5 questions lodged at 2025 Senetas hybrid AGM
November 15, 2025
Below is the text of the 5 written questions submitted at the Senetas (SEN) 9.30am virtual AGM via Computershare on November 14, 2025. Suspect a few were censored so waiting for the AGM archive. Market cap $41.4m on AGM day after rollercoaster year. The proxies were not disclosed early in the formal addresses. Biggest protest 13% against CEO's LTI grant. Enjoyed earlier encounter with fiery chair Francis Galbally where these 6 questions were lodged at 2024 AGM.
Q1. The only modest protest vote at last year's AGM was 8% against the CEO's options. Have we made any changes to the structure or quantum this year and have there been any protest votes on this item or any other item today? It would be better to disclose the proxies to the ASX earlier with the formal addresses so questions like this don't have to be asked. Can you do that next year, as many other companies now do?
Answer: The chair... Watch video of exchange via Twitter.
Q2. When disclosing the outcome of voting on all resolutions today, including this remuneration report item, could you please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. Others have already blazed the trail, including your share registry provider Computershare for the second time at its AGM yesterday. You've got the data, so why not let the sun shine in? I submitted a similar questions last year but it wasn't read out.
Answer: The chair... Watch video of exchange via Twitter.
Q3. Thank you to Dave Hansen for his 10 years of service on the board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In his final contribution as a Senetas director, could Dave please comment on what he regards as the best 2 decisions Senetas made during his time on the board and does he have any regrets?
Answer: The chair... Watch video of exchange via Twitter.
Q4. There have been many substantial protest votes against resolutions like this during the current AGM season. It is not good practice to allow a board to selectively place up to 25% of the company's shares to anyone they like over a 12 month period, diluting the existing shareholders without compensation for their lost property rights. I objected to this resolution at last year's AGM and you've still bowled it up again. Any chance you could not do it at the 2026 AGM and instead focus on fairer pro-rata raisings if we need to raise capital.
Answer: The chair... Watch video of exchange via Twitter.
Q5. Thank you for doing this. It makes sense. I don't understand why some shareholders oppose share consolidations? Did we face any blowback from shareholders?
Answer: The chair... Watch video of exchange via Twitter.
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