5 questions lodged at 2025 IXUP virtual EGM

Q1. Why were resolutions 7-14 withdrawn? Were there early indications from major shareholders that they were opposed to these proposals? Have there been any material protest votes on any of today's resolutions, including items 1 and 2?

Answer: The chair Julian Babarczy said some major shareholders had raised objections about special exertion payments to directors. Watch video of exchange via Twitter.

Q2. A 15% turnout on the proxies is low. What sort of proxy solicitation campaign did you run and is the low turnout reflective of the fact that we are majority owned by retail shareholders who don't generally vote at AGMs or EGMS.

Answer: They did nothing. Watch video of exchange via Twitter.

Q3. Why wasn't this capital raising done as a pro-rata offer that treated all shareholders equally, as opposed to the selective placement model which dilutes non-participants without offering any compensation for their lost property rights?

Answer: Usual blather about needing to be quick. Watch video of exchange via Twitter.

Q4. Who ran the exclusion process to ensure that participants in the placement did not vote on this resolution? How many different shareholders did participate in the placement and were all major shareholders offered their pro-rata allocation on a best endeavours basis?

Answer: Automic rep said they ran the exclusion process and chair said no pro-rata allocations were attempted. Watch video of exchange via Twitter.

Q5. Will a copy of the full EGM webcast be published on our website so that shareholders unable to attend live are able to find out what was said during the debate, as opposed to just seeing the voting results?

Answer: Doesn't sound like it. Watch video of exchange via Twitter.

Copyright © 2025 The Mayne Report. All rights reserved

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