3 questions lodged at 2025 Powerhouse Ventures virtual AGM
June 26, 2025
Below is the text of the partially censored (see italicised components below) 3 written questions submitted at the Powerhouse Ventures (PVL) virtual EGM held at 10am on June 26, 2025. See notice of meeting. Market cap $15m on EGM day. Latest balance sheet shows $20.9m of accumulated losses and net assets of $14.7m. No serious formal address given or lodged with the ASX so no early disclosure of the proxies. No other shareholders asked questions at the rapid fire 17 minute meeting.
Q1. Couldn't this performance rights allocation to Doron have waited until the AGM later in the year and what is his history with our company in terms of previous performance rights grants and vesting? Also, will a recording of this EGM be made available on your website for the benefit of shareholders who were unable to attend live?
Answer: the chair James Kruger gave a detailed response but Doron Eldar didn't contribute after not turning up to the meeting, which was poor form. No response on the webcast recording component because question wrangler Geoffrey Nicholas didn't bother to read it out. Watch video of exchange via Twitter.
Q2. Why weren't our circa 600 retail shareholders offered the opportunity to participate in the latest $2m capital raise through a share purchase plan on the same terms as the placement to various big end of town investors and directors, such as this placement of 555,555 shares to executive chair James Kruger? Could James please comment on his attitude to the treatment of retail shareholders in capital raisings?
Answer: The italicised component wasn't read out. Executive director and acting chair David McNamee initially answered this one with a lot of waffle and then chair Kruger added some comments, before McNamee jumped in again. Watch video of exchange via Twitter.
Q3. Not only have we done a placement with no SPP, we seem to be encouraging listed companies that we invest in to do the same. Could director David McNamee please comment on his attitude to the treatment of retail shareholders in capital raisings and could he also please explain his history of dealings in our shares before considering this approval to place him 277,777 new shares today?
Answer: the question wrangler Geoffrey Nicholas declared this one had already been answered, which wasn't right. Watch video of question censorship via Twitter.
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