3 questions lodged at 2025 WAM Alternative Assets hybrid AGM
October 10, 2025
Below is the text of the 3 written questions submitted at the 68 minute WAM Alternative Assets (WMA) hybrid AGM held in Sydney on October 9, 2025 plus via the Lumi platform used by Boardroom. See notice of meeting and voting results which commendably delivered head count data as well. No early disclosure of proxies in these formals from chair David Cottier, who did a good job. Market cap was $203m on AGM day. David Kingston put in a powerhouse performance from the floor. Listen to his comments about WMA's poor performance, these comments challenging Geoff Wilson's confident predictions and how David wrapped things up.
Q1. Well done for not joining in the rushed festival of Wilson AGMs which are usually all held on the same day and thank you for offering shareholders a hybrid AGM, to maximise shareholder participation. Will the full webcast of the AGM debate be made available on your website for the benefit of shareholders who were unable to watch live?
Answer: At first moderator Jesse Hamilton sent this private message: "I will take that comment and pass it to the Board re the separate meeting and hybrid nature. I will come back to you on the recording as I will need to check with Boardroom." I insisted that it be asked publicly, which it later was, as want the first round of David Kingston v Geoff Wilson on the public record. There could be more. Listen to this audio via Twitter of Jesse reading the question and undertaking to check with Boardroom.
Q2. Could Adrian Siew detail his history with Geoff Wilson and can he detail any times on this board when he has disagreed with Geoff and prevailed in the board debate?
Answer: Amidst the jokey banter, Adrian gave a good summary of his history with Geoff Wilson, who recruited him for his private equity expertise after the Blue Sky LIC takeover. Watch video of exchange via Twitter.
Q3. This resolution is very unusual. Could Geoff Wilson comment on whether he has ever seen a resolution like this put to an AGM where it has effectively been caused by a promise made by the manager urging shareholders to vote against liquidation? Would he make such a promise again or does he regret making this promise 5 years ago when winning the management battle?
Answer: David Kingston asked a similar question. Wilson promised the liquidation resolution in the event of poor performance back in the day in his bid to win the management rights to the old Blue Sky. David Kingston pointed out that given it required a 75% super majority to succeed, it was always a pointless promise and the votes ended up being 95% against so Geoff Wilson will remain the 100% owner of the well paid external management company which looks after 11 LICs and around 150,000 retail shareholders.
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