AGMs

Bucket list of ASX listed companies where yet to attend AGM


May 23, 2024

Below is a bucket list of interesting ASX listed companies where am yet to attend their AGM but would like to in the future.

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%.

AIC Mines (A1M): May 27, 11am WST. Physical AGM in Perth with no online element. Market cap $121m in Jan 2024. See notice of meeting.

Alpha HPA (A4N): aluminium manufacturer which just cracked the ASX300 and had it's last AGM as a physical in Sydney on November 28, 2023. See notice of meeting.

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.

Arovella Therapeutics (ALA): physical EGM in Melbourne on May 23, 2024. See notice of meeting. Market cap $115mn EGM day.


Argosy Minerals (AGY): 1.30pm WST. Physical meeting in Perth. See notice of meeting. Market cap crashed from $500m to $154m in Jan 2024 with stock at 8c. Accumulated losses $69m and claims net equity of $94m.

Arteris Technologies (AVR): May 25, 3pm. Physical meeting at Sydney Radisson. See notice of meeting. Market cap $292m in Jan 2024.

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.

Audinate (AD8): $50 million placement at $13 followed by a $20m SPP, which included secondary pricing based on a 2% discount to VWAP which didn't come into play. Was under-written by UBS and Cannacord and priced at a 9% discount to the previous close. With around 15,000 holders the theoretical maximum in SPP applications was $450 million. The offer was over-subscribed and they failed to lift the $20 million cap. No disclosure of participation numbers or total applications in this skinny SPP outcome announcement but the scale back formula saw everyone with more than 50 shares fully allocated and the rest dealt with pro-rata according to their holding. Stock was at $16.18 on December 31, 2023, so company is booming with a $1.35 billion market cap.

Austal: the big Perth-based ship building company had its last AGM on October 26, 2023. See notice of meeting.

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.

Brisbane Broncos: May 17, 10am: physical meeting at Broncos League club. Questions can be emailed 5 days in advance. 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.

Burgundy Diamond Mines (BDM): Physical only AGM at 11am in Sydney on May 21, 2024 - see notice of meeting. Voting results delivered 20% against board fee cap rise and 30% against placement capacity expansion. Market cap $228m on AGM day.

Buru Energy (BRU): May 19, 10am WST. Hybrid with physical meeting at Celtic Club in Perth. See notice of meeting. Market cap $77m having come off a lot.

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.

# Coronado Steel (CRN): May 26, 10am. Online meeting. Canadian based company with $3.4b market cap. Owns Curragh coal mine in Bowen Basin. See notice of meeting.

# Cyclopharm (CYC), May 17, 11.30am: fully virtual meeting. See notice of meeting. Capped at $177m in Jan 2024.

# * Dalrymple Bay Infrastructure (DBI): 10am: physical AGM at Christie Centre, 320 Adelaide St, Brisbane. Webcast but no facility for online questions. Market cap $1 billion. David Hammill up for election. See notice of meeting. No webcast archive or transcript provided.

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 for Nov 9 gathering in 2023.

# Dropsuite (DSE): May 20, 11am: hybrid meeting with physical component at WorkClub, 477 Collins St, Melbourne. See notice of meeting. Market cap $205m with stock at 31c

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.

# Electro Optic Systems (EOS): May 25, 9.30am. Hybrid with physical component at Fullerton Hotel in Sydney. See notice of meeting. Market cap $181m with stock at $1.03.

Emerald Resources (EMR): runs a gold mine in Cambodia and made a net profit of $66m last year. AGM was a physical on Nov 29 in Perth in 2023. See notice of meeting. 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.

# Fire Finch (FFX): May 27 in Perth, 3pm at Celtic Club. Physical only. Market cap $1.2b. Just added to the ASX300. See notice of meeting.

Firefly Metals (FFM): EGM in West Perth on May 20, 2024 at 8.30am on various capital raising proposals - see notice of meeting. Market cap $388m in late May 2024.


Fluence Corp (FLC): May 26, 10am: physical only for this US DLC with Australian component held at BDO offices in Tower 4 of Collins Square, 727 Collins St, Melbourne. See notice of meeting. Market cap $161m with stock at 14c. Don't own.

Freelancer (FLC): May 24, 4pm: Hybrid with physical component on level 37 of Grosvenor Place at 225 George St, Sydney. See notice of meeting. Market cap $161m with stock at 14c.

Frontier Digital Ventures (FDV): May 17, 1pm: fully online. See notice of meeting. Market cap $370m. Released proxies ahead of AGM. Market cap $200m in Jan 2024.

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

Gold Road Resources (GOR): 2pm Perth with online voting. Market cap $1.8 billion in Jan 2024. See notice of meeting.

Grange Resources (GRR): May 11, 2022: physical meeting in Burnie, Tasmania. See notice of meeting. Market cap $492m with shares at 44c.

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

Highfield Resources (HFR): 3.30pm Adelaide time at Mann Judd. See notice of meeting. Market cap plunged to $126m in Jan 2024 with shares at 30c.

# Hillgrove Resources (HG0): May 20, 9.30am Adelaide time. Physical meeting only at Adelaide Pavilion. See notice of meeting. Market cap $147m with shares at 7c.

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.

Imricor Medical Systems (IMR): May 4, 2022: virtual meeting for US based company. See notice of meeting. Market cap $97m in Jan 2024.

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.

Jervois Global (JRV): May 6, 2022: at 447 Collins St in Melbourne, plus online. HIN/SRN works. See proxy form. Market cap $95m, with shares at 3c.

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

# Life360 (360): May 20, 9.30am: dual listed California-based company with a $1.45 billion market cap. Virtual meeting. See notice of meeting.

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.

Metro Mining (MMI): Physical AGM at 11am in Brisbane on May 21, 2024 - see notice of meeting. Market cap $244m on AGM day. No material protest votes.

Mystate: October 17 10am start. Missed again.

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

Next Science (NXS): May 27, 10am: hybrid meeting with physical component at level 5, 1 Margaret St, Sydney. Market cap $106m. See notice of meeting.

Novonix (NVX): 9am hybrid in Brisbane on April 17, 2024. See notice of meeting. Market cap $500m.

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.

PYC Therapeutics (PYC): announced a non-under-written 1-for-4 at 8c to raise a maximum of $74.6m. Chair Alan Tribe will take up his full $24.6m entitlement but there are no overs for retail shareholders. However, under S615 of the Corps Act, the directors have given Euroz Hartley 3 months to place any shortfall at no less than the 8c offer price and any premium achieved will be returned to the non-participants. There are around 3,200 retail shareholders. Went into the raising with 3.7 billion shares. Time for a 10-for-1 consolidation, perhaps? Market cap $317m based on 8c going into the raising. Claims to only have net equity of $30m in Feb 2024 accounts after accumulating losses of $133.2m. The market is clearly valuing the potential of its drug developments.

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.

Reef Casino Trust (RCT): May 27, 2pm. The owner of the Cairns Casino is holding a physical only meeting on site but is offering some special accommodation and dining deals to unitholders. See notice of meeting. Market cap $153m.

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.

Sigma Pharmaceutical, 11am, May 12. Fully virtual. See notice of meeting. Watch 38 minute webcast. Only questions from ASA. 10% protest vote against rem report and director David Manuel.

Spartan Resources (SPR): the Perth-based gold miner and explorer (known as Gascoyne Resources until 2023) launched an $80 million raising in April 2024, comprising a $47 million placement and a 1-for-17 non-renounceable to raise $33 million. The company was capitalised at $650m in April 2024 so very disappointed that it ran a physical AGM at the Celtic Club in Perth on November 23, 2023.

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

Syrah Resources (SYR), May 20, 10am: physical meeting only on level 24 of 385 Bourke St, Melbourne. See notice of meeting. Market cap $280m with stock at 38c

Terramin (TZN): May 26, 11am: physical meeting on level 7, 342-348 Flinders St. Melbourne. See notice of meeting. Market cap $78m with shares at 3c. Attend option.

Vulcan Energy (VUL): just joined the ASX300 and next AGM is April-May 2024. Market cap $356m in Jan 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.

West African Resources (WAF): market cap just hit $1 billion. See notice of AGM date for May 10, 2024.