5 questions raised at 2026 Spacetalk (SPA) virtual EGM
September 16, 2026
Below is the text of the 5 written questions which were planned to be submitted at the Spacetalk (SPA) 4pm virtual EGM on September 16, 2026 via the Lumi platform. I ended up participating orally via Zoom as a guest at the 25 minute meeting as didn't have a VAC due to buying in after the NoM was issued (see Q2). See notice of meeting detailing 4 capital raising resolutions. Market cap $23.7m on EGM day. Latest accounts show $66.6m in accumulated losses and $11.9m in negative equity. The proxies were disclosed early in the comprehensive slide pack. There were no protest votes and no other shareholder participated.
Q1. When we announced the $10m two-tranche placement at 7.5c on August 5, why didn't we also include a share purchase plan for our 1500 retail shareholders so they could participate on the same terms as the big end of town and so-called "sophisticated" investors? Will the board commit to announcing a make-good SPP before the 2027 AGM? If not, why not?"
Answer: The chair Georg Chmiel claimed an SPP would have depressed the share price and instead the quick $10m placement got their market cap up from $7m to $24m. Curious maths. Listen to audio of exchange via Twitter.
Q2. Thanks for disclosing the proxies early and well done for achieving strong support on all resolutions. At future meetings, could we please have a physical component and also move beyond the VAC and instead just use a shareholder's HIN number for access as this is standard practice and easier for shareholders. I didn't have a VAC after buying the shares after the NoM was sent out but thanks for taking these questions as a guest via Zoom.
Answer: The chair said they would take on board these points.
Q3. Why didn't any other directors participate in the placement?
Answer: Georg Chmiel pointed out that all had participated in previous offers but claimed the other 4 directors on the 5 bloke board “didn't have the means to participate” this time. Isn't former SA Premier Mike Rann on a generous parliamentary pension? Listen to audio of exchange via Twitter.
Q4. In terms of who actually buys the shares, I've never liked the standard "or his nominee" provision which the lawyers routinely slip into these sorts of resolution. Will Simon Crowther personally take up these shares in his own name, or will the stock be going into some corporate vehicle or a relative's name?
Answer: The CEO Simon Crowther said he would be taking up the shares via his super fund. Listen to audio of exchange via Twitter.
Q5. 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 such as Taurus Capital to be partially paid with options in addition to their excessive 6% cash fee? It looks like we've paid overs. Did we run a tender before appointing Taurus?
Answer: The chair said they would take on board these points and then CEO Simon Crowther said they were moving into story telling mode so partnering with Taurus was important in that regard. Listen to audio of response via Twitter.
Copyright © 2026 The Mayne Report. All rights reserved
