Pretty normal day really, not much to report...

Firstly, great to meet you @BullsWool, luckily we were there with boots on the ground otherwise we would be flying completely blind.

Bear in mind all of this comes from a conversation with Nick Yeoh after the meeting, the actual formal meeting was a shitshow. The company secretary (I think a rep from the registry) had to chair the meeting, he fumbled his way through the resolutions that remained and closed the meeting once votes were cast. No business presentations or questions.

Afterwards, Nick said that earlier this week while checking the incoming votes they noticed a large voting bloc against the resolutions to re-elect Tino and appoint Nick and Jitto to the board. I suspect @Bushmanpat's rough calculations are correct with the shareholdings. It became quite clear what was happening, but no one knew why the Chair and his affiliated votes would drastically and suddenly revolt against fellow board members.

Nick hypothesised that the succession plan that was in place to have Jitto replace Ying Ming sometime next year was potentially the issue, but that is not confirmed. If so, why also vote against Tino and Nick?

The remaining board members met this morning and decided to resign. I don't think that was a good decision, from a corporate point of view I think it would have been better to accept the vote and deal with issues later on, but regardless that was what was decided.

That was really all Nick could share on the board situation. I don't believe anyone had communication with Ying Ming (who was at the meeting, I am not sure if that was a surprise or not) to find out what his intentions were.

Nick gave us an informal operational update. Other employees were there (as dumbfounded as everyone else) to chime in with any comments. Nick said they would "support" Tritium through their restructure, I took that to mean still supplying them but probably on a short rope. The new defence product will soon be released and would have been a focus of the business update plus an update on the megawatt charging with a new 200kw rectifier in early development.

A couple of other points to potentially clear things up:

The directors who resigned from the board have not resigned from the company. They are all still in their operational roles, but don't support the actions of the Chair (labelled hostile in the ASX announcement).

I don't believe Yanbin Wang the CEO is associated with Ying Ming Wang the Chair and these actions. They may have been in the past given Yanbin was appointed shortly after Ying Ming became Chair, but Yanbin remained after the meeting with the other board members and executive staff and has since resigned.

Given the board now doesn't comply with the Corp Act with everyone stepped down except for Ying Ming Wang, this is a probably a nuclear option but it forces a speedy resolution to what could be a long drawn out board spat. Hopefully Ying Ming Wang accepts his move has backfired and steps down from the board.

On top of that, the weather in Melbourne was shit. Got rained on walking to the meeting.