3 questions lodged at 2025 Gold Road Resources (GOR) hybrid scheme meeting
September 22, 2025
Below is the text of the 3 written questions submitted at the 41 minute Gold Road Resources (GOR) hybrid scheme meeting held on September 22, 2025 in Perth and via the Computershare platform. See notice of meeting and voting results with little opposition. Market cap was $3.7 billion on EGM day. Disclosed proxies early in these formal addresses showing 99% support from voted stock but head count data didn't make sense. See interesting AFR feature two days before the vote. Also lodged these 4 questions at the Gold Roads 2025 AGM.
Q1. Thank you for running a hybrid scheme meeting today and also for disclosing some of the proxy votes early with the formal addresses. On the shares metric, the scheme will clearly comfortably pass with 99% support but the data disclosed on the head count metric didn't make sense, saying there were was 57.6% in favour and 0.48% against. The latest annual report says we have around 14,000 shareholders. How many of them voted for and against by proxy and what sort of proxy solicitation campaign did we run to get out the vote with retail shareholders? Did the board and senior management round up staff, friends and family to vote in favour?
Answer: The chair Tim Netscher had no idea what I was talking about and no one else stepped in to assist and provide an answer. The poll results showed no opposition with 697 in favour and just 67 against, including me. Watch video of exchange via Twitter.
Q2. How involved were we in assisting Gold Fields achieve FIRB approval from Federal Treasurer Jim Chalmers and did they need to seek any approvals from the WA Government, given that they represent the taxpayers which ultimately own most of the gold which Gold Fields will be extracting and selling in the period ahead. Throughout the process, did anyone suggest requiring Gold Fields to offer a scrip alternative and to dual list on the ASX, similar to what happened when Newcrest and Alumina were taken over in recent years. This all cash offer will generate more than $300 million of capital gains tax revenue for Canberra and is not very tax-effective at the top of a boom.
Answer: The question wrangler needlessly broke this into 3 components and chair Tim Netscher offered up nothing meaningful save for saying Gold Road had no involvement in anything and no one ever suggested a scrip alternative, which is hard to believe. I raised it at the AGM back in May. Watch video of exchange via Twitter.
Q3. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping in 28 of the past 31 months for a net reduction of 238 or 10.37% to 2,056 listed entities on August 31, 2025. There were a record 27 major takeovers above $100m completed in calendar 2024 and this deal will the 25th to complete so far in calendar 2025. Does the chair agree this is a problem for the nation, particularly with so few new floats replenishing the ASX ranks? Why is this happenings? Are we just not entrepreneurial enough as a nation or are ASX regulations become too onerous, especially compared with private markets.
Answer: The chair Tim Netscher, who hails from South Africa back in the day, offered nothing meaningful in response. He's not a good facilitator of AGM Q&A, unfortunately, but shareholders have certainly done extremely well backing the company during this gold price boom. Watch video of exchange via Twitter.
Copyright © 2025 The Mayne Report. All rights reserved
