Companies which failed to deliver full online AGM participation after COVID

Ainsworth Gaming Technology (AGI): 10am physical meeting at the Bankstown Sports Club in Sydney - see notice of meeting. Market cap $405m in May 2024.

Alpha HPA (A4N): joined the placement only shame file with a $40 million placement at 73c in November 2023 with no follow up SPP. Market cap was $760m by February 2024 when the stock was at 91c. Failed to offer a hybrid AGM in November 2023.

Altium: November 16, 2023: 1.30pm physical meeting in Sydney after 3 hour investor show case - see notice of meeting. Also had a physical scheme meeting in Sydney on July 12, 2024 when they were bought for $9.1 billion in by a Japanese company, despite having around 25,000 shareholders.

Alumina (AWC): 2.30pm physical meeting on May 28, 2024 at the State Library of Victoria - see notice of meeting. But at least they moved to a hybrid scheme meeting on July 18, 2024, to approve the Alcoa takeover.

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

ARB: October 19, 2023: 9.30am start at RACV Club in Melbourne but only a one way webcast. See notice of meeting. The controlling Brown family are very keen on avoiding costs.

Argo: October 23, 2023: 10am physical meeting in Adelaide with shareholders offered a one way webcast - see notice of meeting. The annual report says they 95,344 shareholders.

Argosy Minerals (AGY): May 31, 2022, 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 29 2024, 10am physical meeting with a live webcast but no online participation. See notice of meeting. Market cap $294m in Feb 24.

AUB Group: November 2, 2023: going with a physical only AGM in Sydney on November 2, 2023. They want their customers to engage online but won't treat their shareholders the same. See notice of meeting. They have around 6,000 shareholders and a market cap exceeding $3 billion.

Audinate: October 24, 2023: physical meeting at Sydney Rydges despite having a market cap of more than $1 billion and recently completing a $70 million capital raising which included scaling back SPP applicants. See notice of meeting. Made it into the ASX200 in March 2024 and had a market cap of $1.3 billion by July 2024 and around 12,000 shareholders. Time for a hybrid in 2024, surely?

Australian Agriculture (AAC): 10am on July 25, 2024 - see date notice. In 2023 they ran a physical AGM in Brisbane with a webcast but no live online participation. Have requested a proper hybrid in 2024, but they declined, once again just going with the linear webcast. See notice of meeting. Market cap circa $900m and they have around 8,000 holders.

Australian Strategic Minerals: Nov 22, 2023: physical meeting in Perth starting at 10am WST. See notice of meeting. Market cap is $234m.

Auto Sports Group (ASG): November 24, 2023: 11am physical meeting at HQ which is at 555 Parramatta Rd in Sydney. See notice of meeting. Market cap is $522m.

Azure (AZS): the Perth-based lithium company is being bought by Gina Rinehart and Chilean giant SQM in a joint $1.7 billion cash offer priced at $3.70 a share. The 292 page scheme book landed on March 4 and a physical only scheme meeting was held on April 8 2024 at the Celtic Club in Perth. A pathetic effort running it as a physical AGM.

Bank of Queensland: Dec 5 2023: physical meeting in Brisbane starting at 10am - see notice of meeting. The only bank sticking with physical AGMs which is ridiculous when they have 121,000 shareholders and a clear majority of the register owned by retail holders, particularly in WA thanks to an earlier scrip takeover.

BCI Minerals: Nov 22, 2023: a physical meeting in Perth starting at 3pm WST. See notice of meeting. Typical of a business controlled by Kerry Stokes. They have around 8,000 holders, Australian Super is the second biggest holder with 14% and they were capitalised at $725 million in July 2024.

Beston Global Foods (BFG): November 24, 2023: physical meeting started at 10.30am Adelaide time. Should have been a hybrid given they've lost $100m plus. See notice of meeting.

Bowen Coking Coal (BCB): Physical EGM at 11am in Brisbane on June 20, 2024 to approve placement and incentives grants to directors. See notice of meeting. Market cap $194m in late May 2024.

Brickworks (BKW): Nov 23, 2023: physical meeting in Sydney at The Establishment - see notice of meeting. Very disappointing given they have a market cap of more than $4 billion and almost 30,000 shareholders. Typical of billionaire chair Robert Millner who dislikes scrutiny.

Brisbane Broncos (BBL): May 28, 2024: physical meeting at Broncos League club. Questions can be emailed 5 days in advance. Market cap circa $100m. See notice of meeting.

BSA: October 26, 2023: physical meeting in Sydney, although market cap was only $50m in March 2024.

BSP Financial Group (BFL): The biggest company in PNG has a market cap of $3 billion and went to the trouble of getting Link to webcast its 2024 AGM on May 17 but banned online questions and voting. See notice of meeting.

Bubs Australia (BUB): Nov 14, 2023: 11am physical meeting at RACV Club in Melbourne . Should have been a hybrid given all the controversies of recent times. With accumulated losses of $318m, the 28,000 retail shareholders deserve answers.

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.

Capricorn Metals (CMM): November 29, 2023: the gold miner was capitalised at $1.7 billion in June 2024 but held a physical AGM at the Perth Convention Centre last year. See notice of meeting.

CBA: October 23, 2023: not a true hybrid as can't vote online but can ask online questions up to 532 characters - see notice of meeting. The previous year you couldn't even do that at the physical only 2022 AGM. In both years Helen Dalley was the question moderator.

Centaurus Metals (CTM): 10.30am physical meeting in Perth on May 28, 2024. See notice of meeting. Market cap $208m in early May 2024.

Charter Hall: November 16, 2023: 2.30pm physical meeting at level 20, 1 Martin Place in Sydney - see notice of meeting. A $6 billion market cap company with 14,000 shareholders and no controlling shareholder should be better than this.

Clime Capital (CAM): November 24, 2023: physical meeting in Sydney - see notice of meeting. Market cap was circa $115m at the time.

Cooper Energy: November 9, 2023: market cap of around $330m and held a physical AGM at 10.30am in Adelaide - see notice of meeting.

Corporate Travel Management (CTM): October 25, 2023: 11am physical meeting in Brisbane was controversial given UK boat issue - see notice of meeting. Given $2 billion market cap and 17,000 shareholders, a hybrid should be offered. The CEO and founder Jamie Pherous is the largest holder with 12%.

CVC Ltd: October 24, 2023: noon at Corrs in Melbourne. Market cap $280m.

Cyclopharm (CYC), May 27, 2024: physical meeting in Sydney at 11.30am - see notice of meeting. Capped at $169m in Feb 24.

De Grey Mining: November 9, 2023: 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.

Deep Yellow (DYL): physical EGM in Perth on April 30, 2024 in the board room of the Country Women's Association to approve capital raisings. See notice of meeting. Should be a hybrid given it had 16,000 holders and a market cap of $1.25b at the time.

Dicker Data, May 2023: after holding a hybrid AGM in 2022 where these 11 written questions were lobbed, controlling founder and chair Dave Dicker reverted to this physical only AGM in 2023 and did the same in 2024, forcing the 16,000 holders to travel to the company's headquarters in Kurnell, south of Sydney Airport. Dicker is the executive chairman with 26% and the company was capitalised at $1.85b in July 2024.

Downer: Nov 22, 2023: decided not to offer a hybrid AGM on November 22. A one way webcast from Viostream just doesn't cut it when even small companies are allowing shareholders to vote and ask live questions online from anywhere. The annual report says it has 25,012 shareholders. Market cap was $3.3 billion in July 2024.

Duxton Water (D20) : 2pm physical meeting in North Adelaide on May 29, 2024 - see notice of meeting. Market cap of $226m in early May 2024.

Electro Optic Systems (EOS): May 21, 2024 10am physical meeting at Minters in Canberra. See notice of meeting. Just completed $30m+ capital raise, lifting market cap to $320m.

Emeco (EHL): mining contractor with a market cap of almost $500m but 2023 AGM was a physical only affair in Sydney on November 29 - see notice of meeting.

Euroz Hartleys: November 17, 2023 physical meeting in Perth. Listed stockbroker with $150m market cap - see notice of meeting.

Evolution Mining (EVN): despite being in the top 75 companies for market cap ($7.8b in July 2024), held a Sydney physical meeting in November 2023 - see notice of meeting. Largest shareholder Australian Super should insist on better transparency and inclusion opportunities for the 33,000 retail shareholders. They also did a $600m+ capital raising in 2023.

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.

Fortescue: November 21, 2023: 10am physical AGM in Perth - see notice of meeting. The same happened in 2022 after I lobbed numerous online questions during COVID, including when executive chair Andrew Forrest was on a video stream from Paraguay.

Frontier Energy (FRE): Friday, May 24, 2024 at 9am in Perth. See notice of meeting. Market cap $163m in April 2024.

Gold Road Resources (GOR): Has a market cap above $1 billion and held its May 2023 AGM as a physical affair in Perth. Have emailed requesting a change for 2024.

Graincorp (GNC): February 14, 2024: 10am physical meeting at the MCA in Sydney. See notice of meeting. This is particularly unfair for farmer shareholders who couldn't make it to Sydney. They have 20,000 retail shareholders and a market cap of almost $2 billion.

Grange Resources (GRR): May 14, 2024: physical meeting in Burnie, Tasmania, starting at 10am. See notice of meeting. Market cap $509m. Is on the shame file of major companies banning online participation. Might suit local Jacqui Lambie but isn't much help for the 11,500 shareholders.

Harvey Norman: November 29, 2023: physical only AGM at Sydney's Olympic Park at 11am. You can listen in by telephone. See ASX notice. Lobbed plenty of online questions during COVID, which chair Gerry Harvey didn't enjoy so he went straight back to physical AGMs when he could. Market cap was $5.6b in July 2024.

Hotel Property Investments: pokies pub landlord capitalised at $650m - see notice of meeting for 2023 AGM.

Image Resources: May 28, 2024, 10am physical meeting in Perth with a live webcast but no online participation. Market cap $90m in early May 2024. See notice of meeting.

Ingenia (INA): November 17, 2023: Sydney physical meeting at The Rocks - see notice of meeting. Market cap above $2 billion in July 2024.

Intelligent Monitoring Group (IMB): joined the "no SPP shame file" with a $19.3m placement in 2024 to the big end of town to fund 2 acquisitions. No surprise they are based in Perth, the epi-centre of poor governance and retail shareholder rip-offs. The 2023 was a in a unit in suburban Sydney with no online component. Given market cap had hit $150m by July 2024, this is no longer good enough. See notice of meeting.

IperionX (IPX): July 2024: ran a physical meeting in Perth on July 3, 2024, to approve a placement. Market cap close to $600m. Did the same with its AGM in Perth on November 22, 2023.

IVE Group: Nov 20, 2023: 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.

Insignia (IFL): Nov 23, 2023: the old IOOF held a 9.30am physical meeting at the Grand Hyatt in Melbourne - see notice of meeting. Very disappointing for one of the largest employers of financial advisers who no doubt advise clients to be vigilant in following their investments. Also has 53,000 shareholders and a July 2024 market cap of $1.6 billion so it really should be a hybrid in November 2024.

IPD Group (IPG): Nov 23, 2023: November physical meeting when they are now capped at almost $400 million after a recent acquisition.

Jervois (JRV): 9.30am physical meeting in Melbourne on May 3, 2024 - see notice of meeting. Curious to understand how and why Australian Super has lost $100m+ in this outfit.

Johns Lyng (JLG): Nov 23, 2023: 10.30am physical meeting at RACV Melbourne - see notice of meeting. Market cap has soared to $1.65 billion in July 2024 so the 2024 AGM should be a hybrid.

Judo Capital (JDO): October 25, 2023: physical meeting in Melbourne with a promise to publish an archive of the webcast but no ability to ask questions or vote online - see notice of meeting. Was a much hyped float and still had a market cap of $1.55 billion in July 2024 and around 7,000 shareholders.

Kelsian October 24, 2023: physical only meeting in Adelaide for travel company with $1.5 billion market cap - see notice of meeting.

Latin Resources (LRC): 11.30am Perth time on May 30 2024 for a physical meeting which is disappointing for a company capitalised at $630 million. See notice of meeting.

Lifestyle Communities (LIC): done over on 7.30 by Adele Ferguson in July 2024. Ran a physical AGM in Melbourne on November 14, 2023. Market cap still $1.25b after the bad publicity and with 6,000 shareholders plus an Australian Super director as chair and Nicola Roxon on the board, you'd think a hybrid would be possible.

Liontown (LTR): November 30, 2023: Physical meeting, 2pm Perth time. See notice of meeting. Big dramas after Gina Rinehart snapped up 20% to foil a foreign takeover but east coast shareholders couldn't participate. The company has around 30,000 shareholders.

Lovissa (LOV): after lodging these 14 questions at the 2021 AGM, the majority of which were ignored, they've gone for physical meetings ever since. With a May 2024 market cap of $3.5 billion, this is just not good enough from the jewellery giant.

Lycopodium (LYL): miner with a market cap of almost $500m but still held a physical AGM in Perth on October 13, 2023 - see notice of meeting.

Mader Group (MAD): held a physical only AGM at 9am on November 23, 2023 at Perth airport - see notice of meeting. Market cap was $1.3 billion by mid 2024. Controlled by a Rich Lister.

Magellan Financial Group (MFG): Nov 8, 2023: once again going with a physical AGM in Sydney. There are tens of thousands of angry shareholders all over Australia and they are being told to fly in if they want to participate on the day. See notice of meeting. The annual report says it has 47,025 shareholders. Market cap $1.7b in July 2024.

Magellan Global fund (MGF): June 26, 2024: 9.30am physical EGM in Sydney to restructure its closed fund - see notice of meeting.

Metals X (MLX), May 20, 2024: 10am physical meeting at Quest South Perth - see notice of meeting. Market cap $450m at the time. No protest votes.

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.

MMA Offshore (MRM): the board agreed to sell the business for $2.60 a share or $1.03 billion (plus debt) in a deal with Cyan Renewables, a portfolio company of Singapore-based private equity outfit Seraya Partners. The pricing was a skinny 11% premium to the previous close, hence major shareholder Pendal has come out and slammed the board for agreeing to an “absolute steal”. The scheme implementation agreement dropped on March 25 and the physical scheme meeting in Perth is on July 1. Have added them to shame file offering physical only shareholder meetings. The independent expert valued the business at between $2.03 and $2.83 a share.

Netwealth: Nov 22, 2023: 2.30pm at Flinders St head office with a livestream via Link but no online questions or voting - see notice of meeting. Market cap was $5.4b in July 2024 so this is poor form.

Nickel Industries (NIC): 11am physical meeting in Sydney on May 31, 2024 at Level 5, 1 Margaret St. See notice of meeting. Market cap was around $4 billion in May. They are facing a second strike and have 17,000 retail shareholders.

Pantoro Ltd (PNR): May 29, 2024 1pm physical EGM meeting in Perth at the CWA to approve a pay rise for the directors and an incentive grant for the CEO. See notice of meeting. Market cap $463m in early May 2024. They then announced a two-stage placement at 8c to raise $100m. The final $12m will be approved at an EGM on June 24. But it's a physical meeting starting at 1pm at the CWA in Perth.

Peet Ltd (PPC): market cap $550m but still ran a physical AGM on October 25 in Perth last year - see notice of meeting.

Perseus Mining: November 21, 2023: $2.27b market cap and still doing a physical only meeting in Perth at 4pm their time. See notice of meeting.

Peter Warren Automotive (PWR): October 31, 2023. Went to the trouble of hiring Link to delivers its webcast but then banned online voting and questions for some reason - see notice of meeting. Raised $260m at $2.90 in April 2021 but stock had crashed to below $1.80 by June 2024 when it was capitalised at $320m..

Premier Investments (PMV): has a market cap of $5 billion and is controlled by billionaire Solomon Lew but has insisted on physical meetings since 2022 despite having 11,000 shareholders. The meeting is normally very poorly attended on a Friday in December at the Pullman Hotel in Albert Park.

Propel Funeral Parlours: Nov 23, 2023: physical AGM in Sydney at 9.30am - see notice of meeting. With a market cap of $522 million and corporate activity in the wind, this should be a hybrid.

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. 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. Held a physical only AGM in Perth on Nov 24, 2023.

QV Equities: October 25, 2023: physical meeting in Sydney. Market cap $200m and Anton Tagliaferro is up for election.

Ramsay Healthcare: November 28, 2023: Sydney physical meeting with a webcast but no interaction or live online voting - see notice of meeting. Market cap was $11 billion in July 2024 and it has 85,000 shareholders.

Regal Funds Management (RPL): Physical EGM at 11am on July 8, 2024, in Sydney to approve $235m acquisition of fund manager Merricks Capital. See notice of meeting. Market cap $1.2b in July 2024 but only had around 4,000 shareholders.

Reliance Worldwide (RWC): October 26, 2023: physical only meeting in Brisbane- see notice of meeting. Market cap $3.9b in July 2024 and it has more than 10,000 shareholders.

Reckon Ltd (RKN): May 24, 10am, 2024. Physical meeting at 100 Pacific Highway, North Sydney. See notice of meeting. Market cap $61m in Feb 24.

Resolute Mining (RSG): 2pm physical meeting in Perth on May 23, 2024 even though its market cap was $900 million in early May. See notice of meeting.

Santos (STO): last ran a hybrid in 2022 (see notice of meeting) but didn't enjoy the attention from climate activists so switched back to physical meetings in Adelaide in 2023 and 2024 despite having a July 2024 market cap of $26 billion and 170,000 retail shareholders.

Select Harvest (SHV): February 29, 2024: 11am physical meeting at Docklands in Melbourne with no online participation - see notice of meeting.

Seven West Media: November 9, 2023: Kerry Stokes is seeking re-election. 11am physical only meeting in Sydney. See notice of meeting. Carrying more than $3 billion in accumulated losses and has around 15,000 shareholders.

Shine Justice: October 26, 2023: noon start in Brisbane.

Silver Lake Resources (SLR): acquired by fellow goldminer Red 5 in an all-scrip "merger of equals" which valued the 934m shares on issue at $1.12 billion the day after it was announced. The merger implementation agreement dropped with the announcement on February 5. Physical scheme meeting is scheduled for May 31 in Perth at 10am with settlement in early to mid June.

Smart Group (SIQ): Physical AGM at the Wesley Centre in Sydney at 11am on May 8, 2024. See notice of meeting.

Soul Pattinson December 8, 2023: physical meeting at The Establishment in Sydney. See notice of meeting. Market cap $12.6b in July 2024 and it has 60,000 shareholders.

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.

TPG: failed to deliver online component in 2023 and 2024 after running a fully online meeting in 2022. See text of 8 questions. In 2024 it was a physical meeting at Wesley Centre in Sydney. See notice of meeting. Market cap $8.8b in July 2024 and it has around 23,000 shareholders.

Tietto Minerals (TIE): 10am physical meeting in Perth on May 24, 2024 - see notice of meeting. Market cap $774m on AGM day with a takeover of the company almost complete.

Turaco Gold (TCG): May 27, 2024: 10am physical meeting in Perth - see notice of meeting. Market cap $157m on AGM day. Biggest protest vote 16% against NED fee rise and 9% against employee incentive scheme.

West African Resources (WAF): market cap just hit $1 billion. See notice of meeting for AGM in Subiaco at 9.30am on May 10 .

Whitehaven Coal: October 26, 2023: 11am physical meeting at The Mint in Sydney. See notice of meeting. The annual report says they 29,030 shareholders and after just agreeing to pay $5 billion for 2 BHP coal mines, this should have been a hybrid.

Woodside Energy: reverted to a physical AGM in 2021 but has been holding hybrids ever since.

Worley (WOR): October 20, 2023: it seems chair John Grill is just another billionaire dodging scrutiny after deciding to withdraw the online component of the 2023 AGM. See notice of meeting for 10am physical AGM in Sydney. The annual report says they 24,148 shareholders. The company's website doesn't even provide an archive of past AGM webcasts. Market cap was $8 billion in July 2024.

Yancoal (YAL): 11am physical meeting in Sydney on May 30, 2024 - see notice of meeting. Live webcast being offered here via Computershare but no online participation, sadly. Market cap $7.35 billion.

Copyright © 2024 The Mayne Report. All rights reserved

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