5 questions lodged at 2026 Capral (CAA) hybrid AGM
May 6, 2026
Below is the text of the 5 written questions submitted at the 40 minute Capral Aluminium (CAA) 10am virtual AGM held on May 6 2026 via the Computershare platform. See notice of meeting and text of 3 written questions lodged at 2025 AGM where there were no protest votes. Market cap $193m on AGM day. The 2026 proxies were disclosed early in the formal addresses with no protest votes. Well done. Was the only shareholder asking questions.
Q1. We had a question to the Money Cafe podcast from a listener this year suggesting that we use Australia's anti-dumping regime as a form or government-sponsored protection which keeps imports out but raises prices for Australian consumers of our products. Please summarise the current situation with our activities in the so-called "anti-dumping" space focused on Chinese manufacturers. Wouldn't it be more transparent if the government simply imposed tariffs on imports or paid us direct subsidies to compete? What proportion of aluminium extrusion sales in the Australian market come from overseas and China in particular?
Answer: First time have used a Money Cafe listener question to lob an online AGM question and CEO Tony Dragicevich said it was a good one. It triggered an interesting discussion on Capral's use of anti-dumping laws to make it tough for Chinese exporters. The CEO would prefer tariffs but they've just got another 5 year judgment against the Chinese. Watch video of exchange via Twitter.
Q2. When did we last tender the external audit and when are we next likely to tender the audit?
Answer: The question wrangler explained that KPMG were only appointed last year and there were no plans to run another tender. Do your research, Stephen!
Q3. Why are we using Computershare for this online AGM and its competitor Automic for investor relations? Does Computershare not offer an investor relations services? Would it make sense to use Automic for everything? From my experience, both offer an excellent service. Also, thank you for disclosing the proxies early along with the formal addresses and receiving strong support on all resolutions?
Answer: The question wrangler said he'd deal with the investor relations component offline and then went to to read out the compliments which were well received. Watch video of exchange via Twitter.
Q4. Could the CEO summarise his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds. Also, did any proxy advisers issue a report on this LTI grant? Finally, how is Tony juggling the board seat at Fletcher Building from a time point of view?
Answer: The CEO Tony Dragicevich accused me of asking for his LTI vesting and equity trading history two years straight. Actually, last time was 2024 (see AGM write-up). He gave an excellent answer today and has plenty of skin in the game. They did well with early proxy disclosure and no protest votes. Watch video of exchange via Twitter.
Q5. Which recruitment firm assisted with the process and how competitive was it? Did Laurie Lefcourt know any of our directors before engaging with the recruitment process?
Answer: The chair Mark White explained that they used a second tier recruitment firm to run a competitive process and Laurie knew none of the directors. Well done. A good process. Watch video of exchange via Twitter.
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