4 questions lodged at 2025 Platinum Capital (PMC) hybrid EGM
August 12, 2025
Below is the text of the 4 written questions submitted at the 45 minute Platinum Capital (PMC) hybrid EGM held via the Link/MUFG platform at 1.30pm on August 12 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was $434m on EGM day. The proxies were disclosed early with the formal addresses and the only item was approving a 50% buyback, although they've promised to initially limit this to 20%.
Q1. Rather than meekly folding to L1, why didn't you force them to front up publicly today, formally scupper the proposed scheme and face the criticism from other shareholders in a public meeting? It's not often that Geoff Wilson and David Kingston are on a unity ticket but they were on your side and you should have deployed them to pressure L1 to reverse their self interested decision to scupper the scheme to advance their own interests. And why did you fold to their demands on the size of the buyback too?
Answer: Not asked. Watch video summarising the censorship issue via Twitter.
Q2. Has the board engaged with any regulators about the circumstances leading up to today's shareholder meetings and did we seek any advice on the potential of engaging with the Takeovers Panel to enable the full implementation of the board's recommendations, including on the size of the shrinking buyback which will impact L1's voting control over the company without them making an offer to all shareholders?
Answer: Watch video of exchange via Twitter, plus these additional comments on her belief that L1 Capital potentially shouldn't have been able to vote.
Q3. Forget about a 10% success rate with telephone solicitation, what percentage of the register have signed up for electronic communication and are reachable by email. Did you try that? And did you try any snail mail communication as you have every shareholder's postal address?
Answer: The chair Margaret Towers simply said yes. Watch video of exchange via Twitter.
Q4. Has L1 and its associates voted any of its 18% stake in favour by proxy and are they in the room and ready to vote in the poll?
Answer: The chair Margaret Towers said L1 did vote in favour but weren't in the room despite being offered a chance to present to Platinum Capital shareholders. Watch video of exchange via Twitter.
WHAT THE CRITICS SAID
David Kingston and Malcolm McComas were in the room and powerful critics of the L1 Capital tactics. Here are some video grabs of what they said:
David Kingston part 1
David Kingston part 2
David Kingston part 3
Chair Margaret Towers' opening response to David Kingston, calling it a "fair synopsis"
Margaret Towers explains how she is attempting to time various events
David Kingston responds on whether L1 Capital are bullies
David Kingston back and forth with chair
Malcolm McComas part 1
Malcolm McComas part 2
Malcolm McComas part 3
Malcolm McComas part 4
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