4 questions lodged at 2026 Adherium (ADR) virtual AGM

Q1. By seeking to refresh your placement capacity, aren't you signalling that you'll likely do another selective institutional placement to the big end of town . Why didn't we bolt an SPP on to the offer - which is the retail equivalent of a selective institutional placement - in addition to the 1-for-1.5 entitlement offer? If we do another placement going forward, will you undertake to offer retail investors an SPP on the same terms?

Answer: Adherium question wrangler Emily refused to name the sole shareholder questioner at today's EGM. The Chair of the meeting offloaded the capital raising fairness question to a rather scripted CEO Dawn Bitz. Watch video of exchange via Twitter.

Q2. I'm not a fan of paying brokers and investment bankers 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? Whose idea was this and have we done it before?

Answer: Spoke against the proposed 100m options grant at 0.003c to lead manager Stralis Capital at the EGM of respiratory e-health company Adherium. The chairman said they were not a pump and dump outfit and declined to promise not to do this again. Prefer brokers are just paid cash. Watch video of exchange via Twitter.

Q3. With the stock trading at the second lowest possible price of 0.02c, why has it taken you so long to come up with a share consolidation proposal? I've never understood shareholder resistance to these measures. Did we face any and was there a material protest votes on the proxies?
Answer: The response was obviously scripted and there were no protest votes. Watch video of exchange via Twitter.

Q4. Best practice is to disclose the proxy position to the ASX along with the formal addresses before a shareholder meeting commences. You haven't bothered with either today. Have there been any material proxy protest votes on any of today's items, including this proposed related party transaction and will you disclose the proxies to the ASX ahead of further meetings to allow for a more fully informed AGM debate?

Answer: Adherium director Lou Panaccio needs to get with the program and embrace early disclose of the proxy votes to the ASX, not just flashing them up at the shareholder meeting leaving little time to frame questions about any material protest votes. Watch video of exchange via Twitter.

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