Good morning, ladies and gentlemen. Welcome to this annual general meeting of Magnis Energy Technologies Limited . It's now 11:00 A.M., and I declare this meeting open. My name is Frank Poullas, the company's Executive Chairman, and with us today at the meeting are Directors Henian Chen , Hoshi Daruwalla , and David Wang, Company Secretary Jonathan Reynolds, Chief Financial Officer Jurgen Behrens . Also with us today is the company's auditor, Steven Nguyen. The structure of this meeting is that there are 11 resolutions to be considered. All resolutions will be decided by a poll. I would like to inform the meeting that we have received proxies from 36 shareholders representing 132,140,183 shares. In respect of all resolutions to be considered by the meeting, the majority of votes is in favor. Thank you to those shareholders who have lodged a proxy.
The results of the proxy vote are displayed on the screen for your information. As this is a virtual meeting, shareholders have the opportunity to lodge an electronic poll during the meeting and for five minutes following the close of the meeting. Once the votes are fully tabulated, the results will be announced by way of an announcement lodged with the ASX today. If you do lodge an electronic poll, please ensure you insert onto the form your HIN or SRN, the name in which the shares are registered, as well as contact details in case we need to speak with you in connection with your vote. Please note that the form needs to be fully completed before you can submit it. You can lodge a poll vote by selecting the poll quizzes button on your screen.
In addition, there is a facility for shareholders to lodge questions during the meeting. As the order of business progresses, I will answer questions related to the specific matter. I can advise that prior to the meeting, several questions have been received from shareholders. You can lodge a question by selecting the Q&A button on your screen. Please preface your question by inserting your HIN or SRN and the name in which the shares are registered. The first order of business is for the meeting to consider the June 2024 financial report. The Corporations Act requires a financial report, which includes the financial statements and Director's declaration. The Director's report and the auditor's report should be laid before the AGM.
There is no requirement either in the Corporations Act or for the company or in the company's constitution for members to approve the financial report, director's report, or the auditor's report. I call on any member who would like to ask any questions or make any comments on these reports or on the business and operations of the company, or who would like to ask the auditor questions about the auditor's report and the conduct of the audit of the financial report to do so now. Okay, on to the formal resolutions. Resolution one. The resolution, which is a non-binding advisory resolution, is the remuneration report included in the 2024 financial report be adopted by shareholders. I call on any member who would like to ask any questions or make any comments on the 2024 remuneration report to do so now. Okay, no questions. Thank you.
Subject to the final vote tally, I declare resolution one carried. Resolution 2.1. The resolution, which is an ordinary resolution, is to elect Henian Chen , director of the company. Would any shareholder like to ask any questions? Okay, thank you. Subject to the final vote tally, I declare resolution 2.1 carried. Resolution 2.2. The resolution, which is an ordinary resolution, is to elect David Wang as director of the company. Would any shareholder like to ask any questions? Okay, thank you. Subject to the final vote tally, I declare resolution 2.2 carried. Resolution 2.3. The resolution, which is an ordinary resolution, is to re-elect Hoshi Daruwalla as director of the company. Would any shareholder like to ask any questions? We have one question that was sent to us prior, which was, "Given the events at Iron 3, why does Hoshi still have a role to play on the board?"
Hoshi is a highly experienced and well-respected materials engineer with deep commercial experience and skill set in the technology and materials sector. The board believes his commercial and engineering skills will be invaluable as the company progresses the development of the graphite mine, and especially in relation to the development of the anode materials business. Hoshi is also leading potential funding activities for the Nachu and the anode plant from U.S. sources. That's a question that we've received. No other questions have been received. Subject to the final vote tally, I declare resolution 2.3 carried. Resolution 3.1 is the resolution, is an ordinary resolution to approve the issue of up to 375 million equity commitment shares to Global Corporate Finance. Would any shareholder like to ask any questions?
We have one question that has come in, which is, "Will the company be issuing these shares to Global Corporate Finance right away?" The answer to that is no. That's the maximum number of shares that could be issued to Global Corporate Finance based on the agreement entered. The number of shares actually to be issued depends on subscription notices, which may be issued in the future. It's not guaranteed they will be, but they could be. The agreement forms part of the company's recapitalisation and working capital strategy. Subject to the final vote tally, I declare resolution 3.1 carried. Resolution 3.2, the resolution, which is an ordinary resolution to approve the issue of up to 4 million equity commitment fee shares to Global Corporate Finance. Would any shareholder like to ask any questions? Subject to the final vote tally, I declare resolution 3.2 carried.
Resolution 3.3, the resolution, which is an ordinary resolution to approve the issue of up to 20 million equity commitment agreement options to Global Corporate Finance. Would any shareholder like to ask any questions? Seeing there's no questions, subject to the final vote tally, I declare resolution 3.3 carried. Resolution 4, this resolution is subject to a special resolution to approve additional 10% placement capacity under ASX Listing Rule 7.1A. Would any shareholder like to ask any questions? No, thank you. Subject to the final vote tally, I declare resolution 4 carried. Resolution 5.1, the resolution, which is a special resolution, is to seek approval for the cancellation of 20 million security shares previously issued to Evolution Capital Pty Ltd. Would any shareholder like to ask any questions? Thank you. Subject to the final vote tally, I declare resolution 5.1 carried.
Resolution 5.2, the resolution, which is a special resolution, is to seek the approval to change the company's name to Ryzon Materials Limited. Would any shareholder like to ask any questions? Thank you. Subject to the final vote tally, I declare resolution 5.2 carried. Resolution 5.3, the resolution, which is an ordinary resolution, is to approve the appointment of A.D. Danieli Audit Pty Ltd. as the company's auditor. Would any shareholder like to ask any questions? Okay, so one question. "Why did Hall Chadwick resign as auditor?" Hall Chadwick, as background, had been auditors to the company for several years. In accordance with best corporate governance, the board resolved to rotate audit firms. This was something affected by the company. We thank Hall Chadwick for their professional services that they have provided over the years. At the same time, we also look forward to working with A.D. Danieli in the future.
No other questions. Thank you. Subject to the final vote tally, I declare resolution 5.3 carried. That concludes the formal part of the meeting. We've had some questions that have been sent to us, and the poll will remain open for the next five minutes. We've had some questions that have been asked, and feel free to send through any other questions. First question is, "When will shares be requoted on ASX?" I ask you to refer to announcements released by the company, and in particular, the most recent quarterly announcement. I can report the company's liaising with the ASX. I cannot provide any guidance as to timeframe for requotation or what the ASX requirements may be in this regard, but I can assure you that we'll keep the market informed as matters progress. Obviously, it's our main priority to have those shares requoted on the ASX.
Second question is, "Can you provide an update on the asset claim?" In October 24, 2024, the company filed its defense and denies that it either failed to comply with its continuous disclosure obligations or engaged in misleading or deceptive conduct. The parties are presently engaged in pretrial activities. Another question has come in. "Can you comment on the Ramboll claim?" As shareholders will be aware, Ramboll recently lodged a claim in the New York Supreme Court. This case is at a very early stage, and I expect it has a long way to go. As advised, the company intends to defend the claim, and shareholders would know just because something is written in a claim by a litigant does not make it true. Another question. "Will there be another AGM this year?" We expect that the next AGM will be conducted sometime in November this year.
Within the next three and a half months, our next AGM will come through. "Can you provide an update on Nachu?" I encourage everyone to go onto the website and subscribe to our website for news and press releases. Any updates and the latest updates on the Nachu project and any other matters are announced on the ASX. That is the place, and any announcements will come there, and they can be sent to your email address. I'm just waiting for any questions. Please don't forget to put your HIN or SRN number and your name to any questions that you may have. I'll just give it another minute in case any other questions come in. All right. I really appreciate your participation today, ladies and gentlemen, and thanks for those shareholders who have lodged their vote. I think the poll will be open for another minute or two.
Should you wish to vote, I hereby declare the meeting closed. Thank you, everyone.