5 questions lodged at 2024 EQ Resources virtual AGM

Q1. When was the audit last tendered and when will it next be tendered?

Answer: There will be a tender next year.

Q2. Our year end is June 30 yet we waited until the afternoon of Friday, November 29, the very last day possible under the law and the ASX listing rules, to hold this AGM. Did it really have to be the last possible day, clashing with more than 100 other disorganised largely small cap companies doing the same thing? Could the external auditor comment as to whether there is any element of the audit process or resourcing which causes this AGM to be so relatively late, or is it simply a choice taken by the board. Is next year's AGM already booked in for Friday, November 28, 2025? If so, can this be brought forward?

Answer: The out-sourced co sec Melanie Leydin chair marshalled the troops, even bringing in the external auditor who said there was no reason why the AGM was so late. Watch video of exchange via Twitter.

Q3. Can we please move to a hybrid meeting next year and will the full archive of this webcast be many available on your website for shareholders who couldn't watch it live.

Answer: The out-sourced co sec Melanie Leydin chair said there was no recording of the AGM so it was impossible to publish the webcast. She said a hybrid would be considered for next year. Watch video of exchange via Twitter.

Q4. There have been many substantial protest votes against resolutions like this during the current AGM season. It is not good practice to allow a board to selectively place up to 25% of the company's shares to anyone they like over a 12 month period, diluting the existing shareholders without compensation for their lost property rights. What is our history of doing selective placements, why are we asking for this authority and has there been a substantial protest vote against this resolution? Placements favour big end of town investors at the expense of retail investors and even when retail are offered an SPP, the mast majority don't participate. Next time, will you promise to consider doing a pro-rata renounceable capital raising that treats all shareholders equally, if we do need to raise fresh equity capital.

Answer: The out-sourced co sec Melanie Leydin handled this one in its entirety, explaining that they put it up every year but would discuss it at board level. Watch video of exchange via Twitter.

Q5. For a small cap we have too many shares on issue and a very low share price. Will the board consider putting up a 5-for-1 share consolidation resoluton at next year's AGM?

Answer: The out-sourced co sec Melanie Leydin handled this one in its entirety as well when no one else stepped up. She said it would be put on for board consideration. Watch video of exchange via Twitter.

Copyright © 2024 The Mayne Report. All rights reserved

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