AGMs

Bucket list of ASX listed companies where yet to attend AGM


January 19, 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%.

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.

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.

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.

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.

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.

Healius: a regular political donor of more than 100k so time for some engagement. Ran a hybrid in 2022 but declined to publish the webcast archive here.

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 is Friday October 6, 2023.


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.

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 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.

PEXA: quite the monopoly in property transactions and with Link off the register now have far more retail shareholders. Book value is only $1.26b when the market cap ended 2022 at $2.1 billion. Next AGM is November 23. The 2022 AGM was a hybrid in Docklands and the last with Link in control and they used that power to change the constitution to allow for virtual meetings, but there was still a 10% protest vote.

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.

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.