Account of farcical 6 minute 2025 Clime virtual EGM
July 31, 2025
Below is the text of the 3 written questions which were planned to be submitted at the 6 minute Clime Asset Management (CAM) noteholders (CAMG) virtual EGM held at noon via the Lumi/Teams on July 31 2025 to approve a 3 year rollover of convertible notes which were about to be redeemed. Alas, I bought in after the notice of meeting went out, they used a meeting-specific Voter Access Code to gate-keep, rather than the standard HIN arrangement, an email to the company the day before was ignored and gave up after 7 minutes on hold with Boardroom just before the meeting started. See video of chaotic lead in to the meeting plus this two minute video of founder John Abernethy ignoring a guest question. See notice of meeting and voting results.
Q1. How much are we paying Ord Minnett to assist with this process and did we put this job to tender? What is the history of our relationship with Ord Minnett?
Answer: Never asked as wasn't able to gain access to the meeting.
Q2. Can you cite any other listed companies which have called an EGM to extend the expiry date on convertible notes by multiple years, as we're proposing today? How many noteholders voted by proxy and was there much opposition to the proposal?
Answer: Never asked as wasn't able to gain access to the meeting.
Q3. Given that official interest rates are falling, why have we proposed to increase the annual cost of these notes from 5.25% to 6.25%? Isn't that a bit expensive? And why did we go with a 3 year extension, rather than 2 or 5 years? Are we committed to returning the likely $35 million to noteholders in 2028 or would another extension proposal be likely? Did we consider making these perpetual notes?
Answer: Never asked as wasn't able to gain access to the meeting.
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