GTH
Gathid LTD
ASX
Long Term Suspended Entities
Sentiment:
Suspension Notice
18 October 2024 1:15 AM
The Australian Securities Exchange (ASX) announced on October 18, 2024, that it will remove several long-term suspended entities from its official list if they fail to meet specified deadlines for lodging overdue reports and resuming trading.
Worse than expected
The announcement details numerous companies failing to meet reporting deadlines, resulting in potential delisting, which is significantly worse than expected performance.
Summary
- The ASX released a market announcement on October 18, 2024, regarding long-term suspended entities.
- Multiple companies have had their securities suspended for over three months due to failure to lodge required periodic reports.
- The announcement lists these companies, their ASX codes, missing reports, and deadlines.
- Companies have until a 1-year deadline to lodge the oldest outstanding report and a 2-year deadline to have a plan to resume trading approved by ASX.
- Failure to meet either deadline results in removal from the official ASX list, typically effective from the first trading day after the deadline.
- The ASX recommends regular disclosures to keep the market informed of the company's status and plans to resume trading.
- ASX's removal policy is detailed in section 3.4 of ASX Listing Rules Guidance Note 33.
- Short extensions may be granted in limited circumstances, but the provided deadlines do not reflect any granted extensions.
- Reinstatement to quotation isn't automatic and requires ASX satisfaction that all issues are addressed and Listing Rules are met.
- The ASX encourages companies to engage with their Listings Advisers regarding reinstatement plans.
- The dates in the announcement are subject to change, and entities could be removed earlier than the stated deadlines.
Sentiment
Score: 3
Explanation: The announcement conveys negative news regarding multiple companies facing delisting due to non-compliance. The tone is factual and informative, but the underlying information is negative.
Negatives
- Multiple companies have had their securities suspended for over three months.
- Many companies have failed to lodge required periodic reports.
- Companies face removal from the ASX official list if they don't meet the deadlines.
Risks
- Companies risk removal from the ASX official list if they fail to meet the specified deadlines.
- The dates in the announcement are subject to change, and entities could be removed earlier than the stated deadlines.
Future Outlook
Entities that do not meet the specified deadlines will be removed from the ASX official list. Reinstatement is not automatic and requires ASX approval.
Industry Context
This announcement reflects the ASX's enforcement of its listing rules and its commitment to maintaining market integrity. It highlights the potential consequences for companies that fail to meet their reporting obligations.
Next Steps
- Companies must lodge overdue reports by the 1-year deadline.
- Companies must have a plan approved by ASX to resume trading by the 2-year deadline.
- Companies should engage with their Listings Advisers regarding reinstatement plans.
Key Dates
- 31 October 2023: Due date for First Quarter Activities Report and First Quarter Cashflow Report for several entities
- 31 January 2024: Due date for Second Quarter Activities Report and Second Quarter Cashflow Report for several entities
- 29 February 2024: Due date for Half Year Accounts and Half Yearly Report for several entities
- 30 April 2024: Due date for Third Quarter Activities Report and Third Quarter Cashflow Report for several entities
- 31 July 2024: Due date for Fourth Quarter Activities Report and Fourth Quarter Cashflow Report for several entities
- 30 August 2024: Due date for Preliminary Final Report for several entities
- 30 September 2024: Due date for Full Year Accounts for several entities
- 18 October 2024: Date of ASX market announcement
- 31 October 2024: 1-year deadline for lodging oldest outstanding periodic report for AYI
- 1 August 2025: 2-year deadline for AYI to execute plans for trading resumption
- 30 September 2025: 1-year deadline for lodging overdue Full Year Accounts for several entities
- 5 February 2026: 2-year deadline for AHI to execute plans for trading resumption
Keywords
ASX, Suspended Entities, Periodic Reports, Listing Rules, Trading Suspension, Market Announcement, Delisting, Compliance
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.