Why Mindax (ASX:MDX) Appoints Three New Directors and Adds Shareholder Approval Condition to A$3.25 Million Convertible Note

Sonal Goyal

23 October 2026 05:58 PM AEDT

Why Mindax (ASX:MDX) Appoints Three New Directors and Adds Shareholder Approval Condition to A$3.25 Million Convertible Note

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Key Highlights

Mindax (ASX:MDX) announced that Ying Yang, Bolin Lan and Chengze Yu joined its board as non-executive directors with effect from 22 October 2026.
The A$3,250,000 convertible note now requires Shareholder approval under ASX Listing Rule 10.11, in addition to Foreign Investment Review Board approval.
Either party may terminate the deed if conditions are not satisfied by the later of the FIRB approval deadline and 22 March 2027.

Mindax Limited (ASX:MDX) announced on 23 October 2026 that Ying Yang, Bolin Lan and Chengze Yu joined its board as non-executive directors with effect from 22 October. Ms Yang was subsequently appointed non-executive chair. Each director will stand for election at the Annual General Meeting on 28 November 2026. The announcement does not mention any resignations and does not disclose director remuneration.

The company describes Ms Yang as an investor and businesswoman with more than 30 years' experience, including in biotechnology and education. Mr Lan is described as a corporate executive with management experience in biotechnology, education, Mining and property development. Mr Yu is a Melbourne-based executive with experience in property development, construction, investment and asset management in Australia and China.

Director interests

The initial director's interest notices set out holdings. Ms Yang has no direct holding, but 235,000,000 fully paid ordinary shares are held by L&Y Investment Holdings Pte Ltd of Singapore, of which she is the controlling person. She is also indirectly interested in a convertible note agreement dated 31 August 2026 between Mindax and L&Y, covering one note convertible into up to 114,755,085 shares.

Mr Lan has no disclosed holdings or contracts. He is described as a relative of Ms Yang but has no relevant interest in securities held by L&Y. Mr Yu holds 20,956,803 shares directly, with a further 127,508,027 held by his spouse and 15,170,000 held by his father.

Convertible note amendment

In a separate announcement, Mindax (ASX:MDX) said it and L&Y had varied the deed for the A$3,250,000 convertible note, first announced on 7 September 2026. The note's issue now depends on an additional condition precedent: shareholder approval under ASX Listing Rule 10.11, unless ASX confirms approval is not required or grants a waiver. The existing condition that approval be obtained from the Foreign Investment Review Board continues to apply.

If the conditions are not satisfied by the later of the FIRB approval deadline and 22 March 2027, either party may terminate the deed. On termination, Mindax must repay the subscription monies with interest. The parties may instead agree in writing to amend the deed or extend the timeframe. The company says all other terms of the note are unchanged.

Status and details not stated

The note has not been issued while its conditions remain outstanding. The announcement does not state the conversion price, Maturity date, interest rate, security arrangements or the specific FIRB deadline. Ms Yang, as controlling person of L&Y, is indirectly interested in the note, and Listing Rule 10.11 deals with issues of securities to related parties.

The dates stated in the announcements are the annual general meeting on 28 November 2026, at which the three new directors are due to seek election, and the 22 March 2027 date, subject to the FIRB deadline. Shareholder approval under Listing Rule 10.11 is a further condition for the note to be issued.

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