4 questions lodged at 2026 X2M Connect (X2m) virtual EGM
September 11, 2026
Below is the text of the 4 written questions submitted at the 15 minute X2M Connection (X2M) 10am AEST virtual EGM on September 11, 2026 via the Automic platform. See notice of meeting. After additions they finished up with a ridiculous 23 resolutions which were dealt with in batches. Market cap $4.5m on EGM day. Bought 50,000 on August 28. The proxies were not disclosed early as no formal addresses were lodged with the ASX. See 4 questions asked at earlier 2026 EGM.
Q1. 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. Could Alan Stockdale comment on whether he is going to personally take up these shares in his own name, or will the stock be going into some corporate vehicle or a relative's name? Could the other director recipients also clarify their intentions on this matter?
Answer: The question wrangler Oliver Carton cut this one right down but at least chair Alan Stockdale disclosed that he usually gets his wife to take up the shares and she puts them in her super fund. No other director responded but this was lodged before proceedings commenced and they had clearly discussed how it should be dealt with before kick-off. Watch video of exchange via Twitter.
Q2. There were big proxy protest votes on some of the resolutions, including issues to the Joint Lead Manager (JLM). Is the chair aware what the issues and why shareholders are voting against in numbers? Are any of the 23 resolutions likely to be defeated?
Answer: Not sure if 81yo X2M Connect chair Alan Stockdale could even hear his question wrangler Oliver Carton intervening and answering questions 2 and 3 together. In terms of the protest votes, Carton simply said none of the items would be defeated. Watch video of exchange via Twitter.
Q3. After receiving $3.1m in SPP applications why didn't you at least marginally increase the $1m cap as so many other companies do in these sorts of situations. Could you have legally accepted all $3.1m?
Answer: Not sure if 81yo X2M Connect chair Alan Stockdale could even hear his question wrangler Oliver Carton intervening and answering questions 2 and 3 together. In terms of the SPP, the answer was simply to avoid dilution. Watch video of exchange via Twitter.
Q4. After these latest raisings, we now have more than 1.5 billion ordinary shares on issue yet our market cap today is below $5m. Will the board propose a share consolidation at the next AGM as this is getting ridiculous. I paid $500 to buy 125,000 shares at 0.04c to attend this meeting and we're only 3 digits away from reaching the lowest possible price of 0.01c.
Answer: The old boss Alan Stockdale, 81, got through 23 resolutions in 15 minutes because of brutal question cutting by wrangler Oliver Carton and dismissive short answers from the chair such as this share consolidation response. He didn't even say they would look at it. Watch video of final exchange via Twitter.
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