Question 3: (This iswhere it starts getting good)
A shareholder asked about the $250,000 impairment of theloan to Growth Point Capital, highlighting that the company is presumed to be profitable enough to pay its debts and that if it can't pay its debts then it should have been placed in administration. This was thesame shareholder that was being shadowed by the incredible hulk. The following is not exactly verbatim butgives you a general idea of how the question was handled.
Shareholder: "What steps were taken to recover the $250,000?"
Stuart McAuliffe: “We impaired the loan.”
Shareholder: “I know you impaired the loan. That wasn’t thequestion. The question was: What steps did you take to recover the debt?”
McAuliffe: “I’ve answered your question. Moving on.”
Multiple shareholders: “No you haven’t!”
Kevin: "That's not relevant to this meeting."
Multiple shareholders: “Yes it is!”
McAuliffe: [Getting flustered] “We took the appropriate measures.”
Shareholder: “What were those measures? Who was the debt collection agency?”
McAuliffe: “I’ve answered your question. Moving on.”
Kevin: "It's not the place of a shareholder to question management on irrelevant details. This is not what the AGM is for."
Me: "Given the highly questionable nature of this transaction I think you owe it to shareholders to answer the question."
This escalated into a heated argument with multiple shareholders demanding a proper answer to the question.
Chair: "I will take it forward and get you an answer to your question but we won't answer it today."
Shareholder: "It's a simple question. Why not answer it today?"
Chair: "I'll get back to you with a satisfactory answer to your question at a later date. I can't answer it today."
Shareholder sits down and Stuart McAuliffe maintains his reclined pose and smug facial expression.
