4 questions lodged at 2026 X2M Connect virtual EGM
April 16, 2026
Below is the text of the 4 written questions submitted at the 18 minute X2M Connect (X2M) 3pm virtual EGM Melbourne time on April 15, 2026, via the Automic platform to approve numerous share issue resolutions after a recent $3m capital raising. Market cap only $5.7m on EGM day. Has $46m in accumulated losses and Alan Stockdale is chair. The proxies were not disclosed early to the ASX. Biggest protest vote 6.3% against broker options.
Q1. Why weren't retail shareholders given a chance to participate in this capital raising on the same terms as so-called "sophisticated" placement share recipients? Will you offer an SPP to your circa 600 "unsophisticated" retail shareholders before this year's AGM?
Answer: Not sure as didn't refresh the Automic screen to watch the meeting and assumed they were just running late when it seemingly didn't start on time.
Q2. After this latest placement at 0.06c, we now have 1.26 billion ordinary shares on issue yet our market cap today is only $5.7 million. Will the board propose a share consolidation at the next AGM as this is getting ridiculous. I paid $500 to buy 125,000 shares at 0.04c to attend this meeting and we're only 3 digits away from reaching the lowest possible price of 0.01c.
Answer: Not sure as didn't refresh the Automic screen to watch the meeting and assumed they were just running late when it didn't start on time.
Q3. Did we go to market and conduct a tender for ticket clipping services on this latest capital raising? I'm not a fan of paying the brokers with equity because they are generally not long term shareholders and it also provides an incentive for the recipient to pump and dump the stock in the future, in order to maximise their fees. Will the chair undertake to resist any future requests from brokers to be partially paid with options?
Answer: Not sure as didn't refresh the Automic screen to watch the meeting and assumed they were just running late when it didn't start on time.
Q4. I spent 18 months working for our chairman Alan Stockdale more than 30 years ago but haven't followed the history of this company, even though I'm a fan of Alan's past work as Treasurer of Victoria. As a relatively new shareholder, could Alan briefly summarise how he came to be our chair, how we wracked up $46m in accumulated losses and the history of his equity investments in the company before today's proposed incentive grant?
Answer: Chair Alan Stockdale appeared to be at home or in his private office and wasn't able to read the question, so it had to be read out to him twice by grumpy company secretary Oliver Carton, who made some amendments, and then tried to declare the question irrelevant on a technicality because I'd called the chair's proposed placement participation an "incentive grant". After two readings, chair Stockdale's only contribution was: "I'm not sure I understand what the question's import is". Watch video of this untidiness via Twitter. After that, it was left to CEO Mohan Jesudason to step up (watch video via Twitter) to provide some basic corporate history, including Stockdale's path to the chair role, but he bizarrely claimed it was wrong to say the $5.7m market cap company has $46m in accumulated losses when that's exactly what the accounts say on pay 41. He also boosted Alan's CV to include "chairman of Macquarie Infrastructure", which is not right. He certainly never chaired the public company Macquarie Infrastructure Group (MIG), but did work for several years at Macquarie after retiring from Parliament in 1999.
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