4 questions lodged at 2026 Micro-X (MX1) virtual EGM
September 28, 2026
Below is the text of the 4 written questions submitted at the 22 minute Micro-X (MX1) 1.30pm virtual EGM held via the Automic platform on September 28, 2026. See notice of meeting detailing 6 convertible note resolutions. Market cap $34m on EGM day. No formal addresses or proxy votes were lodged with the ASX and there were no protest votes. There was one other questioner on the call, Jamie, who asked a number of pointed questions including on dilution and the lack of an SPP. Well done, Jamie! Also, see these 4 questions lodged at 2025 EGM.
Q1. I listened carefully to the recent interview that CEO Brian Gonzales did with Alan Kohler on The Intelligent Investor do help determine how I should vote at today's EGM. Is that the most comprehensive recent interview Brian has done and was there any connection between that interview and the recent ASX price query? Also, did Brian receive any feedback from the note investors on the interview and, leaving aside the directors, how many different investors participated in this note issue?
Answer: The trick with EGMs is trying to weave general issues into questions which are meant to be about very specific resolutions. Kudos to company secretary Richard Willson for reading this in full and chair Patrick O'Brien also did well answering all elements. There were 6 non-director participants in the note issue. It was the CEO's most comprehensive interview and we later heard from the CEO that no one at the company had received any feedback. They straight batted the price query element, although it can't have been connected as the interview only went live on September 24 and the price query response landed on September 23, so that element of the question was a bit dopey, although they didn't point this out. Watch video of exchange via Twitter.
Q2. In terms of who actually buys the notes, I've never liked the standard "or his/her nominee" provision which the lawyers routinely slip into these sorts of director investment resolutions. There are 4 directors seeking approval to buy notes today - Patrick, Ilona, James and Andrew. Could those recipients who are on the call today, clarify if they plan to take up the notes personally in their own name, or will they be going into some corporate vehicle or a relative's name?
Answer: This question was lodged a few minutes before kick-off and quick-moving company secretary Richard Willson took soundings from the 4 directors who collectively came up with a "we haven't yet decided" response, via said cosec. This was a bit evasive. First time anyone has offered up that as a response. Most directors are acutely aware of how they intend to manage their personal financial affairs, but appreciate they'd rather not talk about it. Watch video of exchange via Twitter.
Q3. Did we conduct a tender for under-writing services on this raising? Also what is our history with Tiga Trading Pty Ltd, which is associated with billionaire Alex Waislitz? Resolution 5 allows for Tiga Trading Pty Ltd to nominate whoever it likes to make the $2 million note investment? Do we know which investment vehicle is proposed to be used? I'm an investor in Mr Waislitz's ASX-listed Thorney Technology Fund and would like to know if it will be making any or all of this investment?
Answer: Billionaire Alex Waislitz has backed Micro-X since before it listed in 2016 but chair Patrick O'Brien, who was impressive at today's 22 minute virtual EGM, is not yet aware which corporate vehicle Alex will use for his latest $2m note investment as underwriter of the $8m raise. Watch video of exchange via Twitter.
Q4. How many shareholders do we have and how many have voted by proxy on these resolutions today?
Answer: The very helpful company secretary, Richard Willson, reported back that 50 or the 3,690 shareholders had voted by proxy. Watch video of exchange via Twitter.
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