4 questions lodged at 2025 Bell Financial Group virtual AGM

Q1. Could board candidate Christine Feldmanis comment on her personal attitude to the way retail shareholders are treated in capital raisings because we continue to be involved in a lot of deals which dilute retail. Does Christine have a view on when or if we are ever going to be involved in a PAITREO capital raising which is the best structure for preserving retail value and ownership. What is Christine's view on PAITREO raisings and when we next seek to raise capital ourselves, will she push for a PAITREO structure?

Q2. I know we make lots of money from selective placements, but has Bell Financial Group ever been involved in an SPP-only capital raising? Also, when advising companies to do institutional placements, is our policy to always insist on a follow-on SPP so that retail shareholders are not diluted without compensation? How many placement only capital raisings did we do in calendar 2024?

Q3. When a client does a non-renounceable pro-rata capital raising, what is our standard position in terms of allowing retail shareholders to apply for additional shares? Best practice is the past has been to apply no limit on "overs" but in recent years these have been capped at levels such as 50% of entitlement. Why don't we just advise companies to do unlimited overs to minimise the chances of a shortfall which dilutes retail shareholders as a class?

Q4. The 5 most valuable US big tech stocks - Microsoft, Apple, Amazon, Alphabet and Nvidia - are together worth more than $20 trillion, largely because they have enormous pricing power and are over-charging customers the world over. Could the CEO comment on which of the big global technology companies we are most reliant on and what would we do if they suddenly put their prices up by 30%?

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