4 questions lodged at 2025 Spririt Technology (ST1) virtual AGM
October 24, 2025
Below is the text of the 4 written questions submitted at the 32 minute Spirit Technology Solutions (ST1) virtual AGM held via this Automic/Zoom link at 4pm on Friday, October 24, 2025. Market cap was $102m on AGM day. See notice of meeting and voting results. The proxies were disclosed early in the formal addresses with no material protest votes. Was the only person asking questions and the wrangler called me a visitor, which was probably right because I sold out a day or two early on October 20. Kudos to them for still allowing the questions. See questions asked at 2024 AGM. The meeting approved a name change to Infotrust (ITS).
Q1. Thank you for disclosing the proxies early to the ASX along with the formal addresses and well done for receiving such strong support on all resolutions. Did you have any engagement with major shareholders before the AGM about remuneration issues, board composition or anything else?
Answer: The chair read a script saying a number of major shareholders are on the board and they engaged with others regarding remuneration and other issues and were pleased to receive such strong voting support. Watch video of exchange via Twitter.
Q2. What is our history in terms of doing placements, SPPs and pro rata capital raisings and if we do a placement in the next 12 months, can you undertake to do a follow on SPP for retail shareholders on the same terms?
Answer: The chair said they've used a range of structures in the past and would consider doing an SPP if there was another placement. Watch video of exchange via Twitter.
Q3. Thorney, aka billionaire Alex Waislitz, last month increased its stake in our company to 9%. What is our history with Thorney, do we regard them as supportive, hostile or neutral and have they requested a board seat? If they lifted their stake above 10% and asked for a board seat, what would we say?
Answer: The question wrangler removed the reference to "billionaire Alex Waislitz" but the chair said they are a supportive institutional shareholder and haven't asked for a board seat. Watch video of exchange via Twitter.
Q4. We were one of the 212 ASX listed companies to hold our 2024 AGM on Friday, November 29, the last possible day for June 30 balance date companies. Thank you for moving away from this embarrassing last day rush this year. Many small, disorganised, badly governed and poorly performing companies hold their AGMs during the last day deluge to avoid scrutiny. This is not a crowd we should be hanging with. Finally, could you please disclose the head count data in the poll results revealing how many shareholders voted for and against each resolution so we can see the retail shareholder sentiment and the tragically low participation rate.
Answer: The question wrangler heavily reworked the first component but the chair said they moved the AGM forward for good governance and only about 20 shareholders voted by proxy. Watch video of exchange via Twitter.
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