AnteoTech AGM 2025

So it has been springtime, when the flowers and the AGMs bloom. November 26th next is AnteoTech's - that's just ten days away. Up in Brisbane again, and as it doesn't practice daylight saving, some of we southerners can become all confused by flight times, and perhaps for other reasons as well.

A quick snapshot of the resolutions to be put, and on which voting has been open some time:

Resolution 1: the remuneration report (there was a "first strike" on this at the last AGM).
Resolution 2: voting on the re-election of our Chair, Glenda McLoughlan.
Resolution 3: approval sought for the granting of options to our CEO and MD, Merrill Gray.
Resolution 4: ditto for options for Glenda and Geoff Cumming (we have just three Board members).
Resolution 5: approval of an additional 10% to the statutory 15% "placement facility"
Resolution 6: this is conditional only if Resolution 1 is voted down; it provides the opportunity for shareholders to vote against a spill of the Board.

Since our trimmed-down Board commenced last April, with Merrill starting as acting CEO (but confirmed last August), I have been very pleased with the focus, progress and opportunities on which we have been advised. So I have voted in favour of Res 1-5, and against for Res 6. I do not want to see the Board spilled; shareholders will no doubt have seen the notice for a General Meeting, which would follow almost immediately after the AGM (or at 1pm the same day), should a spill actually occur. The purpose of this meeting would be to elect directors to the Board (we must have a minimum of three persons.)

Always the granting of options needs scrutiny. I note that Merrill's three tranches each of 10m have exercise prices of 3.75c, 5c, and 6.25c respectively, with expiry dates on 1, 2 and 3 years from her commencement on August 19 last. So each hurdle must be met before expiry, and if exercised, Merrill tips in AnteoTech these payments - $375,000, $500,000, and $625,000 - i.e $1.5m. Frankly, I won't even be noticing if those hurdles are met, I'll be so delighted with how the share price is tracking.

Similar comments apply to Glenda's and Geoff's options: hurdles are 3.75c (I'll not try to explain the 43% above whatever - some issue about tax), and 5 cents. I do think AnteoTech's longstanding policy of keeping director fees down but providing strong incentives based on significant appreciation in the share price, has served the company well, and in the case of all three Board members, I consider that each has been working very hard on behalf of the company. If hurdles are not met, the options become worthless. If hurdles are met or exceeded, we shareholders should all be happy.

If you have the same view as I about the performance of the Board, make sure you vote against Resolution 6.

Good luck to all and best wishes, and I look forward to catching up with those who can make it to the AGM.