2 questions lodged at 2026 Bell Financial Group (BFG) virtual AGM
May 7, 2026
Below is the text of the 2 written questions submitted at the 23 minute Bell Financial Group (BFG) virtual AGM held on May 7 2026 via the Automic platform, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results with no protest votes. Market cap was $450m on AGM day. The proxies were not disclosed early in these formal addresses.
Q1. There has been a record amount of institutional placements without an SPP for retail shareholders so far in 2025-26, including more than 20 above $15m in October 2025 alone (see full list). Why is this happening and what is our attitude to retail shareholders? Do we advocate to clients to do SPPs or just follow the money of maximising our placement fees?
Answer: The chair Brian Wilson AO blamed client companies for all of the retail shaftings (see full shame file list of placements without an SPP) as if the 4-6% fees his industry takes on placements has nothing to do with it. There are no brokers fees on SPPs, which is why they rarely recommend them. Watch video of exchange via Twitter.
Q2. Is chair Brian Wilson planning to serve a full 3 year term and is this going to be his final term on the board? What is Brian's attitude to the treatment of retail shareholders in capital raisings?
Answer: The chair has done 17 years on the Bell Financial Group board. Just a lot of waffle when asked if this will be his last term. He repeated his claim on capital raisings saying when Bell once went to market, it was a pro rata offer. As for clients they advise, don't blame him. Watch video of exchange via Twitter.
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