3 questions lodged at 2026 G11 Resources (G11) virtual EGM
February 24, 2026
Below is the text of the 3 written questions submitted at the 11 minute G11 Resources (G11) Zoom virtual EGM held at 11am on February 24, 2026. The Melbourne-based company aspires to be a Tasmanian copper producer and was seeking approval for 3 capital raising resolutions. See notice of meeting. Market cap was $42m on EGM day. No protest votes and nothing was announced before the meeting commenced. I was the only shareholder asking questions challenging the $7.5m raised in a two-tranche placement at 2.5c with no follow on SPP. As a result of this deal, G11 appears on this placement only shame file list.
Q1. Why didn't you offer your retail shareholders a share purchase plan to participate in this capital raising on the same terms as the so-called "sophisticated" big end of town investors? Will you offer an SPP before the next AGM?
Answer: Executive chair Martin Donohue blamed broker Canaccord saying it was their idea and gave no promises about a make-good SPP for retail. Watch this duck-shoving. Watch video of exchange via Twitter.
Q2. Why did we agree to pay Canaccord an excessive 6% fee on this placement? What is our history with Canaccord and did we competitively tender this job to the market?
Answer: Executive chair Martin Donohue defended the fee as standard market practice and said other even greedier brokers wanted options on top of this for “alignment”. Presumably this was Perth-based Euroz Hartleys which has previously assisted G11 with raising capital. I agree that options should never be issued to brokers because it creates an incentive to later pump and dump the stock to their clients or the unsuspecting public, Rene Rivkin style. Watch video of exchange via Twitter.
Q3. Have there been any material proxy protest votes on this proposed incentive grant? If so, what concerns were raised by shareholders?
Answer: Executive chair Martin Donohue handed over to out-sourced company secretary Justin Mouchacca, rather than fellow directors Simon Peters and Chris Williams, who were both on the Zoom call. They commendably disclosed the proxies early so Justin was able to say there were no protest votes against the proposed 5m share incentive grant to Mr Donohue. He handled this aspect well but directors, not the company secretary, should always chair public companies meetings. Watch video of exchange via Twitter.
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