4 questions lodged at Kalina Power virtual AGM

Q1. The latest accounts show that we have accumulated losses of $118.6m and are down to net assets of $29.8m, but at least the market is today valuing the equity at $55m so there is hope. As a relatively new shareholder, could the chair, CEO or someone with corporate memory of the company briefly summarise where all the money went and what past directors and executives should have done differently to deliver a better experience for long-standing shareholders?

Answer: The question wrangler threw this straight to CEO Ross MacLachlan who provided quite a good history lesson on what is a 70 year old company that is finally coming good with its clean energy solutions for data centre providers in Alberta, Canada. Watch video of exchange via Twitter, plus these final comments from the CEO.

Q2. It's a bit embarrassing that our shares are trading at just 0.017c when we have a market capitalisation of $55 million. Do we really need to have 2.932 billion ordinary shares on issue? This is more the Commonwealth Bank with 1.7 billion shares on issue and CSL with 489 million. Will the board consider proposing a 100-for-1 share consolidation at next year's AGM so that our shares on issue are more suitable for a company of our size?

Answer: Erudite question wrangler and director Tiim Horgan agreed with the proposition but said they had been advised by bankers and lawyers that it was best to twin a consolidated with some broader transaction and this would hopefully happen in 2026. Watch video of exchange via Twitter.

Q3. Why have you chosen to hold your AGM on Friday, November 28, 2025, the last possible day for June 30 balance date companies? There were 212 last possible day AGMs on this day last year in what appears to be a conspiracy of smaller or poorly performing companies to avoid shareholder scrutiny and engagement amidst this extraordinary AGM deluge. Will you undertake to hold the 2026 AGM before the last Friday in November and also stop releasing your full year results on the last possible day in August and February, something you have done on multiple occasions in the past? Please explain your long history of waiting until the last possible day for results and AGMs. Are you just disorganised or is it about avoiding scrutiny?

Answer: Beautiful reading by Kalina Power director Tim Horgan laying out their full embarrassing history of last day AGMs and results. The chair Stephen White blamed the ASX, Computershare and even the auditors but after this exchange, suspect this is the last time they'll do it. Watch video of exchange via Twitter.

Q4. Will a full copy of the AGM webcast be made available on your website for the benefit of the 3000+ Kalina Power shareholders who weren't able to tune in live on this last day of the AGM season when about 200 ASX listed companies all chose to hold their AGMs on the same day, making it practically impossible for many shareholders to attend multiple meetings at the same time? Even better, why not lodge a copy of the full AGM transcript or a link to the video or audio recording with the ASX for maximum transparency and accessibility?

Answer: Not this year, but they'll think about it in future. What a shame not to put these exchanges online for the benefit of the 3300+ shareholders who didn't tune in live. The only public record of this AGM debate will sadly be on this Twitter account. Watch video of exchange via Twitter.

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