AGMs

7 questions asked at 2022 Regis Resources AGM


November 29, 2022

Here is the text of the 7 questions asked at 2022 Regis Resources hybrid AGM held on November 24. Formal debate lasted 50 minutes and then the CEO did his presentation.

1. 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, including the rem report? Which of the proxy advisers are covering us and have there been any material proxy protest vote? Also, why not disclose the proxies to the ASX with the formal addresses like others now do?

2. It is unusual to have a single institutional investor like Van Eck as the biggest shareholder of our ASX300 company, with a 9.72% stake. Did Van Eck meet with Fiona Morgan ahead of her re-election today to assess their position and have they ever requested a board seat. What sort of access do they get to directors and management?

Answer: we never hear from them. They are an ETF which drives the price higher when things are good and drive it lower when things are bad. An interesting perspective. Listen to audio via Twitter.

3. Rather than our newest director Paul joining the board tomorrow, why didn't we put him up for election today, just like Fiona Morgan, so he would have a mandate from shareholders rather than serving for 364 days before facing an election.

4. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated over many years and the CEO could factually summarise the situation in 30 seconds.

Answer: CEO went for more than 4 minutes in a very detailed response. Listen to the first 90 seconds via Twitter.

5. The directors have signed off the accounts saying we have net assets of $1.57 billion yet our market cap is now down to $1.43 billion. Could Fiona Morgan, as the only director up for election, comment on whether the directors considered writing down Tropicana and could the auditor also explain how rigorous their impairment testing process was because the market doesn't appear to agree with our valuation?

Answer: the auditor said they had a very close look at the book value of Tropicana.

6. John Howard and Peter Costello foolishly sold off two thirds of the Reserve Bank's gold reserves at historically cheap prices shortly after being elected in 1996. This stupid move has cost Australian taxpayers billions. How important is central bank reserves to a strong gold price and have we lobbied the new Albanese Government to set some funds aside to rebuild the Reserve Bank's gold reserves. Also, the chair mentioned central bank purchases has helped the price recently. Which central banks have the biggest gold reserves and just how much gold is owned by governments around the world?

7. We have 25,000 shareholders and the chairman used his chair address to encourage shareholders to make a submission to the NSW Government planning review to support our proposed new gold project near Blayney in western NSW. How many shareholders would he like to lodge a submission? Would 1000 be a good number?

Answer: CEO joked that all 25,000 would be good.