4 questions lodged at 2026 Celsius Resources (CLA) hybrid EGM
September 9, 2026
Below is the text of the 4 written questions submitted at the 25 minute Celsius Resources (CLA) 11am Perth time hybrid EGM on September 9, 2026 via Microsoft Teams to approve 10 capital raising resolutions. See notice of meeting. Market cap $16.7m on EGM day after recently tumbling due to messy litigation and disputes in The Philippines. They raised $9.3m in a placement priced at 2c in February 2026 with no follow on SPP. The proxies were not disclosed early but there were big protest votes with the incentive plan for the new CEO defeated with 64.8% against and 42% against the placement options for the now exited Neil Grimes. One other shareholders joined in with both written and oral questions towards the end.
Q1. General question: "Our latest audited accounts show we've got $60.3m in accumulated losses and $24.6m in net equity whilst our market cap is down to $16.7m. As a relatively new shareholder, could new chair George Bujtor please comment on what be believes we should or could have done differently to deliver a better experience for shareholders."
Answer: Not sure as headed off to Metcash AGM before they got to this question after all the formalities had been dealt with.
Q2. Resolution 6 question: "Rather than issuing options to brokers, which are not good practice, why didn't we offer retail investors are chance to participate in the latest capital raising through a share purchase plan? Did Evolution Capital advise strongly against doing an SPP and will you do an SPP before the next AGM as a make good for past dilution?
Answer: They wanted me to ask the questions orally but declined with this one. After it was read out, received a stock standard response on both broker options and SPPs. There was a 15.6% vote against this resolution. Watch video of exchange via Twitter.
Q3. Question on resolution 7(b): "There was a 35% protest vote against the proposed incentive grant to Neil Grimes at the April EGM, which was far larger than any other resolutions. Has a similar protest been lodged today on resolution 7(b) and what was the issue back in April that caused shareholder concern? Also, we have 3.72 billion shares on issues. What sort of turn out did you achieve in terms of proxy voting and were there any material protest votes lodged on any of today's other resolutions?
Answer: The Celsius Resources shareholders aren't happy with Neil Grimes as today's share options grant faced a 42% protest vote. He has recently exited and the respondent pointed to ASX announcements to explain what happened. Neil's executive consulting arrangement was terminated and he quit the board with immediate effect on May 11, 2026. Watch video of exchange via Twitter.
Q4. Resolution 8: "I was puzzled by the decision to cancel the approved 20-for-1 consolidation when the share price has fallen to 0.4c and we have 3.72 billion shares on issue. Given there was only a 5% vote against the consolidation resolution at the April 2026 EGM, why have we done this? Who were the shareholders who complained and why haven't you implemented something mandated by 95% of voted stock back in April?"
Answer: The respondent talked about the market not recognising its fundamental value and liquidity issues. Wasn't happy with this so followed up orally and the respondent pointed to the scoreboard of 85% proxy voting support whilst acknowledging the huge bid-ask spread between 0.4c and 0.5c was an issue. What about the difference between the lowest possible price of 0.1c and 0.2c? Watch video of written question exchange via Twitter, plus this shaky video of my oral follow-up.
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