7 questions lodged at 2025 Conrad Asia Energy hybrid AGM

Q1. The company raised $55 million from public investors at $1.46 per share in October 2022 but the shares are now near a record low of 59c. Chair Peter Botten has seen a lot in the oil and gas industry over the past 40 years. What does he believe are the two most important factors which have led to the share price performing so poorly?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas said the main cause was the policy change in Indonesia mandating domestic sales. They had to abandon two export contracts. Watch video of exchange via Twitter.

Q2. The ASX has seen its listing numbers fall by almost 10% since January 2023. Given our share price is performing so poorly, does it still make sense for a Singapore-based company dealing with an Indonesian gas project to be listed on the ASX? What other options are available to the company?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas said this was "a difficult question" but it still makes sense and they need to expand their portfolio and the share price will recover once they get into production. Watch video of exchange via Twitter.
Q3. Why didn't we offer retail shareholders a chance to participate in this recent capital raising through a Share Purchase Plan, like we did with last year's placement? It is not too late to offer a make good SPP to retail shareholders. Will you do a standalone SPP for retail shareholders before next year's AGM to make up for the dilution from our past selective institutional placements?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas said "I hear you, we will raise this topic internally and we will respond". The lack of an SPP in the last raise was in order to keep the raise as simple as possible.
Watch video of exchange via Twitter.

Q4. Do Mario and the founder-CEO have a view on whether it is appropriate in 2025 to run a public company board with 6 men and no female directors. Will we appoint a female director before next year's AGM?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas said this was an issue that had been raised previously and he would once again bring it to the board for a discussion. Watch video of exchange via Twitter.

Q5. Why are we seeking approval for an extra 10% placement capacity when the ASX listing rules already give us an entitlement to raise 15% in the coming 12 months, given that we are separately seeking approval today for the recent placement? Why don't we raise equity in a pro-rata manner in the future which treats all shareholders equally? By putting up this request for an extra 10% placement capacity, you are signalling more big placements in the future. Please don't do this and change your capital raisings structures to pro-rata?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas stressed they are not signalling another placement down the line but the approval was for general flexibility, which is what they all say. Watch video of exchange via Twitter.

Q6. It is all good and well to put up 5 individual resolutions to approve share issues to directors, but why haven't put up a resolution for approval of the remuneration report and policies overall, as is required by public companies under Australian law. If we choose to list on the ASX, why not be like more than 95% of ASX-listed and have a vote on the remuneration report at next year's AGM?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas allowed for a lengthy pause before saying he would discuss it with the board and then respond formally. Watch video of exchange via Twitter.

Q7. When disclosing the outcome of voting on all resolutions today, including this final item on the issue of stock to newly re-elected director Mario Traviati, please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp and even the world's biggest share registry provider Computershare, all did this at their most recent AGMs. Also, please disclose the proxy position earlier along with the formal addresses at next year's AGM, so there is more time to discuss any material protest votes? Other that than, well done for running a hybrid AGM to maximise participation and for dealing with all questions comprehensively. When disclosing the outcome of voting on all resolutions today, including this final item on the issue of stock to newly re-elected director Mario Traviati, please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp and even the world's biggest share registry provider Computershare, all did this at their most recent AGMs. Also, please disclose the proxy position earlier along with the formal addresses at next year's AGM, so there is more time to discuss any material protest votes?

Answer: The chair Peter Botten didn't attend but the founder/CEO Miltos Xynogaslas took this as a comment, partly because of the way the question wrangler framed it. No extra voting data was provided in these poll results. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

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