In person questions asked at 2025 29Metals hybrid AGM

Q1. Who was responsible for selectively briefing The AFR's Street Talk column with this article about last year's $180 million capital raising before the ASX was formally advised of the details?

Answer: The chair Owen Hegarty didn't have much have to offer on this one. Watch video of exchange via Twitter, plus these additional responses from Hegarty.

Q2. Have we paid the $27m outstanding to the WA Government for stamp duty related to Golden Grove which came up at last year's AGM when we'd gone onto a payment plan?

Answer: The CFO said it has all been sorted and paid. Watch video of exchange via Twitter.

Q3. Who delivered that big abstain vote on the remuneration report and did Owen Hegarty's EMR fund vote in favour again this year, after being criticised for doing so at last year's AGM?

Answer: Owen Hegarty was advised by the co sec that it was new Indonesian shareholder BUMA which abstained and also confirmed that EMR voted in favour again. Watch video of exchange via Twitter.

Q4. What did the proxy advisers recommend on the rem report and all other items and please disclose the proxies early to the ASX along with the formal addresses next year?

Answer: Chair Owen Hegarty waffled about privacy and that there wasn't enough time to disclose the proxies early and then the company secretary explained that Glass Lewis and ISS both issued reports with the only against recommendation being from ISS on the rem report, which still only generated a 1.2% against vote. Watch video of exchange via Twitter.

Q5. Will you disclose extra voting data given crashing retail voting participation rates at AGMs?

Answer: thanks for the suggestion and explanation, but in the end they failed to deliver in these voting results. Watch video of exchange via Twitter.

Q6. Did a long rant about retail shareholders being ripped off in capital raisings and then asked independent director Fiona Robertson to explain how prominent the treatment of retail shareholders was in their board discussions?

Answer: The candidate said they did take it seriously but market conditions were difficult. Watch video of question being via Twitter, plus these responses offered by Fiona and chair Owen Hegarty.

Q7. Why does EMR still have two board seats, including Owen Hegarty as chair, when they didn't put $1 into last December's $180m capital raising and have been diluted down to just 23%?

Answer: The acting chair explained that BUMA have nominated a director (not yet announced) and Australian Super are also entitled to a board seat but are yet to take it up. Watch video of exchange via Twitter.

Q8. Is Owen Hegarty committed to serving a full term 3 year term and is he okay stepping back to just be a regular non-executive independent director?.

Answer: The chair Owen Hegarty confirmed they were searching for an independent chair and another director said Australian Super was entitled to a board seat now that they own around 17%. Watch video of exchange via Twitter, plus these additional responses from the acting chair.

Q9. Is Australian Super entitled to a board seat now they've got 17% stake and why don't they step up and get involved for a change as they have a bad record of shunning board responsibility when taking large stakes in public companies.

Answer: They are entitled to a board seat but are yet to take it. Watch video of exchange via Twitter.

Q10. Will you do a share consolidation and could super spruiker Owen Hegarty please justify the claim the "we have a lot of them" when it comes to the current flavour of the month, critical minerals?

Answer: chair Hegarty ran through the portfolio and then asked the CEO to back him up and he stuck with pushing copper. Watch video of exchange via Twitter, plus these additional comments by Hegarty claiming "it is critical that everyone have some gold in their portfolio". Chair Hegarty knew he'd been caught out over-egging things again and drew a few laughs at the end.

Copyright © 2025 The Mayne Report. All rights reserved

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