3 questions lodged at 2025 EQ Resources virtual EGM
July 18, 2025
Below is the text of the 3 written questions submitted at the 12 minute EQ Resources (EQR) virtual "compliance" EGM held at 3pm via this Vistra Zoom link on July 18, 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results showing no protests and extra data revealing only 50 of the 2200+ shareholders bothered to vote. Market cap was $105m on EGM day and latest balance sheet shows $47.8m of accumulated losses and net assets of $48.1m. No early disclosure of proxies as no formals script was released to the ASX ahead of meeting, but Melanie Leydin sure did race through the formalities at the start, treating all 3 questions as a job lot at the end.
Q1. At last year's virtual AGM, which was regrettably held on the last day possible, I asked if the meeting was being recorded so that a full archive of the webcast could be made available on your website for the 2200-plus EQ Resources shareholders who didn't watch it live, probably because 211 other ASX listed companies (see full list) held their AGMs on November 29, 2024. The out-sourced company secretary and chair of that meeting, Melanie Leydin, said there was no recording of the AGM so it was impossible to publish the webcast. Fast forward 8 months, is today's EGM being recorded and, if so, will the full webcast be published on your website for the benefit of shareholders who were unable to tune in live?
Answer: The chair of the meeting, out-sourced company secretary Melanie Leydin, said the EGM wasn't being recorded because it's "a compliance meeting" but at least the separate question wrangler "Tony" read it out in full. Watch video of exchange via Twitter.
Q2. Resolution 1: This first resolution seeks the approval of issuing 287.6 million new shares. If all of today's resolutions are approved, we'll have 2.84 billion ordinary shares on issue, which is about 1 billion more than the Commonwealth Bank, the biggest ASX listed company with a market cap of more than $300 billion. This is starting to get silly. Will the board put up a 20-for-1 share consolidation resolution at this year's AGM so that our shares don't continue to trade at embarrassingly low levels.
Answer: The chair Oliver Kleinhempel gave a "no promises" response but at least question wrangler "Tony" read it out in full. Watch video of exchange via Twitter.
Q3. Resolution 3: "Thank you for offering your retail shareholders a share purchase plan after the $17 million institutional placement earlier this year, which was corner-stoned by US investment giant Oaktree, the subject of this resolution. Why weren't your 2,200 retail shareholders given an opportunity to participate in the latest $4 million capital raising last week, which Oaktree again corner-stoned? Will you announce a make good SPP for your retail shareholders before we all gather again for the AGM in November and what is the situation with Oaktree and board representation?"
Answer: The chair Oliver Kleinhempel gave a "no promises" response but at least question wrangler "Tony" read it out in full. However, offshore Oliver didn't know much about Australian SPPs and deferred to "Mel on technicalities", who said an SPP wasn't a "compliance requirement". Exactly, that's why I'm asking the board to use their discretion to treat retail shareholders fairly and offer another SPP. Watch video of exchange via Twitter, plus these final comments about Oaktree from chair Oliver Kleinhempel and then the usual excessively quick Zoom termination at the end of the 12 minute "compliance meeting".
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