Following what happened at the annual general meeting on 17 November 2025, the first step is to find out who are the mysterious “sophisticated investors” to whom the directors issued about 200 million shares just before the AGM, whose proxies were used to defeat the will of the existing shareholders, including defeating the restructure of the Board of Directors. So far, my efforts to find out the identity of the “sophisticated investors” have hit a series of brick walls.
The Biotron website lists the top 40 Shareholders. If the directors update that list, I can compare it to previous lists, to identify the new investors. However, the list has not been updated since April.
On 9 November 2025, I wrote the company secretary, requesting a copy of the share register, to which I’m entitled as a shareholder.
On 12 November, I received a letter from Julian Atkinson, the Western Australian solicitor engaged by the directors. He said that the information I was seeking about the new shareholders could not be provided because of “privacy requirements”. He also referred a section of the Corporations Act under which I am entitled to the share register and said it was “subject to the requirements of” the section.
The only requirement of that section is for me to pay the amount the company requests for supplying the register. So, I wrote back the same evening, 12 November, asking how much they wanted me to pay.
On 17 November, the date of the meeting, I received a reply from Julian Atkinson, saying they required $250, but giving no indication as to how I should pay it.
On 21 November I emailed Mr Atkinson and asked him how I should pay the sum of $250.
On 26 November, I submitted a request to Computershare for a copy of the share register pursuant to their obligations under the Corporations Act, as the holders of the share register.
On 30 November, I emailed Mr Atkinson, summarising the tactics referred to above, and asking whether there is any reason why this conduct should not be referred to the ASX. No reply was ever received.
No reply has been received and the identity of the “sophisticated investors” remains a mystery. It is becoming apparent that their tactics are to delay provision of the share register long enough so that, with the issue additional shares under the rights offer, I won’t be able to determine the identity of the “sophisticated investors”.
I obtained an informal opinion of one of our shareholders who is a busy specialist anaesthetist practising at hospitals in Sydney. It is interesting that the presentation did not mention that a phial of the currently most used anaesthetic costs only about $1.50. I’ll leave it to you to judge whether you should trust the directors with more of your money to fund a new project.
On 22 December 2025, I lodged a notification with ASX of breaches of the Listing Rules. I am awaiting a response from them.
On 12 January 2026, Niv Dagan, the guy behind Peak Asset Management, who put together the Sedarex deal, lodged a form relating to his company’s shareholding in Biotron.The Corporations Act requires that this disclosure must be given to the ASX within two business days. However, the form is dated 12 January 2026, and relates to share acquisitions between 17 October 2025 and 10 December 2025. The Act also requires disclosure of the agreement under which the shares were issued, though nothing is attached to the form.At last, it gives some indication of the “sophisticated investors” to whom shares were issued prior to the last AGM. However, the form indicates that Nic Dagan’s company received only 29,873,484 shares prior to the AGM, out of a total of about 200 million shares issued to “sophisticated investors”. The form is also puzzling, in that the table on the form refers to Nic Dagan’s company receiving a total of 221,204,870 shares, though item 3 on the form state that the company holds 225,200,832 shares. Even more puzzling is item 4 on the form stating that the company holds “29,928,000 Ordinary shares fully paid”.
