NoviqTech Limited's AGM and Proposed Resolutions

NoviqTech Limited (ASX: $NVQ) has issued a Notice of Annual General Meeting to be held on 31 May 2024 at Automic Group, Level 5, 126 Phillip St, Sydney NSW 2000 at 10:30 am (Sydney time). Shareholders are encouraged to vote by proxy, and the agenda includes various resolutions such as the adoption of the remuneration report, election of directors, approval of placement capacity, ratification of prior share issues, and other matters related to the issuance of shares and change of auditor.

Executive Commentary on Proposed Resolutions

The company emphasizes the importance of shareholders' votes and provides detailed information on the voting process, eligibility, and voting by proxy. The resolutions cover a range of matters including financial statements and reports, adoption of the remuneration report, election of directors, approval of placement capacity, ratification of prior share issues, issuance of shares to directors, and change of auditor. The company provides voting exclusion statements for certain resolutions, ensuring transparency and compliance with regulations.

Summary of NoviqTech's AGM Resolutions

NoviqTech Limited is proposing a consolidation of its capital to increase its share price by a factor of 10, subject to market conditions, and reduce administrative burden and complexity. The consolidation will also affect convertible securities, with options being consolidated in the same ratio as shares and their exercise prices being amended accordingly. The company is seeking shareholder approval to issue shares to non-executive directors in lieu of their salaries to preserve cash reserves. NoviqTech is also seeking approval to issue shares to a third party in consideration for recruitment services. Additionally, the company is proposing a change of auditor, subject to ASIC's consent, and is recommending the appointment of BDO Audit Pty Ltd as the new auditor. Shareholders are encouraged to check their holdings after the consolidation, and the company assures that it should not result in a capital gains tax event for Australian tax residents. The proposed share issue to non-executive directors is in accordance with ASX Listing Rule 10.11 and requires shareholder approval.