5 questions lodged at 2025 SPC Global hybrid AGM
November 25, 2025
Below is the text of the 5 badly censored written questions submitted at the 40 minute SPC Global (SPG) 2pm AEDT virtual AGM via the Automic platform on November 24, 2025. Market cap $73m after dreadful year. See notice of meeting. Only tiny protest 5% against extra placement capacity. The proxies were not disclosed early in the formal addresses.
Q1. The latest accounts show we have net assets of $119m, which is $46 million or 63% more than the market's current assessment with our market cap now down to $73 million. Could external audit signing partner Stewart Thompson from Hall Chadwick comment on how rigorous the impairment testing processes were in the latest audit and whether he looks at the market cap when making his decisions?
Answer: was never asked by question wrangler John Ricciotti, despite repeated requests to ask it through the Automic system. They didn't offer general questions or the financial accounts as options in the drop down box when directing questions.
Q2. Bega Cheese has 52 EBAs across 18 manufacturing plants covering 3,800 workers, which suggests food manufacturing is not an easy business in Australia from an industrial relations point of view. After our 4 way merger, where have we landed in terms of union coverage, numbers of EBAs & the size of the workforce? How has CEO Robert Iervasi navigated these issues, what proportion of our staff are unionised and which union are we primarily dealing with? Also, is IR part of the these incentive KPIs?
Answer: was brutally edited down by question wrangler John Ricciotti but then CEO Robert Iervasi offered some reasonable insights including the recent announcement to close its Mill Park facility. Watch video of exchange via Twitter.
Q3. It is a shame you felt the need to request this extra placement capacity. Please don't do it next year. Next time you raise capital, will you consider doing a pro-rata issue which treats all shareholders equally, rather than contemplating issuing as much as 25% of the company's shares to whoever you like, potentially diluting existing shareholders without compensation? If you do a placement, will you undertake to do a follow-on SPP for retail shareholders on the same terms?
Answer: was brutally edited down by question wrangler John Ricciotti before we got the usual comments about flexibility. Watch video of exchange via Twitter.
Q4. Has Robert agreed to quit all his other commitments to focus on SPC Global or is he still juggling other roles? What proportion of Robert's time are we getting to be CEO and qualify for this incentive grant?
Answer: was brutally edited down by wrangler John Ricciotti who directed the question at chair Andrew Reitzer for some reason. The chair said he was fine with the CEO's commitment, despite having other roles. Watch video of exchange via Twitter.
Q5. How old is Andrew Reitzer and is it fair to assume he won't be doing more than this 3 year term?
Answer: was edited down by question wrangler John Ricciotti to a general inquiry about tenure and Andrew Reitzer offered little insight. Watch video of exchange via Twitter.
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