4 questions lodged at 2025 Elixinol Wellness virtual AGM
May 20, 2025
Below is the text of the 4 written questions submitted at the 30 minute Elixinol Wellness (EXL) virtual AGM held via Zoom on May 20, 2025, plus a summary of the answers and some video grabs via Twitter. See notice of meeting and voting results. Market cap was below $5m on AGM day with the stock suspended pending a potential capital raising.
Q1. The latest accounts show that we have accumulated losses of $227.9m and net assets of $10m, which is above our market capitalisation. As a relatively new shareholder, could the CEO or chair please have a stab at briefly explaining where the $228 million went. Looking back, what mistakes were made by the current and former leadership of this company and what should have been done differently?
Answer: The chair David Fenlon said the biggest mistakes were expanding too quickly overseas with acquisitions in the hemp space and building too many facilities which have now been shut down. Watch video of exchange via Twitter.
Q2. The past two weeks has not been good with a tumbling share price in heavy volume causing an ASX price query and then we requested a trading halt a week ago which has now morphed into a suspension as we've been unable to get this mooted capital raising away. Why was none of this mentioned in the formal address by the chair lodged with the ASX at 11.55am today and please provide an update on when the stock is likely to resume trading and whether a capital raising is going to materialise?
Answer: The chair David Fenlon basically said they couldn't selectively brief the AGM and were busily working away on finalising a capital raising. In other words, watch this space! Watch video of exchange via Twitter.
Q3. Is the virtual AGM being recorded and will a copy be made available on the company's website for shareholders who were unable to tune in live?
Answer: Not asked by acting company secretary Tony Di Pietro who stood in for the normal out-sourced company secretary Melanie Leydin from Vistra. Also, watch how he punted legitimate questions to the end of the meeting after voting had closed.
Q4. There has been recent media about crime gang involvement in the medicinal marijuana industry. Whilst we're obviously a credible listed company, could the chair comment on whether the recent media claims have shone a light on what is a serious problem, or is it a media beat up which he is not concerned about?
Answer: The chair David Fenlon was keen to stress the difference between hemp based products and medicinal marijuana which Elixinol Wellness is not involved in. Watch video of exchange via Twitter.
Finally, watch how the chair dealt with a question from a shareholder who claimed to have lost her entire super investing in the company. Also, see how the 30 minute meeting ends with the usual Zoom screen explosion.
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