AGMs

Bucket list of ASX300 listed companies where yet to attend AGM


December 5, 2023

Bucket list of ASX listed companies where yet to attend AGM but would like to in 2023.

3P Learning (3PL): 13% against director Craig Coleman last year. Physical AGM in Parramatta last November. Market cap $330m. Accumulated losses of $30.7m and net assets of $194m so have added value through Mathletics and the like. Executive chairman Matthew Sandblom owns almost 50%.

Alpha HPA (A4N): aluminium manufacturer which just cracked the ASX300 and has an AGM coming up.

ARB, $2.5b: listed in 1987. Great organic Australian success story and still run by the Brown family which launched the business in 1975 and retain a 6%. Have only just surrendered chair but remain CEO.

Atturra (ATA): capitalised at $220m and dodgy capital raising in 2022 with a needless placement component at a discount. Last year's AGM was a virtual in early October. See notice of meeting.

Austal: the big Perth-based ship building company.

Australian Clinical Labs (ACL): bought in last year but then sold again. Last year was fully virtual in October with no protest votes. See notice of meeting. Year end market cap $603m. No webcast archive just chair and CEO addresses from last two years here. Have requested full webcast archive in late 2022 email.

Bank of Queensland (BOQ): held a physical AGM in 2023 and did an earlier badly structured capital raising which diluted retail.

Bowen Coking Coal (BCB): capped at $250m with the backing of Rich Listers Brian Flannery and Hans Mende. Did a badly structured capital raising in December 2023 written up in this Intelligent Investor column.

Brainchip Holdings (BRN): stock rocketed from 4c to almost $1.50 after COVID hit then settled back at 60c by the end of 2022 giving it a market cap of $1.16 billion. The 2022 hybrid AGM was held on May 24. See notice of meeting.

Bubs Australia (BUB): own shares and stock has halved since Biden intervention to source baby milk supply. Market cap $220m in early 2023. Next AGM late November. Lots of protests across the board in 2022.

Cettire (CTT): retailer which just cracked ASX200 - AGM coming up in November.

Clinuvel Pharmaceutical: a remuneration report strike last year after heavy Joe Aston coverage. They've failed to deliver a hybrid AGM format despite having a market cap of almost $1 billion. Next AGM October 23. Was 18% rem protest last year and 23% agenda director Brenda Shanahan. See webcast of 2 hour 2022 AGM.

Codan: 11am hybrid Adelaide time.

De Grey Mining: gold miner with a market cap of $2.3 billion yet still they insist on having a physical AGM in Perth which east coast shareholders can't attend. See notice of meeting.

Duratec: Perth-based company with a $300m market cap which held its fully virtual 2023 AGM on November 24. See notice of meeting.

EBOS: failed to buy Greencross in November 2023 - see announcement.

Elders: bought in last year but then sold again and missed December AGM, which was the first hybrid by the company. See notice of meeting. No protests last year, even on first lift in the board fee cap since 2006. Full archive on website but it only lasted 36 minutes with just one pre-AGM questions about whether there were plans to get into acquaculture. No. It has been a great turnaround story and the 18,200 shareholders are clearly happy.

Emerald Resources (EMR): runs a gold mine in Cambodia and made a net profit of $66m last year. AGM coming up in November and just cracked ASX300.

Euroz Hartleys: biggest Perth focused broker with a market cap of $179m at the end of 2022. The most recent AGM was in November and a physical only affair. See notice of meeting. They have 2500 shareholders and barely any instos.

Global Traffic Network (GTN): stock has underperformed since private equity exit. Next AGM is November 23 and Peter Tonagh is the chair.

Healthia: discounted capital raising worthy of scrutiny given Barrenjoey and Wimbledon connection - see Rear Window.

Helloworld: 10am virtual meeting with Martin Pakula up for election - see notice of meeting. Market cap $460m. Missed again, despite being a shareholder.

Imdex (IMD): did a badly structured capital raising in early 2023 and now has a market cap above $1 billion and its 2022 AGM was a physical gathering with no webcast available. Already own. Meeting was Friday October 6, 2023. Missed again.

Infomedia (IFM): market cap $454 million has created $300m of value with net assets of $150m. Private equity still have 20% and next AGM November 2023. In 2022 it was a physical meeting with a Link webcast but no ability to ask online questions. No archive of last year's meeting provided and bizarrely held an investor day 3 weeks after the 2022 AGM. Co Sec advises there were no questions at the 2022 AGM.

IPD Group (IPG): $65 million raising to fund a $101 million cables acquisition off listed company Excelsior Capital (ECL) which will put the deal to a vote in mid-January. The raising comprises a $40 million placement and a $25 million 1-for-13.65 non-renounceable at $3.93, a 6.4% discount to the previous close of $4.20. IPD shares closed at $4.74 on December 1 so investors think it bought well. There was a 99% take-up of the institutional component. Bell Potter is the sole under-writer and retail overs have been limited to 100% of entitlement in the $7.7 million retail offer. The next AGM will be November 2024 and the 2023 effort was a physical meeting.

IVE Group (IGL): the printing giant seems to be doing well since buying the assets of the old PMP, its chief rival, from creditors. Market cap is now $315m and this is a very upbeat AGM address from the exec chair. A shame it is a physical only meeting in Sydney. Market cap $315m.

Kelsian: Adelaide-based bus and boat operator which is holding a physical AGM in 2023.

Long Short Fund: fund manager with a market cap of $1.76b. AGM on November 14.

Medibank Private: need to get on the register for 2024.

Meridien Energy (MEZ): Kiwi power giant that bought recently but missed 2023 meeting.

Mystate: October 17 10am start. Missed again.

Nanosonics (NAN): 11am hybrid in Sydney - see notice of meeting. Market cap $1.16 billion.

NRW Holdings (NWH): suffered a 50% rem strike at 2022 AGM but stock has been soaring over past 5 years ever since it pulled off a discount acquisition of the Golding business in Queensland private equity outfit CHAMP - see Eureka Report write-up at the time. Next AGM will be in November 2023.

The Market Herald (TMH): the owner of HotCopper had a market cap of $101m by the end of 2022 and was becoming a more interesting company. See Rear Window wrap of the conflict. The 2022 AGM was a November 28 effort held virtually via zoom.

Perseus Mining (PRU), $2.49b: Raised $3.5m in a 2004 float at 20c. Has prospered with gold projects in unfashionable Sudan, Ivory Coast and Ghana. Largest shareholders are index player Van Eck and T Rowe Price.

Probiotic: CEO Wesley Stringer mentioned on Rich List back in 2010 and the stock has performed well in recent years to have a market cap of $180m. Next AGM is October 2023 and last AGM was a hybrid using Zoom. See notice of meeting.

Red 5 Mining (RED) The Perth-based gold miner did a shocking $125 million placement at 18c in 2020 with no SPP for retail shareholders. This comprised 55.8% of pre-raising capital and therefore needed shareholder approval. Was priced at a 23.4% discount to the last price and the stock was at 21c in mid May so the existing 4800 retail shareholders were badly diluted without compensation. The stock has been a wild ride since ranging between 15c and 44c but finished 2022 at around 21c giving it a market cap of $600 million. There was a big protest vote against director Kevin Dundo last year at a physical only AGM at the Celtic Club in Perth. No webcast archive provided here for 12,000 shareholders to access. Smorgon family are biggest holders with around 15%. Can't find an email contact anywhere.

Region Group (RGN): the old Shopping Centres Australia spun off by Woolies, now capped at $2.3 billion.

Sietel: Rees family: long time controlling shareholders in ASX listed Melbourne-based company Sietel which had a market cap exceeding $50m at the end of 2022. See curious notice of meeting for 2023 AGM.

Super Retail Group: ran a hybrid in 2023 so just need to get organised for 2024.

Vulcan Energy: just joined the ASX300 and next AGM is April-May 2024.

Weebit Nano: (WBT): just joined ASX200 and AGM was on November 23 in 2023 but missed it despite having bought shares a couple of weeks earlier..