3 questions lodged at 2025 LGI hybrid AGM
November 23, 2025
Below is the text of the 3 written questions submitted at the 35 minute LGI (LGI) 11am Brisbane time hybrid via the Computershare platform on November 19, 2025. Market cap $450m after a great year. The Vik Bansal-chaired company recently announced a $51.2m placement at the prevailing price of $3.85 and followed up with a $5m fixed price SPP. See notice of meeting and voting results with no protest votes. The proxies were disclosed early in the formal addresses. See 5 questions asked at 2024 AGM. Still awaiting AGM webcast to be published.
Q1. What was the total value of SPP applications from the 470 shareholders who applied? Given that you had 1,342 eligible shareholders, $5 million was always an unreasonable cap given that if all shareholders applied for the maximum $30,000 you would have received $40.26 million in total applications. Very few companies refuse to disclose total SPP applications when applying a scale back so what was the number?
Answer: The chair Vik Bansal revealed it was $9.8m. Watch video of exchange via Twitter.
Q2. What is Abigail Cheadle's personal history when it comes to treatment of retail shareholders in capital raisings? Was this week's LGI SPP scale back the first time she has been involved with a board which stuck rigidly to an announced SPP cap when there were over-subscriptions. Also, could Abigail please explain how it was fair to only allocate $5 million of a $57 million capital raising to retail shareholders. How did we not even deserve to be given 10%?
Answer: Abigail said it was her first experience with an SPP. Watch video of exchange via Twitter.
Q3. Is Timothy McGaven aware that more than 50 currently listed companies - including the likes of ANZ, Bank of Queensland, Wisetech, Dexus, GDP and many others - have completely uncapped their SPPs in the face of strong demand? What is his personal history when it comes to treatment of retail shareholders in capital raisings? Was this week the first time he has voted to stick rigidly to an SPP cap and refuse to accept any additional applications? Also, what was the scale back formula and how did this impact his participation in the SPP?
Answer: Timothy was one of the key Cobram Estates backers and didn't even turn up to the LGI AGM, but chair Vik Bansal make some more comments defending the SPP decision. Watch video of exchange via Twitter.
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