If you are interested you can read my review of the AGM. I'm sure that someone else could write a more informative guide but here is my take on it.
Went to the AGM this morning. About 50 people were at the presentation.
George Jones was the first speaker as the chairman. He pretty much discussed everything word for word as to the "Chairmans Address to 2012 AGM". As he should. He was very upbeat about china though.
As to the Resolutions 1 - Approved 2 - Approved - Question about appointment of Mr Shao An Lin. Question was that there should be more independent people on the board. Answer - 3 of the top 5 Ansteel repesentatives work for Gindalbie so if GBG have any problems they can get top of it without having to explain it to Ansteel. My thoughts on this was positve. 3 - Approved 4 - Approved 5 - Approved - Question about options for Mr Timothy Netscher Question - How were they calculated? The issue was that GBG are not producing therfore not connected to shareprice but rather to building milestones. My thoughts that the Exercise Price of ZERO is bul.sh.t they should have a share price linked to them. Not happy about that.
Second speaker was Mr Netscher. Apologised first off for the shareprice. Then showed the 3 minute video of the time lapse images of steel framework building. (Seen that all before) Went through the "Managing Director's Presentation to 2012 AGM" Nothing really to note and not really inspiring at all. What did strike my attention was the 8Mtpa Magnetite Operation was due in April and Cash Margin was US70/t (is this referring to 8mt plant or ultimate??) (Page 15 - "A" refers to BHP/RIO - "B" FMG/Atlas - "C" GBG) Section 2 was not shown.
Question time. (To what i can remember) Old lady asked - When would dividends be paid? GJ replied that when dividends were payable. He would recommend to the board to give 50% of the proceeds to the shareholders.
Oakajee? Main focus is to push through Geraldton berth 7. In the future more berths might be build berth 8 + 9 and also space when Mount Gibson Iron do not use there allocation at Gero. 3 years time Tallering and Extension hill will be phased out - 6 Mt allocation.
Really there wasn't any really juicy questions asked. Some other questions were irrevant. Like - What should the shareprice be to make a profit? I didn't understand the question really.
Tea and coffee were served. I asked a question to Tim Netsher about the trains in Gero. Wouldn't the residence complain about so many trains going through the town. Answer - GBG at the moment are are using 4 but can expand to 8. (Not sure if this is in a week or day.) Tim said - Its not about how many trains but more of the length of trains as they slow down traffic at the rail crossings and the residents complain.
Also asked about getting to 16Mt. Does to plant have to be replicated and is there enough space? Tims Answer - Heaps of space. Yes, processing plant needs to be replicated. (the first one cost 1.8 billion) Enough space for 4 replications (I guess 4 x 8mt = 32mt) (To me it means i'm going to have to wait a long time for that dividend or that new house, on a full block, that my wife has been asking for. - don't tell her that!!)
Anyway that's my take on the morning. Next time i might bring a paper and pen instead of using my memory.
Cheers. Yep, also scored a stubby holder. Didn't want a hat, got that last year.
GBG Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
