3 questions lodged at 2025 Alligator Energy hybrid EGM
August 28, 2025
Below is the text of the 3 written questions submitted at the 18 minute Alligator Energy (AGE) hybrid EGM held on August 28 2025 to approve a recent $17.5m two tranche placement at 3.1c with attaching options to fund further drilling at its prospective Samphire uranium project in South Australia. See notice of meeting and voting results. Market cap was $101m on EGM day with the stock having fallen to 2.2c. No shareholders turned up in person in Adelaide and I was the only shareholder asking questions online.
Q1. Why didn't you even try offering retail shareholder an SPP to participate on the same terms and will you offer one before the next AGM? We don't charge a 6% fee when participating in SPPs so why not give it a go?
Answer: The chair Paul Dickson didn't turn up so the CEO Andrea Marsland-Smith chaired the meeting and then the question wrangler combined the two opening questions and mangled them. The CEO said institutional interest was there and they had to move quickly. Watch video of exchange via Twitter.
Q2. Bell Potter and Taylor Collinson shared an excessive 6% fee to manage this raise. How can you claim placements are a cost-effective way to raise capital when the ticket clippers are so blatantly over-charging small caps like us? Did you market test this pricing with a genuine competitive tender?
Answer: The CEO offered little on this and she handed to "Greg" who claimed that 6% fees are standard, past SPPs haven't been great and the market can be fickle so they had to move quickly. Watch video of exchange via Twitter, plus these extra comments from Greg talking about the 6 big institutional funds which participated in the placement.
Q3. Do the recipients have to individually apply for the options or are they automatically granted with the stock? Are they transferrable if the shares are sold? Does our share registry charge more for this?
Answer: At least the question wrangler read this in full and then provided quite a detailed answer. Turns out they're issuing a prospectus tomorrow, will need a spread of 50 different option holders to get over the ASX listing hurdle at which point the ASX will charge them a $20,000 fee to list the options. Watch video of exchange via Twitter, plus these additional comments revealing that ASX will charge them an options listing fee of $20,000.
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