Tilts

Summary of 2025 board tilts


March 11, 2026

Here is a summary of the board tilts which Stephen Mayne has lodged, or is contemplated lodging, during the main 2025 AGM season and through until Christmas with the September 30 brigade which rush their AGMs. There were 46 companies on the long list where shares were purchased for a board nominations or already held. 17 finished up as live accepted nominations, 13 were lodged but rejected for a variety of reasons and 16 never reached the stage of emailing through a formal nomination letter. Here they all are.

17 accepted board nominations in alphabetical order


1. # Andean Silver (ASL): Noms close 5pm Perth time on October 14 ahead of Nov 26 AGM in Perth. Market cap $400m after a huge year. Ran a last day possible physical AGM in Perth last year. Bought Oct 6. Latest annual report says has 2,337 shareholders with no-one over 10%. Emailed the nomination at 6.43pm Melbourne time on October 14. They confirmed it had been accepted the next day on October 15. The NoM dropped at 4.16pm on Friday, October 24 and no editing of the platform on page 33. Lodged this board nomination for the November 2025 AGM objecting to it being a serial offender when it comes to doing placements without an SPP.

88. September 19, 2024: Andean Silver (ASL): The Perth-based company is pursuing a Chilean silver deposit and did a $25m placement at $1.05, a 10% discount to the last close of $1.17, with no follow up SPP for the 1200 retail shareholders. Stock was at 93c on December 17 giving it a market cap of $143 million. They've been added to this “placement only shame file”.

2. # Bank of Queensland (BOQ): Nominations close October 14 for the December 2 physical AGM in Brisbane. Wrote to them on October 5 requesting hybrid and future AGMs where nominations close after the full year results are released. Bought on October 6. They provided a detailed response on October 10. Emailed nomination at 3.33pm Brisbane time on October 14. Submitted platform by email at 6.45pm on October 15. The NoM dropped on October 30 with the platform published in full on page 11.

3. # Carnegie Clean Energy (CCE): Noms closed October 6 and lodged by email at 3.30pm Perth time on the last day, going with a hybrid AGMs platform. AGM is 9am on November 18 in Perth. Addressed nom to company secretary Grant Mooney who is an out-sourced cosec. No suggestion of any negotiation around a withdrawal. Stock has recovered to a market cap of almost $50m. Accumulated losses of $192m and claims net assets of $19m. Has 11,600 shareholders and Mike Fitzpatrick owns 1b+ shares. Held a physical AGM last year. Have owned for 17 years but only own 1 share at the moment. Office manager acknowledged by email on October 8 with no commentary as to whether the nomination had been accepted. This NOM dropped on October 17 disclosing I only own 1 share.

4. # Euroz Hartleys (EZL): Noms closed October 8 ahead of November 24 physical AGM in Perth. Lodged letter on October 3 citing physical AGMs, executive chair and unfair capital raisings. Never heard back but this notice of meeting dropped on October 23.

5. # Gorilla Gold Mines (GG8): Noms close at 5pm Perth time on October 17 ahead of last day physical AGM in Perth. Market cap $281m after a strong run this year. First listed way back in 1971. Latest annual report says has 2,626 shareholders with no one over 10%. Bought on October 9. Emailed this nomination letter through at 6.20pm Melb time on October 17. This NoM dropped at 2pm on October 29 and was in there.

Gorilla Gold (GG8), March 2025: $25m placement at 38c, a 5% discount to the previous close of 40c, with no SPP for its 1,777 retail shareholders. T

Gorilla Gold (GG8), November 2024: did a $19.5m placement with no SPP in November 2024 when they were still trading as Labyrinth Resources before an AGM name change.

6. # Harvey Norman (HVN): noms closed October 7 and lodged by email on the evening of October 6, promising a CV and platform once receipt was confirmed. Will be a physical AGM in Sydney at 11am on November 26. Received an email from external lawyers on the evening of October ?? requesting a 120 word CV/platform ASAP. Sent through 152 words at about 2pm on October 9. Had a one hour phone chat with Gerry Harvey at 2pm on October 16. The notice of meeting dropped on October 23 with the platform published as submitted on page 9.

7. # HMC Capital (HMC): noms close October 8 ahead of November 19 physical AGM at 11am in Sydney. Bought 150 on September 26. Market cap circa $1.4b. Lodged full nomination and platform by email on evening of October 6. Received an email reply from company secretary late on October 7 requesting a time to meet with the nomination committee before October 14. They then said to confirm by noon on October 14 and ended up confirming at 4.55pm on October 14. The Nom dropped on October 17 and commendably had no censorship of a spicey platform.

8. # Insignia (IFL): noms closed October 9 ahead of 9.30am physical AGM in Melbourne on November 20. Emailed through a nomination at 4.45pm on October 9. The ASX announcement talked about 5pm AEST, so was 75 minutes early. Co Sec email on Saturday, October 11 saying nomination had been accepted. Was the first NoM released on October 17 and they ran the platform in full.

9. # Iperionx (IPX): Noms closed Oct 10 ahead of last day November 28 AGM. Market cap has soared to $2.5 billion. Ran a physical AGM in Perth last year. Bought Oct 3. Will be last day of the season in Perth again. Lodged a strong 3 part nomination at 4.30pm Melb time on October 10 calling for hybrid AGMs, an independent chair and no more placements without SPPs. Regarded by Ownership Matters as the worst stock in the ASX300. The NoM dropped on October 23.

10. # Myer (MYR): noms originally closed at 5pm on September 25, as per this ASX announcement on September 19, but then on October 2 they announced a delay in the meeting from November 28 until December 11 meaning the new nomination deadline was October 9. The constitution requires at least 2 directors submit for election at each AGM. Terry McCartney and Rob Perry were re-elected at the 2024 AGM and Olivia Wirth and Gary Weiss were both re-elected in 2023, so who will they put this year? Provided proposed platform and CV to cosec at 5pm on October 6 as requested, but yet to send through CV.

11. # New Frontier Minerals (NFM): Noms close 5pm Perth October 24. Market cap $32m after recent recovery. The old Castillo Copper held a Nov 28 physical AGM in Perth last year. Latest annual report said has 3,152 shareholders. Bought on Friday, Oct 17. Did a $1.59m placement at 1.1c in June 2025 with no follow on SPP for retail. Own 25,000 shares. Lodged at 6.10pm on October 24. The dropped this NoM at 6pm on October 29 and wasn't in there. However, they added this addendum at 7.59pm on October 31.

12. # Pointerra (3DP): Noms closed October 10 ahead of Nov 24 physical AGM in Perth. Market cap $40m after a poor year but accumulated losses on $25m and net assets claimed to be negative $1.3m. Has 7,700 holders with no one in control and held a physical AGM in Perth last year. Bought Oct 6. Nominated on October 10 at 4.30pm Melb time. Was included in this NoM at 6.22pm on October 22.

13. # Reece (REH): November 21 AGM and emailed nomination to co sec Chantelle Duffy on Saturday, October 3. She replied on October 8 saying nomination was being considered. This NoM dropped on October 20, with platform published in full.

14 # Saturn Minerals (STN): Noms close 5pm Perth time on Oct 17 ahead of 10am physical AGM in Perth on last possible day, November 28. Market cap $278m after a boomer year. Did a recent $45m placement with no SPP for retail. Bought Oct 10. Latest annual report says has around 2,215 shareholders with Lion Selection the second largest with around 15%. Lodged at 5.30pm Melb time on Oct 17. The NoM came out on November 29 and was in there.

15. # Tribune Resources (TBR): Noms close October 14 ahead of 9am physical AGM in Kalgoorlie on the last possible day. Did the same last day trick in Kalgoorlie in 2024. Market cap has soared to $340m recently. Bought Oct 7. Lodged email nomination at 3.13pm Perth time on October 14. Co Sec Stephen emailed at 10.20am on October 20 saying nomination had been accepted. However, the entire platform was censored out when it dropped on October 28.

16. # West Coast Silver (WCE): noms close Oct 8 for November 20 AGM. Market cap around $60m after a boomer year. Ran a Nov 26 physical in Perth last year. Exec chair, 4 man board and 4,000 holders with no one above 10%. Did a $6m placement with no SPP this year. Bought Oct 6. Emailed nomination at 2.30pm Perth time on October 8. Received an email the same night confirming acceptance of the nomination and requesting an AFP police certificate and statement confirming no bankruptcy over the previous 10 years. Won't be complying with that and instead requesting a contingent nomination process, subject to checks later if successful. The NoM dropped on October 17 and they censored the platform and called me "Mr Wayne" on page 16. Like John Howard letter: Dear Mr Payne.

17 # Yojee (YOJ): Noms close Oct 17 ahead of last day physical AGM in Perth. Doesn't say 5pm Perth time. Market cap has soared above $165m recently. Latest annual report shows 4,400 holders with Thorney and HUB both substantial along with founder Geoff Brown. Ran a Perth physical AGM on Nov 14 last year. Bought October 13. Lodged nomination at 4.40pm Melbourne time on October 17. Was included in this NoM at 7.17pm on Friday, October 24.

13 TILTS THAT WERE REJECTED OR IGNORED AFTER NOMINATION LODGED

# Argent Minerals (ARD): Noms close 5pm Perth time on October 15 ahead of Nov 25 Perth physical AGM. Market cap $57m after a recent surge. Bought Oct 10. Latest annual report says has 3,475 shareholders with no-one over 5%. The 2024 AGM was a physical affair in Perth on November 1. Nominated at 3.09pm Perth time on the last day possible. The NoM dropped at 7.14pm on Friday, October 24 and I wasn't in it. They added this online questions component on November 18 as part of an agreement to withdraw the nomination.

Dreadnought Resources (DRE): $18m placement announced a few days ago at 3.5c so bought on October 10, speculating on when noms close. Latest annual report says has 5681 shareholders. Ran a last possible day physical AGM in Perth on November 28, 2024. Market cap up to $190m with the stock at 3.4c and has Bought Oct 10. Lodged at 6.30pm on Oct 24. Took a call from barrister director Phil Crutchfield on October 26 (Sunday morning) at 9.30am who explained the nomination was out of time and we debated the online AGM and capital raising situation.

# EcoGraf (EGR): Noms close 5pm Perth time October 20 ahead of 10am physical AGM in Perth on November 25. Market cap $235m after a boomer year. Latest annual report says it has 5,866 shareholders, the largest being BNP Nominees with 43%. Has a small 4 man board. Bought October 15. Lodged by email at 4.55pm Perth time on Oct 20. The NoM dropped on Friday, October 24 and I wasn't in it. Lodged this board nomination 5 minutes before the deadline but never received a reply and didn't make it into this notice of meeting.

# GenusPlus (GNP): Noms close October 13. Perth based company's market cap passed $1 billion after a cracking year. Ran a last possible day physical AGM last year. See list of dinosaur ASX300 companies still running physical AGMs with no online voting or questions. Lodged nomination at 4.45pm Melbourne time on October 13. They rejected it on spurious grounds on so looking to sell. This arrived at 3.18pm on October 15 so sold for $488 on Oct 17.

Dear Mr Mayne,

I refer to your email below and the notice of the proposed nomination (Notice) which you emailed to GenusPlus Group Ltd (GenusPlus) on Monday 13th October 2025.

I wish to advise that clause 13.3(d) of the GenusPlus Constitution states that: “Where a notice is sent by electronic mail, service of the notice is taken to be effected if the sender receives a confirmation of delivery and is taken to be given on the Business Day after the day on which it is sent”. Therefore, the Notice is not taken to be given until today, 14 October 2025, being the Business Day after the day on which it was sent. The Notice is therefore invalid and, accordingly, no resolution will be proposed for your election.

Kind Regards,
Damian Wright
Joint Company Secretary

# GR Engineering Services (GNG): Noms closed October 10. market cap $646m. Held a physical AGM in Lathlain WA last year. Has a 5 person board with 4 private substantial holders but no one above 10% and 5,000 holders. Bought Oct 6. Nominated at 5pm Melbourne time on October 10 but offered to withdraw if they offer a hybrid this year. Received this at 1.30am on October 6 and then sold for $494 on October 17.

Dear Stephen,

Thank you for your email.

The nomination has been deemed invalid as your letter was not left at the registered office as required by the ASX release and the Corporations Act. In addition, your nomination was not in writing as required by GR Engineering Services Limited's (GR Engineering) Constitution.

We note the comment that you have raised with respect to conducting the Annual General Meeting (AGM) both physically and virtually and will give this due consideration for next year's AGM.

Thank you for your support as a shareholder of GR Engineering, noting your recent investment in GR Engineering shares on 8 October 2025.

Kind regards,
Omesh

# Marmota Energy (MEU): noms close October 6. Market cap $62m. Held a physical AGM in Adelaide on Nov 28 last year. 3 man board with 3,200 shareholders. Own 10 shares. Lodged nomination on evening of October 6 but requested it not proceed if they ran a hybrid AGM. Never heard back. Notice of meeting dropped on October 16 and tilt wasn't included for what will be a 2pm physical meeting in Perth on November 18. Wrote to them late on October 17 requesting that the NoM be re-issued or at least grounds for non-inclusion be provided. Only own 10 shares. Received this reply at 11.22am on October 20:

Dear Stephen

Thank you for your email. The Company did not receive any valid nominations at its registered office by the closing date this year, other than those nominations listed in the Notice of Meeting. For further detail as to how to lodge a valid nomination, please do see the Company's ASX announcement of 27 September 2025.

Kind regards
Lisa Askham-Levy

# NRW Holdings (NWH): Noms closed at 5pm Perth on October 17 for the 10am physical AGM in Perth on November 27. Language talks about being delivered in writing. Bought on October 9. Market cap $2.22b after stock hit a record high. Latest annual report says has around 7,000 shareholders with no one over 7% and ART the only one of 3 substantial holders which was not an index fund. See Eureka Report column about poor capital raising treatment. Emailed nomination at 7pm Melbourne time on October 17. Wasn't in the notice of meeting and had no reply so suspect the email address of inquiries should have been enquiries etc.

# RareX Ltd (REE): Noms close 5pm Perth time Oct 17 ahead of last possible day physical AGM in Perth. Market cap has jumped above $30m recently. Held a last possible day physical AGM in Perth last year too. Latest annual report shows 2,200 shareholder with no one substantial. Has got $52m in accumulated losses and only claims to have $3.7m in net assets. Did a $10m placement with no SPP in 2022 and another $1.5m placement with no SPP in 2024 which was approved at an EGM. Bought October 13. Chose not to in the end given market cap is so low, but then went upstairs for dinner at 7.15pm and mum said it wouldn't be ready until 8pm so came back down and lodged at 7.45pm on October 17. The NoM dropped on October 23 but wasn't in there. Never received any communication until this email from the CEO James Durrant on November 11 at 5.51pm:

Dear Stephen,

Trust you are well.

Thanks for your letter and for your interest in RareX Limited (RareX).

We regret to inform you that, as per the Company's announcement dated 10 October, the date for shareholder nominations closed on 17 October 2025. On this basis, your nomination which appears to have been received on 27 October 2025, will not be put to shareholders.

Best regards
J

Replied as follows 11 minutes later:

From: Stephen Mayne <stephen@maynereport.com>
Date: Mon, 10 Nov 2025 at 18:02
Subject: Fwd: Stephen Mayne board nomination
To: <james@rarex.com.au>, <shaun@rarex.com.au>, <oonagh@rarex.com.au>, <danny@rarex.com.au>


Hi James, as you can see below, my RareX board nomination was indeed nominated in a timely manner re your ASX announcement detailing an October 17 deadline.
I'm puzzled as to why you are saying it was received on October 27, as emails across the Nullabor don't normally take 10 days to arrive and I didn't send it by carrier pigeon.


Could you have a word to the IT department and let me know what you think may have happened at your end, then let's have a conversation about what is the best way forward.


Regards


S


Stephen Mayne
Shareholder activist and journalist
Mobile: 0412 106 241
Twitter: @maynereport




Rox Resources (RXL): Perth physical AGM. Noms close October 6, but mistakenly thought it was October 8. Market cap $340m after recent surge. Bought Sept 30. 5400 retail shareholders. Ran a physical AGM in Perth last year. Emailed nomination at 4.58pm Melbourne time on October 8, but turns out noms closed on October 6, something the CFO/cosec pointed out by email on October 9. I replied that day acknowledging the error and requesting a hybrid EGM this year to reduce the incentive to run for the board at next year's AGM. Exited October 9 for $62 profit.

# St George Mining (SGQ): announced a $72m placement on October 13, including to Gina Rinehart. Bought on Oct 13 on spec for a late November AGM as no ASX announcement about date this year or last year. Should nominate on October 17 once definitely on the register. Still yet to see AGM date but lodged nomination at 7.55pm on October 17, including to Peter Klinger. Never made it into this notice of meeting which dropped on October 27. Should request an addendum. They don't publish a constitution and never made an ASX announcement saying when the deadline was for board nominations.

# Strickland Metals (STK): Noms close October 13 ahead of November 24 AGM. Market cap $350m after a boomer year. Ran a late season physical in Perth last year. Has almost 4,000 shareholders. Bought on October 7. Nominated at 3.15pm Perth time on October 13. Late on October 17 it rejected the nomination as follows, so moved to sell the shares for $725 on October 20.

Dear Stephen,

Thank you for your email and interest in Stickland Metals Limited. We regret to inform you that under clause 14.3 of Strickland's constitution, for a director nomination to be valid it must be in writing and left at the registered office of the company, being Level 4, 15 Ogilvie Road, Mt Pleasant WA 6153, Australia. The relevant portion of the clause is extracted below:

No person other than a Director seeking re-election shall be eligible for election to the office of Director at any general meeting unless the person or some Shareholder intending to propose his or her nomination has, at least 30 Business Days before the meeting, left at the Registered Office a notice in writing duly signed by the nominee giving his or her consent to the nomination and signifying his or her candidature for the office or the intention of the Shareholder to propose the person.

On the basis that the nomination was not left in writing at the Registered Office of the company, Strickland does not consider the nomination to be valid and will not be including a resolution for your election at its upcoming annual general meeting. While Strickland values your feedback and recognises your relevant experience, the board currently considers that it has the necessary skills and experience for a company of its size, and would unanimously recommend against your election.

Kind regards
Sleiman Majdoub
Company Secretary

# Westgold Resources (WGX): lodged board nomination at 4.27pm on Friday, October 3, which was the last day for nominations before the November 21 physical AGM in Perth. Didn't include a platform. Cosec Susan Park replied at 5pm on October 10 as follows, so sold for $610 on October 15.

Thank you for your email dated 3 October 2025 containing a letter of self-nomination for election as a director of Westgold Resources Limited (Westgold).

Westgold gives due consideration to all valid nominations for the position of director. In accordance with Rule 13.5(d) of Westgold's constitution, your nomination was not given to Westgold within the time prescribed by Rule 6.1(p) and is therefore invalid.

Thank you for your ongoing interest in Westgold.

I immediately replied as follows:

Thanks Susan, I note your reply and disagree with the company's interpretation, but won't challenge it. As a goodwill gesture, I trust that you will offer shareholders a hybrid AGM this year, which was the platform I was intending to run on.

If not, I will nominate for the board on a platform of hybrid AGMs at next year's AGM.

Regards
Stephen Mayne

# Wildcat Resources (WC8): Noms close Oct 16 ahead of last day physical AGM in Perth. Market cap below $300m after a poor year. Ran a last day AGM at the CWA in 2024. Has got 7,625 shareholders. Bought October 10. Mineral Resources did a $158m raid on their register and ASIC raided them for insider trading material in 2024 and is the largest shareholder. Lodged nomination at 4.55pm Perth time on last possible day. CV and platform yet to come. Received this rejection at 3.33pm on Oct 21

Dear Stephen

Thank you for your interest and shareholding in Wildcat Resources Limited.

We confirm that we received your director nomination via email.

Clause 14.4(b)(ii) of the Company constitution deals with the time for service.

This clause provides that notice by email is only received the next day after an email is sent in which case the director nomination from yourself has not been received in time (the email was received on Thursday, October 16, 2025 at 4:57PM, being the director nomination day of cut off at 5.00pm).

Regards

James Bahen
Managing Director
Smallcap Corporate

16 TILTS THAT WERE CONTEMPLATED THROUGH AN EXISTING HOLDING OR SHARE PURCHASE BUT DIDN'T HAPPEN OR WERE REJECTED OR IGNORED

Bathurst Resources (BRL): noms close October 21 ahead of December 3 AGM in NZ. Market cap $175m after a flat year. Good chance to push home the remuneration voting issue. Too late to buy.

Broken Hill Mines (BHM): Noms closed October 9 and market cap $240m after a strong year. Ran a last day possible physical AGM in Perth last year as Coolabah Metals. Bought Oct 3. Failed to nominate, exited Oct 16 for $66 profit.

Elders (ELD): noms close on October 19 which is nearly a month before they disclose their full year results on November 17. Emailed them on October 5 flagging a potential board tilt and requesting the next AGM after the scheduled December 19 gathering this year be held in February 2027 to fix the premature AGM problem. They provided a detailed reply on December 10. Missed the deadline.

Havilah Resources (HAV): Noms close 5pm Adelaide time October 15. Market cap almost $100m after recent surge. Ran a physical AGM in Adelaide's national wine centre last year. Has 3,290 shareholders and year end is July 31. Bought Oct 10. Decided not to as Adelaide physical are less bad and they haven't done any shitty capital raises. Sold for $445 on October 17.

Heavy Rare Earths (HRE): Noms closed October 16. Bought 12,196 at 4.1c for $505 on September 30, 2025. Missed deadline as wasn't even on chaotic list. Sold at 5.4c on October 17 for $659 to make a quick $154 profit.

Invictus Energy (IVZ): noms close Oct 16. Market cap $250m. AGM Nov 27. Bought on Oct 10. Sends Noms on Oct 15. The 2024 annual report says had 8,700 shareholders with no-one over 5%. Did a $12m placement in 2022 and another in April 2023 that was also briefed out to The AFR in advance. Missed the nomination deadline due to attending 6 AGMs on October 16. Sold for $465 on October 21.

Maggie Beer (MGH): 8 holders above 5% including Geoff Wilson. Accumulated losses of $154m and net assets of just $15m. Market cap is $21.2m after another poor year. Own 1 share. They have 2415 shareholders. Last year's AGM was with a 22% rem protest vote and an external candidate, Paul Higgins, was easily defeated. Thought about nominating on the last day of October 13 but decided against as Maggie is a much loved figure and they'd already suffered a board tilt last year.

Native Mineral Resources (NMR): noms close October 22 ahead of last possible day physical AGM. Market cap still above $100m after a boomer year but has reversed recently. The 2024 physical AGM was on November 1 in Sydney. Bought on Friday, Oct 17, but never lodged.

NH3 Clean Energy (NH3) (formerly Hexagon Energy Materials): noms close October 30 ahead of Nov 28 Perth physical AGM. Latest annual report says has 2,793 holders. Held a last day physical AGM in Perth last year and recently did a $4m placement with no SPP. Shares have recently doubled to market cap of $70m. Bought Oct 24. Never nominated so not in this NoM with a ridiculous 22 resolutions.

Race Oncology (RAC): Noms close October 13 ahead of noon physical in Sydney, just like last year. Market cap has soared to $700m. Has almost 10,000 shareholders and Daniel Tillett is the largest with 10%. Bought Oct 7. Chose not to nominate because they are booming and did a retail only capital raisings in 2021, as was noted with surprise in this AFR article at the time. Put a sell order on October 17.

Resolution Minerals (RML): Noms close Oct 16 and Adelaide based company has soared to $56m market cap this year. Did a $25m placement with no SPP earlier this year. Bought Oct 10. Missed deadline so sold for more than $1000 on October 17.

15?? # S2R Resources (S2R): noms close 5pm Perth time on October 17 ahead of last day physical AGM in Perth on November 28. Market cap back above $50m. Has got $72m in accumulated losses and net assets of $8.5m. Held a last day physical AGM in Perth last year. Bought Oct 10. Thought I'd lodged at 6.30pm on October 17. The NoM dropped on Oct 27 with no board tilt in there. Got this wrong, as no record of letter or email sent.

Silver Mines (SVL): Noms close Oct 15 at 5pm Melb time. Market cap almost $450m after a recent surge. Last year was a Nov 26 physical in Sydney. Has got 13,500 shareholders. Bought Oct 10. Decided on last day not to run after saw they uncapped an SPP. Advised company secretary Trent about this call.

Silver Mines (SVL), August 2025: went into a trading halt at 9.40am on August 1, then The AFR's Street Talk column was selectively briefed and reported at 3.50pm on Sunday August 3 that it was looking to raise $30m in a placement. The sole broker was Petra Capital which was paid an excessive 6% cash fee. The official announcement on August 5 included the extra detail that there would be a $3m SPP as well with no secondary VWAP pricing. The pricing was 12c, a 7.7% discount to the previous close of 13c. Was capitalised at $251m after the placement settled with the stock at 12c by August 22. The latest annual report says the company has 12,461 shareholders and, unusually, there are no substantial institutional shareholders above 5%. The theoretical maximum in SPP applications is $374 million. Wrote to the company on August 17 (see full text) requesting a lift to the SPP cap and best practice data disclosure with the outcome announcement. They ended up accepting all $4.07m in applications but never said how many shareholders applied.

SPC Global (SPG): Noms close October 13 ahead of virtual AGM. Market cap $89m after dreadful year. Bought Oct 8. Has got 2400 shareholders with 3 privates above 10%. $22m in accumulated losses and claims net assets of $119m. Thought about nominating on the last day but decided against give they are offering a virtual AGM and there are 3 private shareholders with more than 10%.

Westpac (WBC): December 11 at the Wesley Centre in Sydney. Noms close 35 business days before meeting or around October 23. Emailed them on October 5 requesting they make an ASX announcement about the noms deadline. Wrote to them on October 25 explaining why didn't run.

Zenith Minerals (ZNC): noms close 5pm Perth time on October 22 ahead of Perth physical AGM. Market cap has soared past $50m recently. Latest annual report says has 2860 shareholders with no-one in control. Bought on Friday, Oct 17, so should lodge Oct 22. Missed the deadline.