4 questions lodged at 2026 Finder Energy Holdings (FDR) virtual EGM
June 13, 2026
Below is the text of the 4 written questions submitted at the 20 minute Finder Energy Holdings (FDR) virtual EGM held via the Automic platform on June 12, 2026, 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 $190m on EGM day. The proxies were not disclosed early as no formal address was lodged with the ASX. As usual, was the only shareholder asking questions. See 4 questions asked at 2025 AGM and 3 questions asked at 2025 EGM.
Q1. Well done for returning the out of the money SPP applications following the placement. How much did retail shareholders actually apply for and how much was refunded?
Answer: The chair Bronwyn Barnes was reading the questions herself and hand-balled this one to CEO Damon Neaves who explained that they approached each individual applicant and requested they withdraw as the shares were cheaper on market. They all withdrew. Agree with him that it was "the right thing to do". Watch video of exchange via Twitter.
Q2. Next time you do an SPP following a placement, why not offer secondary pricing based on a VWAP formula so that the SPP doesn't have to be abandoned if the market turns. Did we think about offering VWAP pricing with the recent $3 million SPP that was abandoned?
Answer: The chair Bronwyn Barnes said she'd never heard of such a practice but would be "happy to be corrected". Later sent through a list of 40 examples. See Q4 below. CEO Damon Neaves also created the impression it was unheard of, claiming that "a floating price is a dangerous thing". Watch video of exchange via Twitter.
Q3. At last year's AGM, CEO Damon Neaves said Longreach Capital was a private company which founded Finder 25 years ago before floating it in 2022. It has participated in all three capital raisings since the float and has never sold a single share. If that's the case, why don't we raise capital pro-rata, avoiding the need to call EGMs like this one?
Answer: The chair Bronwyn Barnes wasn't sure of the context and hand-balled to CEO Damon Neaves who correctly interpreted it as requesting rights issues. He then explained that while 40% shareholder Longreach did participate, they still were diluted and this was the company's preference to broaden institutional ownership of its register as the business develops. Watch video of exchange via Twitter, plus these additional comments from the impressive straight-talking CEO.
Q4. There have been more than 40 SPPs that were priced on secondary VWAP pricing as can be seen on this list. It still has a fixed price, but if the shares fall, it moves to the secondary VWAP price. It means retail shareholders have downside protection and don't have to wait until the last day?
Answer: Lobbed this one in as general business at the end and it was good they were taking general questions at an EGM, which is not common. The chair Bronwyn Barnes took this as a comment which they would look into but then talkative CEO Damon Neaves jumped in saying it was a "very interesting" point whilst still oozing negativity about the concept saying retail shareholders "don't need downside protection" as they can always buy on market. No, this is about how you price shares to both classes of shareholders in a selective placement and has nothing to do with on-market purchases. The big end of town placement is always launched at a discount to market, so what's wrong with VWAP -2% secondary pricing on the SPP? Watch video of interesting exchange via Twitter.
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