5 questions lodged at 2025 4DS Memory virtual EGM

Q1. I'm a relatively new shareholder and am down more than 30% on that investment. The latest results were a $3.5m loss for the half lifting accumulated losses to $69m and leaving us with just $4.74 million of reported net assets. The market cap is $58m so there's clearly hope but could the executive chair briefly summarise where the $69 million in losses went and whether we have any regrets about decisions made which contributed to this.

Answer: The executive chair David McAuliffe tried to ignore all questions but when the out-sourced company secretary Peter Webse jumped on, some got picked up but this one was never addressed.

Q2. Why didn't we release the formal EGM script for this meeting along with a summary of the proxy position to the ASX before the meeting commenced. We also didn't lodge any formal addresses with the ASX ahead of last year's physical AGM in Perth. Why not, when this is standard practice? Please summarise the proxy position now on all 5 resolutions up for the vote today and also commit to holding a hybrid AGM later in the year with disclosure of the proxy position to the ASX before the meeting commences.

Answer: The executive chair David McAuliffe tried to ignore all questions but when the out-sourced company secretary Peter Webse jumped on, some got picked up but this one was never addressed.

Q3. I'm not generally a fan of issuing options to brokers. Did we test the market to try and find alternative brokers who didn't insist on such a large 12 million options grant in order to get the capital raising done? Does the chair agree there are governance issues with paying in stock like this and it would be cleaner to only pay by cash.

Answer: The chair claimed it was standard practice and the market testing component was never properly read out. Watch video of exchange via Twitter.

Q4. Why is Ting Yen, our Chief Technology Officer, the only individual being issued equity at this EGM? Also, what caused the error in the original notice of meeting whereby the strike price on the 20 million options was listed as 6.5c rather than 3.6c. With the stock today at 2.9c, both prices are out of the money. Have we asked for a refund from the law firm which advised on the original notice of meeting and who noticed the error?

Answer: The chair started answering before it got read in full and we ended up with a general defence of incentives for talent. Watch video of exchange via Twitter.

Q5. There were big 30%+ protest votes on the first 3 items. Why?

Answer: I only rushed this one in when we got to resolution 4 because all other questions were being ignored before the out-sourced cosec intervened towards the end of the 14 minute meeting. On the proxy voting protests, the chair claimed not to know even though voting isn't a secret ballot and then Peter Webse reminded listeners that placement participants couldn't vote, as if to suggest those protesting shareholders weren't that large overall. Watch video of exchange via Twitter.

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