4 questions lodged at 2025 Arafura Rare Earths hybrid AGM
November 1, 2025
Below is the text of the 4 written questions submitted at the 55 minute Arafura Rare Earths (ARU) 10am Perth time hybrid and via Link/MUFG platform on October 30, 2025. Market cap $881m on AGM day. See notice of meeting and voting results. The proxies were not disclosed early in the formal addresses. Biggest protest 10.6% against CEO's LTI grant.
Q1. Thank you for offering shareholders a hybrid AGM today but why didn't you disclose the proxy position to the ASX along with the formal addresses so we can have an informed debate about the reasons behind any proxy protest votes? Which proxy advisers cover us, did any recommend against any items and have there been any material protest votes, including on this remuneration report item?
Answer: The question wrangler mangled this badly but we eventually found out that Glass Lewis was the only proxy adviser to issue a report and they were in favour. Watch video of exchange via Twitter.
Q2. The latest annual report says we have 28,797 shareholders. Why are you prioritising big end of town institutional investors over us retail investors when it comes to raising capital? In September you announced an $80m placement, but only allocated $5m to retail, although you did lift this to $9m to avoid any scale backs. This week you've announced a $475 million placement, but you are capping the SPP at $50 million with a hard limit of $70m. However, if all shareholders apply for the maximum $30,000 that will bring in $864 million.
Answer: The chair mouthed a few motherhood statements about looking after retail shareholders in capital raisings. Watch video of exchange via Twitter.
Q3. What is Cathy's attitude to retail shareholders? Has she ever been a director of a company which did a placement with no follow on SPP for retail shareholders?
Answer: Director Cathy Moise claimed she equally favoured retail and institutional shareholders, but admitted to having done at least one placement without an SPP during her six year career as a professional director, which started with Arafura 6 years ago. Watch video of exchange via Twitter.
Q4. When disclosing the poll results, will you include the head count data showing how many shareholders voted for and against each item item like Qantas, ASX, Stockland, Myer, Tabcorp and many other companies now do to highlight retail voter sentiment and the tiny level of retail voter participation?
Answer: The chair failed to deliver in these voting results. Watch video of exchange via Twitter.
Q5. What is Darryl's history in terms of past LTI grants and vesting?
Answer: The chair said his CEO had never got anything in the past but there was a 10.6% protest vote against the CEO's LTI grant. Watch video of exchange via Twitter.
Copyright © 2025 The Mayne Report. All rights reserved
