5 questions lodged at 2026 Blackpearl (BPG) hybrid AGM

Q1. How much did it cost us to dual list on the ASX and what is the current split between Australian, New Zealand and other domiciled investors? Also, what is the history of Australian fund manager Ellerston emerging as one of our major shareholders. Did they support the $NZ1 placement last November and are they upset that the stock has plunged to a record low of A36c?

Answer: The big talking CEO Nick Lissette initially complained that this was 9 questions not 1 and then declared it an "immature question" to mention the share price hitting a record low given there had been a $US2 trillion SAASpocalpse. Yes, but the NASDAQ had soared 4 days in a row to a record high just before this meeting took place. No breakdown was offered on shareholder domicile at the meeting but some excellent information was emailed through afterwards - see below. Watch video of exchange via Twitter.

Q2. Now that we're listed on the ASX, will you put up an Australian-style non-binding remuneration report vote at next year's AGM? This resolution is our only rem-related vote today. Has there been a material protest vote against this resolution?

Answer: The Black Pearl question wrangler ignored specific questions on the resolutions so this didn't quite make sense when it was read out in general business at the end but the big talking CEO Nick Lissette made it sound like they might just do this next year after Australian investors called for more transparency. Watch video of exchange via Twitter.

Q3. Why weren't retail shareholders given an opportunity to participate in last year's $NZ14.2m capital raising at $NZ1 per share through a share purchase plan? Has there been any material protest votes on the proxies against this resolution and will you commit to include retail shareholders in any future capital raisings?

Answer: The big talking CEO Nick Lissette came up with all sorts of weak arguments, the worst being telling retail shareholders they could always buy on market. Watch video of exchange via Twitter, plus these additional comments on their different capital raising options showing no humility for having cost shareholders so much in paper losses.

Q4. When we listed in late 2022 talking up email opportunities, our major backers included former Berkshire Hathaway Automotive chair Larry Van Tuyl, NZ business magnate Owen Glenn and the Accident Compensation Corporation. Four years later and after a bruising $18m loss in the latest financial year, which of those early backers are still with us and how important is the email opportunity to our business?

Answer: The question wrangler lost "bruising" and made it "Sir Owen Glenn". The big talking CEO Nick Lissette said those 3 shareholders are still on board and he meets them regularly. He also strongly defended the "under-appreciated gold mine" that is email when it comes to Black Pearl's data business. Watch video of exchange via Twitter.

Q5. If we had our time again, what would CEO Nick Lissette do differently?

Answer: This was bolted on to the previous question but the wrangler stripped it out and asked it separately so we'll report it likewise. Nick Lissette sounds like one of those big ego CEOs who can never admit a mistake. With the Black Pearl stock at record lows, asked him to look back and reflect. Eventually we got to “should have gone harder in American market” but he "absolutely loves" their forward positioning. Watch video of exchange via Twitter.

Less than two hours after the meeting finished Chief Marketing Officer Tori Colebourne emailed through the following which was very helpful

Hi Stephen,

Thank you for joining our ASM today and for your questions. First, an apology. Your questions on Resolutions 3 and 4 were moderated into the general business section of the question platform, and I only realised they'd been filed in the wrong place once I began reading them out. They were answered during the meeting and as voting remains open it hasn't affected your ability to vote on either resolution. But they should have been raised in the intended place, so I wanted to say I'm sorry they weren't.

I also wanted to come back to you on the ASX listing cost question, as Nick didn't have the exact figures, and I don't think he fully covered the second part of what you asked. As disclosed in our FY26 Annual Report, the ASX dual listing and associated costs were $1.2 million, and the offer costs across our two FY26 capital raises were $2 million. The breakdown is on page 24, and I'm linking the report here for ease.

On the current split of our register by domicile: New Zealand 40.5%, Australia 27.2%, United States 20.1%, and 12.2% across other jurisdictions.

On Ellerston, we can't speak on their behalf, so any questions would be best put to them directly. What I can say is that they were a cornerstone investor in our August 2025 raise, one of the first Australian institutions onto our register ahead of the ASX listing, and they supported both of our FY26 capital rounds. Our engagement with them has been consistently positive, they're a great team to work with and we're glad to have them on our register.

If there's anything we've missed or anything else you'd like to discuss, please just let me know. We're always open to a 1-1 call.

Thanks again for joining,
Tori

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