5 questions lodged at 2026 Imagion Biosystems (IBX) virtual AGM

Q1. At last year's AGM there was a 43% protest vote against the share issue to The Market Bull. Was that some sort of "shares for spruiking" arrangement? What is our history with The Market Bull and do you know why there was such a large protest vote against it last year? Can you undertake not to propose another share issue to The Market Bull?"

Answer: The chair Bob Prouix invited director Brett Mitchell to explain the history given he is close to The Market Bull. It was an indeed payment for investor relations services which continued throughout they year but there are no plans for any more AGM resolutions to approve further grants. Watch video of exchange via Twitter.

Q2. The latest accounts show that we have accumulated losses of $71.3m and negative equity of $2.16m but at least the market is today valuing the equity at $6.37m so there is some hope although shareholders are down about $65 million overall. As a relatively new shareholder, could the chair briefly summarise where all the money went and what past directors and executives should have done differently to deliver a better experience for long-standing shareholders? If the chair doesn't know, could the person at the meeting with the best corporate memory please respond to this question?

Answer: The chair Bob Prouix said most of the money was spent on R&D developing its MRI technology, plus the phase 1 clinical study. He claimed they are very tight on corporate overheads, operating as a virtual company at times.

Q3. Resolution 2 question: "Why is our out-sourced company secretary Melanie Leydin joining this board? Is it because we were struggling to find enough Australian citizen directors? Is this just a stop gap measure until more directors can be found and could Melanie please comment on how many other ASX-listed boards she has sat on over the years? What is her average tenure when she does join an ASX board and has she ever served where she wasn't at some point the out-sourced company secretary?"

Answer: Well done to Melanie Leydin for reading this out in full and then providing a comprehensive answer. She's served on 11 or 12 ASX-listed boards, usually in the mining, exploration and biotech spaces for periods ranging between 1 and 8 years. She confirmed that her appointment to Imagion was indeed to help it meet its Australian citizen director number requirements at a time when it was suspended. The chair Bob Prioux confirmed that Melanie was well known to the company and the first person he turned to in their hour of need. It's an important role in small cap land to help keep struggling companies alive. Too many directors are fair weather friends who bail out at the first sign of trouble. Watch video of exchange via Twitter.

Q4. Why was there a nearly 20% vote against the performance rights grant to the directors. Did the opposing shareholders inform the company as to why they voted against and will you change the structure of these arrangements at next year's AGM?

Answer: The chair Bob Prouix and company secretary/director/question wrangler Melanie Leydin both said they had no information to explain the protest vote. Watch video of exchange via Twitter.

Q5. Resolution 10 question: "There was an 11.2% vote against the extra placement capacity resolution at last year's AGM? Will you undertake not to request this again in 2027 and if doing yet another selective placement over the next 12 months, will you undertake to offer your circa 8,000 retail shareholders a chance to participate on the same terms as the "sophisticated" placement recipients?"

Answer: There was only 8.15% against this year. Chair Bob Prouix claimed he has a good record at raising equity pro rata, which begs the question as to why he was asking for the extra 10% placement capacity. After this exchange, am reasonably confident the 8,000 retail shareholders will be offered an SPP if they do a placement going forward. Watch video of exchange via Twitter.

Copyright © 2026 The Mayne Report. All rights reserved

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