CMX
Chemx Materials Limited
ASX
Notice of Annual General Meeting/Proxy Form
Sentiment:
Notice of Annual General Meeting
24 October 2024 6:10 PM
ChemX Materials Limited will hold its Annual General Meeting on November 28, 2024, to consider several resolutions, including the adoption of the remuneration report, director re-election, and a 7.1A mandate for equity security issuance.
Capital raise
The 7.1A mandate seeks shareholder approval to issue up to 10% of the company's issued capital in equity securities without further shareholder approval.
The funds raised under the 7.1A mandate are intended to be used for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Summary
- ChemX Materials Limited's Annual General Meeting (AGM) will be held on November 28, 2024, at 11:00 am (WST) in East Perth, WA.
- The AGM will consider the annual financial report for the year ended June 30, 2024.
- Shareholders will vote on the adoption of the remuneration report (advisory only).
- Warrick Hazeldine's re-election as a director will be considered.
- A special resolution will seek approval for a 7.1A mandate, allowing the company to issue up to 10% of its issued capital in equity securities without further shareholder approval.
- Shareholders will vote on replacing the company's constitution with an updated version.
- A resolution will propose increasing the total aggregate remuneration for non-executive directors from $300,000 to $500,000 per annum.
- Another resolution seeks approval to issue 2,000,000 options to TritonLake for corporate and financial advisory services.
- The cutoff for shareholder registration to vote is 4:00 pm on November 26, 2024.
- The company's annual financial report is available on its website, www.chemxmaterials.com.au.
Sentiment
Score: 6
Explanation: The document presents a neutral to slightly positive outlook. While there are potential risks associated with the proposed capital raise, the overall tone suggests confidence in the company's future prospects.
Highlights
- Annual General Meeting (AGM) on November 28, 2024
- Financial year ended June 30, 2024
- 7.1A Mandate to issue up to 10% of issued capital in equity securities
- Increase in non-executive director remuneration from $300,000 to $500,000 per annum
- Issue of 2,000,000 options to TritonLake for advisory services
- Shareholder registration cutoff: 4:00 pm on November 26, 2024
Positives
- The 7.1A mandate, if approved, will provide the company with greater flexibility to raise capital in the future.
- The updated constitution will improve compliance with current regulations and best practices.
- The proposed increase in non-executive director remuneration may help attract and retain high-quality talent.
Negatives
- The 7.1A mandate, if not approved, will limit the company's ability to raise capital without further shareholder approval.
- The proposed increase in non-executive director remuneration may be viewed negatively by some shareholders.
Risks
- The market price of the company's shares may be significantly lower on the issue date than on the date of the meeting.
- The shares may be issued at a discount to the market price on the date of issue.
Future Outlook
The 7.1A mandate, if approved, will allow the company to issue up to an additional 10% of its issued capital in equity securities without further shareholder approval, primarily for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital. The company also intends to use funds raised from issues of Equity Securities under the 7.1A Mandate towards the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Management Comments
- The Directors consider it appropriate to update the Constitution for this amendment to allow more flexibility in the payment of dividends in the future should the Company be in a position to pay dividends
- The Directors do not believe the potential disadvantages outweigh the potential advantages of adopting the proportional takeover provisions and as a result consider that the proportional takeover provision in the Proposed Constitution is in the interest of Shareholders and unanimously recommend that Shareholders vote in favour of this Resolution.
Industry Context
This announcement reflects the broader industry trend of companies seeking greater flexibility in raising capital to fund growth initiatives, particularly in the high-purity alumina (HPA) sector. The proposed increase in non-executive director remuneration is also in line with market rates for similar companies.
Next Steps
- Hold the Annual General Meeting on November 28, 2024
- Consider and vote on the resolutions outlined in the notice
- Issue equity securities under the 7.1A mandate (if approved)
- Implement the updated constitution (if approved)
- Increase non-executive director remuneration (if approved)
- Issue options to TritonLake (if approved)
Key Dates
- June 30, 2024: End of the financial year
- October 11, 2024: Date of closing market price used for dilution calculations
- October 14, 2024: Date of agreement with TritonLake
- November 26, 2024: Shareholder registration cutoff
- November 28, 2024: Date of the Annual General Meeting
Keywords
ChemX Materials Limited, Annual General Meeting, AGM, Equity Securities, Remuneration Report, 7.1A Mandate, Constitution, Director Re-election, Capital Raise
CMX
Chemx Materials Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
13 April 2025 9:55 PM
Insolvency Announcement
- Benelong Capital Partners (BCP) recapitalisation proposal requires ASIC, ASX and shareholder approval.
Worse than expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is not ready to announce a Funding Update and Management Restructure, which is causing a delay in trading and is worse than expected.
Delay expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is delaying the release of the Funding Update and Management Restructure announcement.
- The trading suspension is being extended due to the delay in the announcement.
Delay expected
22 December 2024 5:25 PM
Trading Suspension Update
- The company's funding update and management restructure are taking longer than anticipated.
- Negotiations with relevant parties have caused a delay in the announcement.
Capital raise
18 December 2024 5:08 PM
Suspension Announcement
- The announcement is related to an update on funding, which could indicate a potential capital raise.
Capital raise
16 December 2024 5:06 PM
Trading Halt Request
- The trading halt is pending an announcement regarding an update on funding, which could indicate a potential capital raise.
Capital raise
11 December 2024 5:11 PM
Financing Agreement Update
- Mercer has approved ChemX to raise up to $500,000 in additional debt financing.
Delay expected
27 November 2024 9:50 PM
AGM Presentation
- The commissioning of the 24tpa HPA Pilot Plant has experienced unforeseen delays in recent months, primarily due to the solvent extraction (SX) module awaiting electrical package installation.
Worse than expected
27 November 2024 9:50 PM
AGM Presentation
- The announcement revealed unforeseen delays in the commissioning of the solvent extraction module of the pilot plant, pushing back the timeline for full operation.
Better than expected
13 November 2024 5:17 PM
R&D Funding Announcement
- The receipt of the R&D refund exceeding the amount of the Radium Capital facility was better than expected, resulting in a surplus for working capital.
Capital raise
7 November 2024 1:19 AM
Price Query Response
- ChemX is in discussions with third parties regarding potential capital raisings.
- No formal agreements have been reached for any capital raising.
Capital raise
30 October 2024 9:06 PM
Quarterly Report
- The company has appointed TritonLake as Corporate and Financial Advisors to assist with capital, financing and corporate advisory.
- The company believes it would be successful with raising additional capital.
Worse than expected
30 October 2024 9:06 PM
Quarterly Report
- The delays in the Solvent Extraction module of the pilot plant represent a setback from the expected timeline for commissioning.
Delay expected
30 October 2024 9:06 PM
Quarterly Report
- Delays were experienced in the construction of the Solvent Extraction (SX) module due to longer than expected lead times on key process equipment and delivery of critical electrical infrastructure.
Capital raise
24 October 2024 6:10 PM
Notice of Annual General Meeting
- The 7.1A mandate seeks shareholder approval to issue up to 10% of the company's issued capital in equity securities without further shareholder approval.
- The funds raised under the 7.1A mandate are intended to be used for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Worse than expected
23 October 2024 5:19 AM
Annual Report
- The company reported a net loss after tax of \$4.49 million, significantly higher than the previous year's loss of \$4.18 million, indicating worse than expected results.
Capital raise
23 October 2024 5:19 AM
Annual Report
- The company raised \$1,616,600 through a share placement and share purchase plan.
- A \$6,000,000 convertible note funding facility was secured, with potential for further equity dilution upon conversion.
Capital raise
30 July 2024 4:54 AM
Quarterly Activities Report
- The company has applied for an advance from a funding provider against expected CMX FY24 R&D claim for circa $440,000.
- The Company also has access to financial markets and believes it can successfully raise capital.
Capital raise
29 April 2024 7:02 PM
Quarterly Activities Report
- The company completed a $1.1M placement.
- A Share Purchase Plan (SPP) is ongoing, aiming to raise up to $500,000.
- Directors have committed to subscribe for 1,354,166 shares, subject to shareholder approval, under the Placement to raise an additional $65,000 at the same issue price.
Delay expected
21 April 2024 7:10 PM
Share Purchase Plan Extension Announcement
- The closing date of the SPP has been extended from April 23, 2024, to May 10, 2024.
Capital raise
2 April 2024 5:48 PM
Share Purchase Plan Announcement
- The document mentions that it is highly likely that further funding will be required to meet the medium to long term working capital costs of the Company.
- Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities.
Capital raise
13 March 2024 2:33 AM
Interim Report
- The company has access to a further $3,800,000 funding under its unsecured convertible note facility, subject to further agreement between the parties.
Worse than expected
13 March 2024 2:33 AM
Interim Report
- The company reported a net loss of $1,911,696 for the half-year ended December 31, 2023, which is worse than breakeven.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.