2 questions lodged at 2025 Lynas hybrid AGM
November 29, 2025
Below is the text of the 2 written questions submitted at the 93 minute Lynas (LYC) 10am hybrid AGM in Sydney at The Mint on November 26, 2025. Once gain used Lumi platform for online component. First attended in 2022 when asked these 11 questions. See package on 5 questions submitted last year with no protest votes. Market cap had soared to a peak above $20b recently when the CEO Amanda Lacaze's equity was worth $50m, but it was back down to $15.1b on AGM day. See notice of meeting. The proxies were disclosed early in the formal addresses with no protest votes.
Q1. Thank you for expanding the $75m SPP and accepting all $182m in applications. But how hard did you market this offer which was 23% in the money on the day the shares were issued? If all 47,176 Lynas retail shareholders acted rationally and applied for the full $30,000, that would have raised $1.415 billion, but you only received 13% of this figure. Are your retail shareholders that stupid in looking a gift horse in the mouth or do you agree that many retail shareholders weren't even aware of this offer because of the move away from paper after COVID and the emergence of all these intermediaries, such as platform providers, who don't even inform their clients about in the money SPPs, partly because they receive no commission for doing so?
Answer: The question wrangler cut this short, excluding the bit about platforms failing to pass on SPP details to shareholders. Chair John Humphrey said they were happy to uncap the SPP but also observed that they deliberately didn't market it well because they didn't want much demand. This was because they'd already banked $750m from big end of town institutions in the earlier placement. Watch video of exchange via Twitter.
Q2. Thank you for disclosing the proxy position early to the ASX along with the formal addresses and well done in receiving such strong support on all resolutions. The annual report says that we have 47,176 shareholders. But did even 2% of them vote? When disclosing the outcome of voting on all resolutions today, but particularly this remuneration report item, please advise the ASX how many shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp, Myer, Flight Centre, Stockland and Computershare all voluntarily provided this data at their most recent AGMs.
Answer: The chair said he'd take this on notice but didn't deliver in these poll results. Watch video of exchange via Twitter.
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