4 questions lodged at 2025 Micro-X virtual EGM
April 16, 2025
Below is the text of the 4 written questions submitted at the 21 minute Micro-X (MX1) virtual EGM held on April 16, 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. There were no formals lodged with the ASX, hence no early proxy disclosure. Market cap was $41m on EGM day with the stock at 6c.
Q1.Why did we run this EGM through Zoom but then commission Computershare to handle the online voting? Wouldn't it have made more sense to use Computershare for the lot and how much did using Zoom for the meeting element save shareholders?
Answer: Comms boss Rebecca Puddy didn't seem to be able to see any of my 3 questions, so the CEO stepped in but this one wasn't asked by anyone, for some reason.
Q2. How did we persuade Billion Prima to pay 9c a share when the directors are being placed stock at 7c. With the stock today at 6c, did the directors have any wiggle room to get out of paying up after Trump's tariffs pitch cratered global equity markets?
Answer: The CEO explained that the 9c deal was struck earlier, directors wouldn't wriggle out of their commitment and he claimed Trump's tariffs were irrelevant. Watch video of exchange via Twitter.
Q3. Could Andrew Hartmann please detail his equity ownership history in the company and whether he is prepared to undertake not to sell any of these newly placed shares over the next 2 years?
Answer: The chair explained that he was representing a major shareholder and personally investing for the first time. Watch video of exchange via Twitter.
Q4. Why did James McDowell get twice as many shares as other directors? How were the amounts determined?
Answer: The 4 directors collectively put in 200k and the individual size was determined by their own investment appetitive. Watch video of exchange via Twitter.
Copyright © 2025 The Mayne Report. All rights reserved
