4 questions lodged at 2025 Invion virtual EGM

Q1. The latest accounts show we've got accumulated losses of $137.6m and net assets of $13.1m so shareholders are down around $140m given that the market cap is today $8m. As a relatively new shareholder, before voting on these latest share issues, could the chair and CEO briefly summarise where all the shareholder funds went. If they had their time again, what do they believe current and former directors of this company should have done differently?

Answer: Stop gap director and out-sourced company secretary Melanie Leydin read this in full and then executive chair Thian Chew gave a good summary of the history, pointing out they were no longer getting external funding to assist with their drug research. Watch video of exchange via Twitter.

Q2. It is fairer to raise funds pro-rata and this also doesn't require shareholder approval. Why didn't we do a pro-rata raising which treats all shareholders equally. And if we have to do placements, best practice is to then offer a share purchase plan for retail shareholders. Why haven't you offered this and will you consider offering an SPP before the next AGM.

Answer: The executive chair Thian Chew handed this one to Melanie Leydin who declared that she believes "every second capital raising should be pro rata". If only it were so. Watch video of exchange via Twitter.

Q3. It is unusual for a public company to have a company secretary who is also a voting director. Melanie Leydin is a gun operator but she normally only joins boards when they are failing to meet the minimum requirements of having 3 directors or the minimum number of Australian-based directors. How long is Melanie likely to serve as a stop gap director to satisfy these requirements?

Answer: Melanie provided a good summary of the situation. She was company secretary for 6 years but then joined the board to satisfy the requirement for 2 Australian resident directors and will leave when the company has been stabilised and a better normal permanent director with relevant experience can be recruited. That's why none of the 15 resolutions involved an options or equity grant to her. Watch video of exchange via Twitter.

Q4. How much more does our share registry provider charge to manage these unlisted options?

Answer: Melanie explained that an unlisted options register was a static register with the only changes being addresses and this costs about 20% of what a normal registry services costs. Watch video of exchange via Twitter.

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