4 questions lodged at 2025 Jameson Resources virtual EGM
July 31, 2025
Below is the text of the 4 written questions submitted at the 15 minute Jameson Resources (JAL) 11am virtual EGM Brisbane time via this Zoom link to approve 3 share issues, including to chair Nicole Hollows. Voted against all 3 via Automic on July 18 as a protest because there was no option other than the chair when appointing proxies. Market cap $60m on EGM day. Latest balance sheet shows $23.2m of accumulated losses and net assets of $50.8m. See voting results with no protests and pleased they disclosed the proxies early in this slide pack.
Q1. Resolution 1: why weren't your hundreds of regular retail shareholders given a chance to participate in this capital raising through a share purchase plan on the same terms as the big end of town investors who took up the selective placement? Will you undertake to offer retail shareholders an SPP before the upcoming AGM, even if it is at a premium to the placement price given the strong recent performance of the shares?
Answer: Chair Nicole Hollows was unconvincing but important to get CEO Michael Gray reading this out in full. No pressure often means no SPP for retail. Watch video of exchange via Twitter.
Q2. Following this latest placement of 98 million shares at 3.5c being approved in part through resolution 1, we've now got a ridiculous 709 million shares on issue. Will chair Nicole Hollows and CEO Michael Gray undertake to put forward a 20-for-1 share consolidation at the next AGM so that our shares trade at a less embarrassing level?
Answer: Chair Nicole Hollows said they had looked at this previously and would consider it again. Watch video of exchange via Twitter.
Q3. Why did we pay Euroz Hartley a fat 5% fee to manage this placement when they were on-risk for less than 48 hours? This Perth-based firm has a long record of running capital raisings which exclude retail shareholders. Was if their idea not to offer an SPP? Did we run a proper competitive tender to achieve the best price and does the chair agree that a 5% fee is money for jam for Euroz? What is the history of our relationship with Euroz Hartley?
Answer: Chair Nicole Hollows said there was no tender and Euroz had long helped the company. Watch video of exchange via Twitter.
Q4. Why does resolution 4 give Steve Van Barneveld the wiggle room to nominate someone else to take up these shares? Is Steve not intending to take up these shares directly in his own name? Also, why didn't fellow director Michael McDonald participate in this placement like the other directors?
Answer: Pleased to hear Steve Van Barneveld say that he'd be taking the placement shares directly into his name. Watch video of exchange via Twitter and later comments from CEO Michael Gray explaining why offshore director Michael McDonald didn't participate. Mr McDonald was in attendance and should have been asked to speak for himself.
Copyright © 2025 The Mayne Report. All rights reserved
