Summary of questions asked at 2026 Close The Loop (CLG) physical EGM
July 10, 2026
Summary of debate at the Close The Loop (CLG) 11am physical EGM in Melbourne on July 9 2026 to re-arrange a convertible note structure and elect new director Brendan Yee, a packaging player. Attended 20 minute meeting in person. Biggest protest 19.3% against convertible note changes. Market cap $15.5m on EGM day. See notice of meeting and voting results. The proxies were not disclosed early as no formal address was lodged with the ASX. Apologies for the lack of any recording. No other shareholder asked any questions.
Q1. Why wasn't this a hybrid meeting and will you hold hybrid meetings in future?
Answer: The chair said this was a good idea and they would take in on board?
Q2. Will you disclose the headcount data in the poll results and going forward so we can see how many of your 2,551 shareholders voted today?
Answer: The chair said they would look at this but made no commitments and they didn't do it in these poll results. Computershare was in the room so pointed out that they have the data and do this at their own AGM.
Q3. Will this convertible note tweak impact our balance sheet which seems to be very inaccurate given that our market cap is only $15.5m but the latest accounts claim we have net assets of $89.3m, suggesting that shareholders are down about more than $80 million overall given that they have contributed $106 million so far.
Answer: Someone at the top table confirmed the resolution would help make the balance sheet more accurate but it also sounded like they need to take further write-downs as well if the share price doesn't pick up.
Q4. What was going at last year's AGM when co-founder Joe Foster withdrew on the day (see results announcement), having only joined the board as a non-executive director two months earlier after transitioning from his long term management role?
Answer: Surprisingly, someone on the top table confirmed that Joe had been defeated on the proxies. Wow, that's big news. That wasn't disclosed in any of the material lodged with the ASX last year and don't know if it was mentioned at last year's physical AGM because a recording of that meeting has not been published on the company's website.
Q5. Were there any protest votes on any of today's resolutions including against the re-election of co-founder Brendan Yee?
Answer: they weren't intending to disclose the proxies before the debate but got them to read them out and it turned out that Brendan was far less objectionable to shareholders than Joe Foster because his against vote in the poll was only 7.8%. The protest vote was higher on the convertible note resolution at 19.3% and the top table said some of this was from disgruntled shareholders expressing their concern over the company's performance, which has been poor in financial terms.
Q6. Has law firm Thomsons offered this meeting room at their offices in The Rialto Tower for free and, if so, please stick with this arrangement as it's better than last year's AGM which was at the offices of our auditor, Nexia. It is not good practice to be renting space off the auditor and prefer you do this with the lawyers.
Answer: The Thomsons lawyer in the room was happy to say the room had been offered for free and suspect CLG will keep holding their shareholder meetings in this room for as a long as Thomsons remain the house lawyer.
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