5 questions lodged at 2025 Felix Group hybrid AGM
November 12, 2025
Below is the text of the 5 written questions submitted at the 70 minute Felix Group (FLX) 11am Brisbane time hybrid AGM and via Computershare on November 12, 2025. Market cap around $65m after a flat year. Seeking extra 10% placement capacity. Did a $16m placement to fund an acquisition followed by $1m SPP that fell short and only raised 500k. See notice of meeting and voting results. The proxies were not disclosed early in the late formal addresses. Latest annual report shows accumulated losses of $58.7m, negative equity of $4.26m, 867 shareholders and David Williams as the second largest shareholder with 10.1%. Only protest in 2024 17.8% against extra placement capacity resolution. Emailed them the night before requesting early proxy disclosure.
Q1. When was the audit last tendered and when will it next be tendered?
Answer: The acting CEO and question wrangler James Frayne said it was tendered two years ago with no current plans for another tender. Watch video of exchange via Twitter.
Q2. Why wasn't the chair's address lodged with the ASX before the AGM commenced, in compliance with the listing rules? Also, have there been any material proxy protest votes against any of today's resolutions, including this remuneration report item?
Answer: The acting CEO and question wrangler James Frayne the chair address was lodged at the start of the meeting and there were no protest votes. Watch video of exchange via Twitter.
Q3. The only protest vote at the 2024 AGM was 17.8% against the request for an extra 10% placement capacity. Why did you not heed the message and instead come back and ask again for this authority. Next time you raise capital, will you consider doing a pro-rata issue which treats all shareholders equally, rather than issuing as much as 25% of the company's shares to whoever you like, potentially diluting existing shareholders without compensation.
Answer: The acting CEO and question wrangler James Frayne did too much editing and culling on this question and the chair gave a lengthy response about flexibility in capital raisings. Watch video of exchange via Twitter.
Q4. Melbourne-based investment banker David Williams is our second largest shareholder with 10.1% through his Moggs Creek investment entity. Mr Williams was recently voted out as chair of Polynovo after a series of controversies. What is our history with Mr Williams in terms of his shareholding in the company? If he asked for a seat on the Felix board, what would we say? Is he a supportive shareholder?
Answer: The chair... Watch video of exchange via Twitter.
Q5. Is George Rollerson planning to serve a full 3 year term and is he likely to recontest again in 2028?
Answer: George is a non-independent director who has served since 2014 and said he planned to serve a full 3 year term, at which point he would review the situation. Watch video of exchange via Twitter.
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