a commitment to good financial outcomes based on company performance on market,they prefer instead to simply take fees and get free bonus shares.

We are currently one of the poorest performing companies on the ASX, yet the directors own assessment of their performance is excellent.

I want somebody like Pre-empt on the board now. It’s time for shareholders to be represented there, and the current board have failed in that duty in my opinion.

I WILL BE VOTING IN FAVOUR OF THE RESOLUTION.

It’s my only hope that the change we now need will actually take place once there’s someone with skin in the game at the table, and the opportunity to scrutinise the internal affairs more closely and ensure there is alignment with shareholder interests.