Summary of debate at 2026 West Wits Mining physical EGM
April 12, 2026
Below is a summary of the debate at the 37 minute West Wits Mining (WWI) 3pm physical EGM held in Melbourne (L20, 180 Williams St) on April 8, 2026 to approve 5 capital raising resolutions after January's $28m placement at 8.1c. The aspiring South African gold miner has appeared 3 times on the placement only shame file list since June 2025. Market cap was $274m on EGM day with stock at 6.9c. The proxies were not disclosed early and the head count data was removed from these poll results after being included in the proxies displayed at the meeting. The biggest protest was 7% against the broker options but only 3 of the circa 3,500 retail shareholders attended.
Debate over the lack of any SPP after 3 placements in 10 months to raise $59m which were overall about $30m in the money for participants on EGM day
Listen to opening arguments via Twitter with lawyer chair Michael Quinert who trotted out all sorts of excuses for not offering an SPP.
After doing 3 big end of town placements in 10 months with no SPP, told West Wits Mining chair Michael Quinert would run for the board if they didn't offer retail shareholders an SPP before the next AGM. He “doesn't respond to threats”. Told him a board nomination was democracy. Listen to bootleg audio of exchange via Twitter.
West Wits Mining chair Michael Quinert even trotted out the old “SPPs take too long” argument in searching around for lawyerly defences when fronted and called out for shafting his 3,500 retail shareholders through 3 placements in 10 months which are now circa $30m in front. Listen to bootleg audio of exchange via Twitter.
Excessive fees and options for ticket clippers
Told West Wits Mining chair Michael Quinert to stop issuing options to the placement ticket clippers on top of the excessive 6% cash fee. In this latest case it was Evolution Capital, but Canaccord did the previous placement for a 6% fee. In this exchange he also finally admitted that they owe their retail shareholders an SPP and said he would “take this to the board”. Listen to bootleg audio of exchange via Twitter.
Evolution Capital pocketed 6% fee (plus options) from the latest $28m West Wits Mining placement which was a Friday night “bought deal” with no tender. However, chair Michael Quinert reckons they did market test the broker fee on previous raise, despite also paying Canaccord 6%. Listen to audio of exchange via Twitter.
Enjoyed directly telling West Wits Mining chair Michael Quinert that brokers have a conflict of interest with quick and dirty insto placements courtesy of the standard excessive 6% cash fee. There are no broker fees with retail SPPs and it's his job to see through the conflict and protect retail shareholders by offering an SPP, which he has failed to do on 3 occasions after placements since June 2025. Listen to audio of exchange via Twitter.
At least we could agree the 10-for-1 share consolidation was a good thing
Lawyers like to argue and West Wits Mining chair Michael Quinert was certainly up for the fight over SPPs and broker options. Was good we were able to finish in furious agreement about the merits of doing a 10-for-1 share consolidation. Listen to audio of exchange via Twitter.
Time to grow up and hold hybrid shareholder meetings
After just 3 of the 3,500 West Wits Mining shareholders turned up in person to approve the latest $28m placement, told the argumentative chair Michael Quinert to start behaving like a $270m listed company by offering hybrid shareholder meetings going forward. Let's see. Listen to audio of exchange via Twitter.
The only record of the debate at this 37 minute is on this website
Finished the 37 minute West Wits Mining EGM requesting that chair Michael Quinert put a recording of future hybrid shareholder meetings online. The only record of last Wednesday's lively EGM debate was this bootleg IPhone audio. What a joke. All public company AGMs and EGMs should be recorded and published on the company's website. Listen to the final exchange via Twitter.
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