Biotron – latest news

The shareholder survey showed overwhelming support for a change of management.

• Tim Somerville wrote a letter to the directors on 26 June 2025, seeking a meeting to discuss matters including reorganising the board without the need for the formalities of an EGM. A response was requested by 30 June, but no response or acknowledgment was received.
• Very shortly after the letter of 26 June was sent, Michael Hoy telephoned a shareholder we had been proposing to nominate as one of the new directors. Michael Hoy offered for him to be appointed as a director immediately, but on the basis that he would not be entitled to provide any information to the other shareholders without the consent of the existing directors. Michael Hoy  requested him to ask us to put our actions on hold for two months.
• A videoconference  of the Shareholders Advisory Committee and proposed new directors was held on 3 July. The proposal for a two-month delay referred to above was discussed. It was decided that a two-month delay would give no benefit to the shareholders, and the proposal was not accepted. The committee decided that we should proceed to call for an EGM, to remove Michael Hoy as a director, and appoint three new directors in accordance with the wishes of the shareholders expressed in the survey. The signed consents of the three new directors are being arranged, and the formal documentation calling for the meeting will be served on the company in the next few days.
• Tim Somerville has just completed emailing each of the shareholders whose email addresses appear on the share register, informing them of the existence of this website.
• On 16 July, Michelle Miller wrote to the ASX, announcing that Michael Medway had been appointed as a non-executive director of the company. While Michael is well qualified to be a director, no reason has been provided as to why he was appointed at this time.
• On 23 July, the consents of the three new proposed directors were served by hand at the registered office of Biotron Ltd in Sydney. The constitution requires that those consents be served at least six weeks prior to the meeting at which the directors are elected. The Corporations Act requires that at least 28 days’ notice of a shareholders’ meeting must be given.