GTH
Gathid LTD
ASX
Annual General Meeting Notice of Meeting / Proxy Form
Sentiment:
Notice of Annual General Meeting
16 October 2024 6:58 PM
Gathid Ltd will hold its Annual General Meeting (AGM) virtually on November 21, 2024, at 11:00 am AEST, covering financial statements, director re-election, incentive plans, and a potential 10% placement facility.
Capital raise
The company is seeking shareholder approval for a 10% placement facility, allowing it to issue equity securities up to 10% of its issued share capital over a 12-month period.
Summary
- Gathid Ltd's AGM will be held virtually on November 21, 2024, at 11:00 am AEST.
- The meeting will cover the approval of the financial statements for the year ended June 30, 2024.
- Shareholders will vote on the Remuneration Report, the re-election of Director Craig Davies, and the approval of the Omnibus Incentive Plan.
- A resolution to approve a 10% placement facility over a 12-month period will also be considered.
- The meeting will include resolutions to grant 1,735,800 performance rights to Craig Davies and ratify the prior grant of 15,245,050 performance rights to employees.
- Shareholders are encouraged to vote electronically using the Lumi Online Platform or return the Proxy Form by November 19, 2024.
Sentiment
Score: 5
Explanation: The document is neutral, outlining standard corporate procedures and proposals. While there are positive elements (capital raise, director re-election), there are also potential negatives (voting restrictions, lack of detailed financial performance).
Positives
- The company is seeking shareholder approval for a 10% placement facility, which could provide additional capital for growth.
- The re-election of Craig Davies, an executive with extensive experience in technology and cybersecurity, is proposed.
- The Omnibus Incentive Plan aims to reward, retain, and motivate employees while aligning their interests with shareholders.
- The company is providing shareholders with multiple options for participation in the AGM, including online voting.
Negatives
- Several resolutions are subject to voting exclusions, potentially limiting the participation of certain stakeholders.
- The company's financial performance for the year ended June 30, 2024, is not explicitly detailed in this document.
Risks
- The success of the 10% placement facility depends on market conditions and shareholder approval.
- The valuation of performance rights is subject to assumptions and may vary.
- Voting restrictions could impact the outcome of certain resolutions.
Future Outlook
The company seeks shareholder approval for a 10% placement facility to raise additional capital for acquisitions or investments and general working capital. The success of this and the incentive plans depends on shareholder approval and market conditions.
Management Comments
- The Directors abstain from making a voting recommendation as a matter of good corporate governance.
- The Directors (with Mr Davies abstaining) unanimously recommend that you vote in favour of this Resolution.
- The Directors unanimously recommend that you vote in favour of this Resolution.
Industry Context
This announcement is typical of corporate governance procedures for Australian listed companies. The proposed placement facility reflects a common strategy for companies to raise capital for growth, particularly in the technology sector where Gathid operates.
Next Steps
- Hold the Annual General Meeting on November 21, 2024.
- Shareholders to vote on resolutions regarding the Remuneration Report, Director re-election, Omnibus Incentive Plan, and 10% placement facility.
- Grant Performance Rights to Craig Davies and ratify prior grants to employees.
- Potentially raise capital through the 10% placement facility.
Key Dates
- October 16, 2024: Notice of Annual General Meeting dated
- November 14, 2024: Deadline for submitting written questions for the auditor
- November 19, 2024: Deadline for receiving proxy forms
- June 30, 2024: Year end for financial statements
- November 21, 2024: Date of the Annual General Meeting
Keywords
Annual General Meeting, Gathid Ltd, Omnibus Incentive Plan, Placement Facility, Performance Rights, Shareholder Approval, Craig Davies, Remuneration Report, Financial Statements
GTH
Gathid LTD
ASX
Sector: Software & Services
Filings with Classifications
Better than expected
16 April 2025 7:19 PM
Quarterly Activity Statement & Business Update
- The company's ARR growth of 142% indicates better than expected performance compared to the end of FY24.
Delay expected
23 January 2025 10:41 PM
Quarterly Report
- The company is waiting for the resolution of a dispute over the sale of its physical security business before relisting on the ASX.
- The audit opinion in respect of the FY24 Financial Statements may require further actions by the ASX before any relisting takes place.
Better than expected
23 January 2025 10:41 PM
Quarterly Report
- The company's ARR growth of 12% in the quarter and 92% since the end of FY24 is better than expected.
- The company secured two new customer contracts and maintained a high renewal rate, which is better than expected.
- Sales revenue increased from $272k to $390k, which is better than expected.
Worse than expected
21 November 2024 5:50 PM
AGM Results
- The 'first strike' against the remuneration report indicates that the company's compensation practices did not meet the approval of a sufficient number of shareholders.
Worse than expected
20 November 2024 11:15 PM
Annual General Meeting Results
- The rejection of several key resolutions, including the remuneration report, incentive plan, and placement facility, indicates worse-than-expected results from the AGM.
Capital raise
20 November 2024 11:15 PM
Annual General Meeting Results
- The rejection of the 10% placement facility suggests that securing additional capital may be more challenging than anticipated.
Delay expected
20 November 2024 8:05 PM
Annual Report Presentation
- The finalization of the sale of the RightCrowd businesses has been delayed due to an ongoing dispute with the buyer, Bloom.
- The audit of Gathid's FY24 financial accounts has been delayed due to Bloom's failure to provide necessary documents to the auditors.
Worse than expected
20 November 2024 8:05 PM
Annual Report Presentation
- The company's overall profit was driven by the sale of its RightCrowd business, masking a significant loss from its core Gathid business.
- The ongoing dispute with Bloom regarding the sale of RightCrowd and potential further claims creates significant uncertainty and financial risk.
- The auditors' inability to provide an unqualified opinion on the financial statements due to lack of access to information from Bloom indicates a significant shortcoming in the financial reporting process.
Delay expected
4 November 2024 8:00 PM
Quarterly Report
- The finalization of the sale of the physical security business has been delayed due to a dispute over the final payment calculation, impacting the company's ability to provide the ASX with the required information for relisting.
Worse than expected
4 November 2024 8:00 PM
Quarterly Report
- The unresolved dispute regarding the final payment from the sale of the physical security business represents a significant negative deviation from expectations, creating uncertainty and delaying the company's ASX relisting.
Worse than expected
18 October 2024 1:15 AM
Suspension Notice
- The announcement details numerous companies failing to meet reporting deadlines, resulting in potential delisting, which is significantly worse than expected performance.
Capital raise
16 October 2024 6:58 PM
Notice of Annual General Meeting
- The company is seeking shareholder approval for a 10% placement facility, allowing it to issue equity securities up to 10% of its issued share capital over a 12-month period.
Delay expected
30 July 2024 12:04 AM
Quarterly Activity Statement
- The resolution of the dispute over the consideration due for the sale of the physical security businesses is delayed.
Worse than expected
10 July 2024 2:15 AM
Market Announcement Long Term Suspended Entities
- The document indicates that numerous companies have failed to meet their reporting obligations, which is worse than expected for market compliance.
Delay expected
10 July 2024 2:15 AM
Market Announcement Long Term Suspended Entities
- The document lists numerous companies that have delayed lodging required periodic reports.
Worse than expected
20 June 2024 7:12 PM
Release to ASX
- The expected cash balance is lower than the previously announced target.
Delay expected
20 June 2024 7:12 PM
Release to ASX
- The FY23 R&D Tax Incentive claim will be received after 30 June 2024.
- The FY23 income tax return submission is delayed due to the expert determination process.
Delay expected
19 April 2024 3:11 AM
Business Update
- The expert determination process regarding the dispute with Bloom is ongoing.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.