4 questions lodged at 2026 Airtasker (ART) virtual EGM
June 10, 2026
Below is the text of the 4 written questions submitted at the 55 minute Airtasker (ART) 11am virtual EGM held via the Automic platform on June 10, 2026. See notice of meeting detailing 4 resolutions. Market cap $90m on EGM day. The proxies were not disclosed early in the formal addresses and there were no protest votes. When the meeting concluded, they started gossiping about the questioners before turning off the feed and after the question wrangler declared they were "graced by the presence of Stephen Mayne" (online shareholders weren't named), chair Cass O'Connor started to explain that I was a shareholder activist who has "been around forever". I recall last speaking to her when working for The Age in 1992, some 34 years ago!
Q1. The 2025 annual report said that we had 12,287 shareholders but since then we've run an unmarketable parcel offer to take our small shareholders. How many shareholders were eligible to vote at today's EGM and how many did on this first item of business? Also, how many shareholders were excluded from voting on item 1 because they participated in the placement?
Answer: The question wrangler took all of this and said the unmarketable parcel offer took the register down to about 7000, only about 40 of whom bothered to vote at this lively EGM approving capital raisings. About 25 placement participants were excluded from voting. Watch video of exchange via Twitter.
Q2. When we announced the $10m placement last November, which is being approved today, why weren't our retail shareholders offered an opportunity to participate on the same terms through a share purchase plan? If we do another placement having refreshed our placement capacity, will retail shareholders be brought into the deal via an SPP?
Answer: Airtasker chair Cass O'Connor (a former Malcolm Turnbull employee who has been around forever) gave an unconvincing response in which she essentially blamed the broker for not making an offer to the 7,000 retail shareholders. Watch video of exchange via Twitter.
Q3. The latest accounts report that after a $21m loss in the December half, we have $179m in accumulated losses and negative equity of $9.8m. But our current market cap is $90m so our balance sheet is about $100m more conservative than the market's assessment. Do we have a history of expensing costs that should be capitalised and did this overly conservative statutory balance sheet scare off any potential participants in last year's $10m placement which we're approving today?
Answer: The chair Cass O'Connor delayed this question until the end and then basically said the balance sheet is not impacting the company's ability to raise capital. We heard later in the meeting that the Australian business is making about $15m a year in profit but the losses are all coming from offshore expansion, mainly in the UK and US. There is no dominant global player in the online work market and Airtasker is going for global growth. Watch video of exchange via Twitter.
Q4. In order to better understand the full context of this proposed incentive grant, could the CEO Tim Fung please briefly summarise his full equity ownership history in Airtasker, including any lapsed incentive grants? Please don't say look it up in the annual report and through ASX announcements. It's complicated and the CEO could factually summarise the situation in 60 seconds.
Answer: Airtasker floated at 65c in 2021 after riding the online work wave caused by Covid, but its shares are now wallowing at 20c. Co-founder and CEO Tim Fung said that he still owns 10% and explained that virtually all of his performance grants since the float have lapsed. Watch video of exchange via Twitter.
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