5 questions lodged at 2025 Sayona hybrid scheme meeting

Q1. We went into a trading halt on the ASX at 9.35am on November 19 last year and the Piedmont merger deal wasn't announced until 3.07pm that afternoon. So who authorised the selective briefing of The AFR's Street Talk column which revealed all the key details of the proposed merger at 10.01am on November 19, 5 hours before investors and the wider market found out via the ASX announcements platform. The story claimed Cannacord Genuity was advising both sides. Which Cannacord bankers were involved in advising both sides and how does that even work? Were they involved in the selective briefing of The AFR?

Answer: The Cannacord bit was not read in full and the CEO stepped in to claim not to know anything about this. They promised to investigate and get back privately, whilst stressing they had followed the rules. The correct answer was that selective briefings are not unlawful or against the letter of the listing rules if you've gone into a trading halt, which they did before the market opened. However, it is still bad practice as communication should be ASX first in a way that treats all shareholders equally, not benefitting those who subscribe to a private news service. Watch video of exchange via Twitter.

Q2. The latest annual report says we have 44,286 shareholders, which is enormous for a company capitalised at only $245 million. What sort of solicitation campaign did we run to get out of the vote at today's scheme meeting and how many shareholders voted, as this wasn't included in the proxy votes released to the ASX before the meeting started? Are we happy with this level of retail engagement in such a pivotal transaction for the company?

Answer: The chair claimed they followed the law but the turnout sounds woeful. Strangely, it was never disclosed either. Watch video of exchange via Twitter.

Q3. When it came to selecting the new name, what were the next two most likely options that were considered and why were they ruled less attractive than this meaningless difficult to spell option selected? How much did we spend on external consultants to come up with Elevra Lithium?

Answer: Not sure yet. Waiting for the webcast archive as was off asking questions at Jameson Resources EGM.

Q4. You didn't need to put this resolution up for the vote because your full annual 15% placement capacity would have kicked in 12 months after the last placement anyway. There was a 6.27% proxy protest vote on this resolution, presumably because some shareholders don't like being diluted by selective placements. Will you undertake to do pro-rata renounceable capital raisings in future, as these are fairer for all shareholders. By putting this up, aren't you signalling that yet another placement is being contemplated? If you need fresh capital, why not do a stand alone SPP for shareholders?

Answer: Not sure yet. Waiting for the webcast archive as was off asking questions at Jameson Resources EGM.

Q5. Thank you for disclosing the proxies early along with the formal addresses. The biggest protest vote was 10.34% against this proposed increase in the fee cap for directors. Did any of the proxy advisers issue a report about today's meeting and recommend a vote against this resolution and what is the actual plan in terms of increasing the pay of individual directors once the merger completes? Are you surprised by the protest vote and did any shareholders contact you directly to explain why they opposed this resolution?

Answer: The chair said no pay rises were planned and it was "a volume issue", namely that the merged company would have a larger board. He also said the proxy advisers backed the board recommendation on all resolutions. Watch video of exchange via Twitter.

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