5 questions lodged at 2026 De.mem (DEM) virtual AGM
May 26, 2026
Below is the text of the 5 written questions submitted at the 48 minute De.mem (DEM) 4pm AEST virtual AGM held via Zoom/Vistra on May 26, 2026. See notice of meeting detailing 7 items of business. Market cap $24m on AGM day. Accumulated losses of $33.2m and net assets of $13.9m as of December 31, 2025. Only protest last year 12% against director Michael Edwards. Requested early proxy disclosure two days before the meeting but was rejected by company secretary Tony Di Pietro. The proxies should have been disclosed early with these formal addresses. Was the only one of the 1061 shareholders asking live questions although they dealt with some pre-AGM questions and even displayed the scripted responses as they were read out.
Q1. The 5 men on this board have a very international flavour. Who are our 3 Australian citizens satisfying the listing rules and Corporations Law requirements? Also, given we are a global business with offshore leadership, what is the history and logic of this business being listed on the ASX?
Answer: The CEO Andreas Kroell said it was him, Danny Conlon and Michael Edwards who had Australian passports, even if he didn't sound Australian. The history of the business which started in Singapore was good. Australia is a dry place and therefore a big market for its water treatment technology. Watch video of exchange via Twitter.
Q2. How much money did we save by running this virtual AGM on Zoom through Vistra, as opposed to using the excellent online meeting platform offered by our share registry provider MUFG? Also, besides company secretary services, how extensive is our engagement with Vistra? Could company secretary Tony De Pietro comment on whether he's able to provide the headcount data to the ASX with the poll results. If so, could he recommend to the board to do this?
Answer: Vistra-supplied company secretary Tony De Pietro declined to answer the MUFG component. Given Vistra just uses Zoom, will ask if they charge anything but for their time. Regarding head count, he'll talk to the board about it. Watch video of exchange via Twitter.
Q3. The only modest protest vote at last year's AGM was 12% against director Michael Edwards. What was the cause of this protest and has the issue been addressed? Also, as the director with the most ASX capital raising experience, what is Michael's personal history when it comes to capital raisings at boards where he serves. How many share purchase plans has been involved in and how many placements without an SPP has he done over the years? Has he advised many companies to prioritise retail shareholders in capital raisings?
Answer: There was no insight on the protest vote but the brass praised Michael as a great long-serving director. After navigating the tech, Michael said he did prioritise retail shareholders and estimated that he'd been involved in about 30 capital raisings over his career. Between one third and one half of these have included retail participation. 15 standalone placements is a lot but good on him for having a stab at the numbers. Watch video of exchange via Twitter.
Q4. Will you undertake not to request this additional 10% placement capacity again in 2027 and if doing another selective placement over the next 12 months, will you undertake to offer your 1,061 retail shareholders a chance to participate through a Share Purchase Plan on the same terms as the "sophisticated" placement recipients?
Answer: The CEO Andreas Kroell was reluctant to commit but he heard the message and said they would consider the interests of retail shareholders. Watch video of exchange via Twitter.
Q5. What caused the 10% remuneration report protest and larger protests against some of the options grants? Also, please disclose the proxies earlier to the ASX along with the formal addresses before next year's AGM starts. It provides more preparation time for questions like this.
Answer: No insight from anyone at De-mem as to what caused multiple 10-12% remuneration protest votes. Corporate voting in Australia is not a secret ballot. You can ring the protesting shareholders and inquire as to the source of their concern. Vistra-supplied company secretary Tony De Pietro rejected the early proxy disclosure request two days ago and repeated his line about it not being required. C'mon Tony, get with the program like all of the other companies on this list. Watch video of exchange via Twitter.
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