WHK
Whitehawk Limited
ASX
General Meeting Results
Sentiment:
General Meeting Results
10 February 2025 5:54 PM
WhiteHawk Limited's General Meeting on February 11, 2025, saw all resolutions carried by poll, including ratification of prior share issues and approval for future issuances.
Capital raise
The company received approval to issue Tranche 2 placement shares.
The company received approval to issue placement options.
The company received approval to issue broker options.
The company received approval to issue securities to Peak in lieu of fees.
The company received approval to issue securities to Viaticus Capital.
The company received approval to issue incentive options to Viaticus Capital.
Summary
- WhiteHawk Limited held a General Meeting on February 11, 2025.
- All resolutions presented at the meeting were approved via poll.
- The resolutions included ratification of prior issues of Tranche 1 placement shares under Listing Rules 7.1 and 7.1A.
- Approval was also granted for the issue of Tranche 2 placement shares, placement options, and broker options.
- Shareholders approved the issuance of securities to Peak in lieu of fees and to Viaticus Capital.
- The issue of stock appreciation rights units to director Terry Roberts was also approved.
- Finally, approval was given to issue incentive options to Viaticus Capital.
Sentiment
Score: 7
Explanation: The document presents a positive outcome of a general meeting with all resolutions passed, indicating shareholder support. However, some resolutions received notable opposition, and the company's reliance on share issuances for funding warrants caution.
Highlights
- All resolutions at WhiteHawk Limited's General Meeting on February 11, 2025, were carried by poll.
- Resolutions included ratification of prior share issues and approval for future issuances.
- Resolution 1, regarding ratification of prior issue of Tranche 1 placement shares under Listing Rule 7.1, passed with 78.81% of proxy votes for and 16.59% against.
- Resolution 2, regarding ratification of prior issue of Tranche 1 placement shares under Listing Rule 7.1A, passed with 77.53% of proxy votes for and 17.86% against.
- Resolution 3, regarding approval to issue Tranche 2 placement shares, passed with 76.14% of proxy votes for and 18.99% against.
- Resolution 4, regarding approval to issue placement options, passed with 77.44% of proxy votes for and 17.96% against.
- Resolution 5, regarding approval to issue broker options, passed with 80.30% of proxy votes for and 15.61% against.
- Resolution 6, regarding approval to issue securities to Peak in lieu of fees, passed with 81.00% of proxy votes for and 14.96% against.
- Resolution 7, regarding approval to issue securities to Viaticus Capital, passed with 79.21% of proxy votes for and 16.49% against.
- Resolution 8, regarding issue of stock appreciation rights units to director Terry Roberts, passed with 69.86% of proxy votes for and 26.29% against.
- Resolution 9, regarding approval to issue incentive options to Viaticus Capital, passed with 79.00% of proxy votes for and 16.59% against.
Positives
- All resolutions were successfully passed, indicating shareholder support for the company's strategic direction.
- High percentages of votes in favor of each resolution suggest strong confidence in management's proposals.
- Approval to issue shares and options provides the company with flexibility in raising capital and incentivizing key stakeholders.
Negatives
- Some resolutions, such as the issue of stock appreciation rights to a director, received a notable percentage of votes against (26.29%), indicating some shareholder concern.
Risks
- Issuing new shares and options could potentially dilute existing shareholders' equity.
- The company's reliance on placements and option issuances for funding may indicate challenges in generating sufficient revenue from its core business.
Future Outlook
The company has secured shareholder approval for various issuances of shares and options, providing a foundation for future capital raising and strategic initiatives.
Management Comments
- The release was authorized by Mindy Ku, Company Secretary, on behalf of the Board of Directors.
Industry Context
WhiteHawk operates in the cybersecurity sector, which is experiencing rapid growth due to increasing digital threats. The company's focus on AI/ML-based cyber risk monitoring and mitigation aligns with industry trends towards automation and proactive security measures.
Comparison to Industry Standards
- WhiteHawk's approach to cyber risk management through an online exchange is similar to platforms offered by companies like SecurityScorecard and BitSight, which provide security ratings and vendor risk management solutions.
- The company's focus on serving small and medium-sized businesses (SMBs) differentiates it from larger cybersecurity firms that primarily target enterprise clients.
- The use of AI/ML for cyber risk assessment is a common practice in the industry, with companies like Darktrace and Cylance leveraging these technologies for threat detection and response.
Stakeholder Impact
- Shareholders: Approval of resolutions allows the company to pursue its strategic objectives, but potential dilution from new share issuances is a concern.
- Employees: Successful passage of resolutions may provide job security and opportunities for growth.
- Customers: Continued investment in cybersecurity solutions could lead to improved protection and service offerings.
- Suppliers: Increased business activity may result in higher demand for their products and services.
- Creditors: The company's ability to raise capital through share issuances could improve its financial stability and creditworthiness.
Key Dates
- 2018: WhiteHawk launched with financing.
- February 11, 2025: Date of the General Meeting.
Keywords
General Meeting, Resolutions, Proxy Votes, Share Issuance, Options, WhiteHawk, Ratification, Approval
WHK
Whitehawk Limited
ASX
Sector: Software & Services
Filings with Classifications
Capital raise
17 April 2025 12:02 AM
Notice of Annual General Meeting
- The company is seeking approval to issue future shares to Lind Partners under the 2024 Agreement.
- The company is seeking approval of a 7.1A mandate to issue up to 10% of the company's issued capital.
Capital raise
28 March 2025 12:03 AM
Annual Report
- The company has the ability to continue to raise additional funds on a timely basis pursuant to the Corporations Act 2001.
Worse than expected
28 March 2025 12:03 AM
Annual Report
- The company reported a net loss after tax of US$1,780,630, indicating that the company is not yet profitable.
Better than expected
27 February 2025 4:04 PM
Preliminary Final Report
- The company's revenue increased by 15.6% compared to the previous year.
Capital raise
10 February 2025 5:54 PM
General Meeting Results
- The company received approval to issue Tranche 2 placement shares.
- The company received approval to issue placement options.
- The company received approval to issue broker options.
- The company received approval to issue securities to Peak in lieu of fees.
- The company received approval to issue securities to Viaticus Capital.
- The company received approval to issue incentive options to Viaticus Capital.
Worse than expected
30 January 2025 4:18 PM
Quarterly Activities Report
- The company reported a net cash loss from operations of US$84,000 for the quarter, indicating worse than expected financial performance.
Capital raise
30 January 2025 4:18 PM
Quarterly Activities Report
- WhiteHawk will seek shareholder approval to raise up to $535,000 under Tranche 2 of the Placement at the General Meeting scheduled on 11 February 2025.
Capital raise
9 January 2025 7:37 PM
Notice of General Meeting
- The company is seeking approval to issue up to 53,500,000 shares at $0.01 each, potentially raising $535,000.
- The company is also issuing options to placement participants, brokers, and consultants, which could lead to further capital raises if exercised.
Better than expected
12 December 2024 6:42 PM
Contract Renewal Announcement
- The contract renewal represents increased revenue compared to the previous contract with the same client.
Capital raise
1 December 2024 9:21 PM
Capital Raise Announcement
- WhiteHawk Limited is raising capital through the issue of 120,000,000 ordinary shares at AUD 0.01000 each and 40,000,000 placement options.
- The capital raise is subject to shareholder approval by January 28, 2025.
Delay expected
1 December 2024 9:21 PM
Capital Raise Announcement
- The issue date for the shares and placement options has been delayed pending shareholder approval, which is expected by January 28, 2025.
Capital raise
1 December 2024 9:10 PM
Securities Quotation Application
- Further share issues are planned to complete the placement, subject to shareholder approval.
Capital raise
25 November 2024 5:28 PM
Capital Raise Proposal
- WhiteHawk Limited is proposing to issue 56,000,000 ordinary shares and 28,666,667 options.
- The funds raised will be used for business growth, further development of AI-based cybersecurity solutions, debt repayment, and working capital.
Capital raise
25 November 2024 5:28 PM
Capital Raise Announcement
- Further capital raising is planned, subject to shareholder approval, involving the issuance of additional shares and options.
Better than expected
25 November 2024 5:28 PM
Capital Raise Announcement
- The successful A$1.7 million capital raise exceeded expectations, providing WhiteHawk with the resources to pursue its growth strategy and repay debt.
Capital raise
21 November 2024 5:13 PM
Trading Halt Announcement
- WhiteHawk Limited is planning a capital raising.
Capital raise
12 September 2024 6:19 PM
Notice of General Meeting
- Resolution 1 seeks ratification of a prior share issue of 15,000,000 shares to Lind Partners.
- Resolution 2 proposes issuing 12,500,000 options to Lind Partners.
- Resolutions 3 and 4 seek approval for future share issuances to Lind Partners.
- Resolution 5 proposes issuing 200,000 shares to related party Phil George.
Capital raise
6 August 2024 7:37 PM
Capital Raise Announcement
- WhiteHawk has secured an initial A$500,000 investment from Lind Global Fund II, LP.
- The Investment may be increased up to A$1M at a later stage on the same terms subject to mutual agreement.
- The company will issue 12,500,000 unlisted 3-year options to Lind at a 2c exercise price, subject to shareholder approval.
Delay expected
31 July 2024 1:45 AM
Quarterly Activities Report
- The final award of Peraton's bid for the Veterans Affairs Supply Chain Risk Management (SCRM) contract is delayed.
- The contract competition with D&B on the U.S. General Services Administration (GSA) SCRIPTS BPA Contract Vehicle has been delayed.
Capital raise
31 July 2024 1:45 AM
Quarterly Activities Report
- The Company is currently exploring funding options in the market in the event of delay of pending new contracts.
Capital raise
3 April 2024 10:34 PM
Notice of Annual General Meeting
- The company is seeking approval to issue up to 44,444,445 Placement Options to placement participants.
- The company is seeking approval to issue up to 17,777,778 Lead Manager Options to Alpine Capital.
- The company is seeking approval to issue up to 12,500,000 Consultant Options to Viaticus Capital.
- The company is seeking approval for a 7.1A mandate, allowing the company to issue equity securities up to 10% of its issued capital.
Delay expected
27 March 2024 8:34 PM
Annual Report
- The final award of Peraton's bid for Veterans Affairs Supply Chain Risk Management (SCRM) was delayed by 5 months.
- A Critical Infrastructure Cyber Risk Assessment (CIRA) Program contract for USD $1.9M, for State and Local client via Peraton delayed in procurement and State Legislature.
Worse than expected
27 March 2024 8:34 PM
Annual Report
- The company reported a net loss after tax of US$2,844,279, which is worse than the previous year's loss of US$1,537,740.
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.