6 questions asked at 2022 St Barbara Mines AGM
October 26, 2022
Here is the text of the 6 questions asked at 2022 St Barbara Mines hybrid AGM held on October 26.
Could CEO Craig Jetson please provide a summary of whether his previous LTI grants have vested.
Answer: no, they haven't vested.
According to The AFR, there is shareholder pressure on us to merge with a rival company partly owned by Perth-based billionaire Kerry Stokes. Does our chair and CEO think it is appropriate that the most powerful media mogul in Perth, who controls both Channel Seven and The West Australian newspaper, is a player in local mining industry corporate plays. Has The West Australian newspaper been fairly reporting our progress or are they pressuring us to deal favourably with Mr Stokes?
Answer: the chair hasn't spoken to Kerry Stokes.
Retail shareholders subscribed for just $4 million of the $131 million of shares they were expected to buy under the 2019 capital raising offer, which was disrupted by a badly timed downgrade of St Barbara's gold production guidance. Earlier, institutional investors had subscribed for $359 million of St Barbara shares. The stock remains well below the capital raising price in 2019. What was the final outcome with that $127 million retail shortfall which was picked up by under-writer Deutsche Bank and its sub-underwriters.
Answer: Deutsche and its sub-underwriters sold the stock on market.
Well done for offering a hybrid AGM today, with full online participation for us east coast shareholders. Other Perth-based companies such as Seven West Media and Fortescue have failed to do this, as have both Rio Tinto and BHP. Given the interesting discussions across a range of topics today, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, CIMIC, Domino's, G8 Education and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today?
When disclosing the outcome of voting on all resolutions today, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative adopted by the likes of Metcash, Altium and Dexus after their 2021 AGMs.
Did any of the 5 main proxy advisers - ACSI, Ownership Matters, Glass Lewis, ISS and ASA - recommend a vote against any of today's resolutions? Which of the proxy advisers are covering us and has their been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on today's resolutions so shareholders can ask questions about the reasons if there have been any protest votes?
Answer: there were no recommendations against and no protest votes on the proxies.
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