4 questions lodged at 2025 RPM Global virtual AGM
October 17, 2025
Below is the text of the 4 written questions submitted at the 30 minute RPM Global (RUL) 10am Brisbane time virtual AGM via Computershare platform. Never attended before. Market cap $1.07b on AGM day. See notice of meeting and voting results. The proxies were disclosed early in the formal addresses, just like in 2024. No protests last year when on a second strike. Has just agreed a takeover deal with Caterpillar.
Q1. The latest annual report says we have 9,464 shareholders. In order to practice what we'll have to do at the scheme meeting, could you please disclose how many shareholders voted for and against both resolutions today in the poll results lodged with the ASX. Computershare has the data, voluntarily does this at their own AGM and both Stockland and ARB agreed to do this for the first time yesterday, in order to publicise retail shareholder sentiment and highlight the fact less than 5% of shareholders tend to vote at public company meetings. We need to stimulate more participation and turn out disclosure will help
Answer: The chair... Watch video of exchange via Twitter.
Q2. The latest audited accounts report state that we have net assets of $70 million yet Caterpillar is paying more than $1 billion for our business. Could external BDO audit signing partner Cameron Henry comment on why the accounts are so far removed from reality and whether there was any way some of our assets could have been written up over the years.
Answer: The chair... Watch video of exchange via Twitter.
Q3. Congratulations to CEO Richard Mathews, chair Steve Baldwin and everyone else involved in delivering such a great Australian success story. How did you remain so low profile for so long and was founder Ian Runge involved in any of the negotiations to sell the company, even though he retired from the board in 2018? Is he happy with the outcome or a little regretful about his great Australian success story being snapped up by a US multi-national?
Answer: The chair... Watch video of exchange via Twitter.
Q4. Thank you for disclosing the proxies early along with the formal addresses. Given the fantastic outcome with Caterpillar, who on earth caused the 13.7% protest vote on the remuneration report and the strange 8% vote against director Ross Walker? Did one of the box ticking proxy advisers recommend against and do you understand the rationale? For what it's worth, I'll be voting my 107 shares in favour. Well played. You've done a great job for all shareholders and it is bizarre that any shareholder would vote against any resolution.
Answer: Three different speakers responded and not sure who was who but they generally agreed and were bemused with the against vote. Someone said there has been a huge change in the share register since the Caterpillar deal was announced, which was interesting. Is that hedge funds? Watch video of exchange via Twitter.
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