2 questions lodged at 2026 ADX Energy (ADX) hybrid EGM
September 7, 2026
Below is the text of the 2 written questions submitted at the 15 minute ADX Energy (ADX) 3pm Perth time physical EGM on September 4, 2026 to approve 9 capital raising resolutions to further its gas push into Upper Austria and offshore Italy. They advertised this Zoom link to watch and then invited questions. Despite not being a shareholder they did eventually deal with my 2 questions lodged via Zoom as no real shareholders bothered to engage. See notice of meeting. Market cap $21.5m on EGM day. The proxies were not disclosed early in the formal addresses. There were 3 double digit protest votes.
Q1. Why weren't retail shareholders offered an SPP after the recent $3.58m placement?
Answer: As a non-shareholder, this question was quite rightly ignored when dealing with the formalities - watch video of this happening. But wait, things developed. ADX Energy executive chair Ian Tchacos wasn't able to chair this Perth EGM from offshore but appeared on screen at the end to answer general questions. Company secretary Amanda Sparks chaired the meeting from Perth then out-sourced Investor Relations manager Evy Litopoulos, who was also remote (presumably working from home) came on and read out my two questions even though I'm not a shareholder. Amazing. Regarding the failure to offer ADX's 2109 shareholders (who have collectively suffered $103.4 million in accumulated losses so far) an SPP, Ian Tchacos said retail shareholders could always buy on market now at a similar price to the placement, which wasn't a very empathetic answer. He reckons an SPP would have caused an overhang on the share price when they just wanted to raise the money quickly and move forward? Watch video of exchange via Twitter.
Q2. What explains the large protest vote against resolution 5?
Answer: Evy Litopoulos initially posed this question in a round about way, presumably not wanting to annoy chair Tchacos who was looking forward to some business-related questions from real and supportive shareholders. We got there in the end and chair Tchacos quite correctly said the 12% proxy protest reflected their opinion on brokers being paid by way of options but he said no specific complaints had been communicated to him. Watch video of exchange via Twitter.
Copyright © 2026 The Mayne Report. All rights reserved
