Potential questions for the 2026 Bailador Technology (BTI) physical AGM in Sydney
October 13, 2026
Below is the text of some potential questions which could be asked at the Bailador Technology (BTI) 11am physical AGM in Sydney on October 13, 2026. MUFG runs register. See notice of meeting detailing two voting resolutions: rem report and re-election of executive chair David Kirk. Market cap $147m on AGM day. The latest annual report discloses it has net assets of $242.8m and Stewart Thompson from Hall Chadwick is the audit signing partner. The proxies were not disclosed early in last year's formal addresses when there were no protest votes. Non-independent executive chair and co-founder David Kirk is the largest shareholder with 8.3% and they have 4,567 shareholders. Only protest was 7% against David Kirk's re-election.
Questions on the accounts
Q1. Could Stewart Thompson, the audit signing partner from Hall Chadwick, please comment on how rigorous the impairment testing process was with the latest accounts because with our market cap down to just $126.5m on Friday, the claimed net assets of $242.8m is looking rather optimistic?
Q2. Could David Kirk please comment on whether he believes the claimed net assets of $242.8m is accurate? If so, why aren't we buying back more shares and shouldn't we look at liquidating some of our investments and returning the cash to shareholders if the market continues to take such a contrary view on the claimed value of our various investments?
Q3. Hall Chadwick have been our external auditor since 2015. Are they the auditor of any or many of our investee companies and how many competitive tenders have we conducted for the external audit over the past 12 years. When are we next likely to run a competitive audit tender?
Rem report resolution
Q4. Rem report resolution: "When disclosing the outcome of voting on all resolutions today, including this rem report resolution, please advise the ASX how many of our 4,567 shareholders voted for and against each item, similar to with a scheme of arrangement? This will provide a better gauge of retail shareholder sentiment on all resolutions and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp, Myer, Flight Centre, Stockland and even the world's biggest share registry provider Computershare have all voluntarily provided this data at their most recent AGMs. You've got the data, so why not let the sun shine in?"
General business
Q5. "It is surprising that a company with 4,567 shareholders and claimed net assets of $243m chooses to have physical AGMs with not even a webcast of proceedings. Also, there is no recording or transcript of last year's AGM debate on your website. Will you undertake to hold a proper hybrid AGM next year and to also publish a recording of this year's AGM on your website for the benefit of the 98% of shareholders who haven't turned up in person today?
Q6. If you look at history, David Kirk doesn't have a great track record with acquisitions. When Fairfax CEO before the GFC, he arguably overpaid for Rural Press and Southern Cross Broadcasting and there's no doubt that Kathmandu, which David chaired for more than a decade, overpaid for Ripcurl in 2019 before COVID, shelling out $350m and struggling ever since. Seeing as we're essentially a venture company which relies on buying well, could David provide some self-reflective comments on his acquisitions record over the years: the good, the bad and the ugly.
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