Announcement • Apr 17
ASDAM Operations Pty Ltd completed the acquisition of Quickstep Holdings Limited (ASX:QHL) from a group of shareholders. ASDAM Operations Pty Ltd proposed to acquire Quickstep Holdings Limited (ASX:QHL) from a group of shareholders for AUD 28.7 million on November 6, 2024. A cash consideration valued at AUD 0.4 per share will be paid by ASDAM Operations Pty Ltd. As part of consideration, an undisclosed value is paid towards common equity of Quickstep Holdings Limited. As of December 20, 2024, Quickstep Holdings Limited (ASX:QHL) has entered into a binding Scheme Implementation Deed with ASDAM Operations Pty Ltd (ASDAM), in relation to the proposal for ASDAM to acquire 100% of Quickstep’s issued shares by way of a scheme of arrangement. Under the terms of the Deed, Quickstep shareholders will receive AUD 0.575 for every one Quickstep share held by them at the record date for the Scheme. The Scheme Consideration represents a 195% premium to the closing share price of Quickstep of AUD 0.195 as at November 6, 2024. ASDAM intends to fully fund payment of the aggregate Scheme Consideration using existing cash reserves and the drawdown of existing debt facilities available to it.
Quickstep’s Board of Directors unanimously recommend that shareholders vote in favor of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert concluding and continuing to conclude that the Proposed Transaction is in the best interests of Quickstep shareholders.
The Scheme will be subject to certain customary terms and conditions for a transaction of this nature including (i) Unanimous recommendation by the Quickstep Board in favour of the Scheme, subject to no Superior Proposal emerging and the Independent Expert concluding the Scheme is in the best interests of the Quickstep shareholders; (ii) All necessary approvals, including Quickstep shareholder and court approvals, for implementation of the Scheme are received; (iii) No Quickstep material adverse change occurring; and (iv) Other customary conditions and standard clauses such as, no prescribed occurrences, termination rights and representations and warranties. The Deed contains customary exclusivity provisions, including “no shop”, “no talk”, and “no due diligence” restrictions. A Scheme Meeting for Quickstep shareholders to vote on the Proposed Transaction will take place in the first half of next year. If the Scheme is approved by Quickstep shareholders, and the other conditions precedent are satisfied or waived, Quickstep will apply to the Court for final approval. In accordance with its obligations under the Deed, Quickstep has now terminated all discussions with other parties in relation to an alternative proposal. As of March 12, 2025, Quickstep Holdings Limited (ASX:QHL) refers to its announcement of 5 March 2025 that the Federal Court of Australia had approved the convening of a meeting of Shareholders (Scheme Meeting) and the distribution of the Scheme Booklet in relation to the proposed scheme of arrangement under which ASDAM Operations Pty Ltd (ASDAM) will acquire 100% of the shares in Quickstep. As of April 10, 2025, Quickstep announced that Subject to Quickstep Shareholders approving the Scheme by the requisite majorities at the Scheme Meeting to be held on April 14, 2025, the Federal Court of Australia (Victoria Registry) will hear an application by Quickstep seeking the approval of the Scheme (Second Court Hearing). The Second Court Hearing is scheduled to take place on April 16, 2025 at the Federal Court of Australia. Quickstep Shareholders have the right to appear and be heard at the Second Court Hearing and may oppose the approval of the Scheme at the Second Court Hearing. As of April 14, 2025, the transaction has been approved by shareholders of Quickstep Holdings Limited. As of April 16, 2025, the transaction received approval from Federal Court of Australia.
Gilbert and Tobin acted as legal advisor for ASDAM Operations Pty Ltd. Miles Advisory Partners Pty Ltd. acted as exclusive financial advisor and Maddocks as legal advisor for Quickstep Holdings Limited. Deloitte Corporate Finance Pty Limited acted as financial advisor and Computershare Investor Services Pty Limited acted as registrar to Quickstep Holdings Limited.
ASDAM Operations Pty Ltd completed the acquisition of Quickstep Holdings Limited (ASX:QHL) from a group of shareholders on April 17, 2025. Reported Earnings • Feb 25
First half 2025 earnings released: AU$0.098 loss per share (vs AU$0.032 loss in 1H 2024) First half 2025 results: AU$0.098 loss per share. Revenue: AU$38.0m (down 27% from 1H 2024). Net loss: AU$550.0k (loss narrowed 76% from 1H 2024). Announcement • Nov 07
ASDAM Operations Pty Ltd proposed to acquire Quickstep Holdings Limited (ASX:QHL) for AUD 28.7 million. ASDAM Operations Pty Ltd proposed to acquire Quickstep Holdings Limited (ASX:QHL) for AUD 28.7 million on November 6, 2024. A cash consideration valued at AUD 0.4 per share will be paid by ASDAM Operations Pty Ltd. As part of consideration, an undisclosed value is paid towards common equity of Quickstep Holdings Limited.
Gilbert and Tobin acted as legal advisor for ASDAM Operations Pty Ltd. Miles Advisory Partners Pty Ltd. acted as financial advisor for Quickstep Holdings Limited. New Risk • Nov 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.7m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 63% per year over the past 5 years. Market cap is less than US$10m (AU$14.7m market cap, or US$9.71m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Oct 23
An undisclosed buyer completed the acquisition of Quickstep Aerospace Services Pty Ltd from Quickstep Holdings Limited (ASX:QHL). An undisclosed buyer agreed to acquire Quickstep Aerospace Services Pty Ltd from Quickstep Holdings Limited (ASX:QHL) on August 20, 2024.
An undisclosed buyer completed the acquisition of Quickstep Aerospace Services Pty Ltd from Quickstep Holdings Limited (ASX:QHL) on October 21, 2024. Announcement • Sep 30
Quickstep Holdings Limited, Annual General Meeting, Nov 19, 2024 Quickstep Holdings Limited, Annual General Meeting, Nov 19, 2024. Reported Earnings • Aug 29
Full year 2024 earnings released: AU$0.015 loss per share (vs AU$0.08 loss in FY 2023) Full year 2024 results: AU$0.015 loss per share (improved from AU$0.08 loss in FY 2023). Revenue: AU$89.0m (down 5.7% from FY 2023). Net loss: AU$1.08m (loss narrowed 81% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Aug 21
An undisclosed buyer agreed to acquire Quickstep Aerospace Services Pty Ltd from Quickstep Holdings Limited (ASX:QHL). An undisclosed buyer agreed to acquire Quickstep Aerospace Services Pty Ltd from Quickstep Holdings Limited (ASX:QHL) on August 20, 2024. Announcement • Jan 31
Quickstep Holdings Limited Announces Executive Changes Quickstep Holdings Limited announced that the board has appointed Ava Bentley as company secretary of the company, replacing Myron Zlotnick, with both changes effective 31 January 2024. Ms. Bentley has over 20 years' experience as a lawyer in private practice and in various corporate roles including as a chief legal and risk officer and as a company secretary of an ASX listed company. Ms. Bentley will also replace Mr. Zlotnick as the person responsible for communication between the company and ASX for the purposes of ASX Listing Rule 12.6. New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 40% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$18.6m market cap, or US$12.2m). Announcement • Nov 22
Quickstep Holdings Limited Reaffirms Revenue Guidance for the Fiscal Year 2024 Quickstep Holdings Limited reaffirmed revenue guidance for the fiscal year 2024. For the year, the company expects revenue in the range of $103 million to $106 million, which represents annual growth of more than 10%. Announcement • Sep 26
Quickstep Holdings Limited, Annual General Meeting, Nov 21, 2023 Quickstep Holdings Limited, Annual General Meeting, Nov 21, 2023. Reported Earnings • Aug 25
Full year 2023 earnings released: AU$0.08 loss per share (vs AU$0.011 profit in FY 2022) Full year 2023 results: AU$0.08 loss per share (down from AU$0.011 profit in FY 2022). Revenue: AU$94.4m (up 8.9% from FY 2022). Net loss: AU$5.71m (down AU$6.50m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Kym Osley was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
First half 2023 earnings released: AU$0.062 loss per share (vs AU$0.043 profit in 1H 2022) First half 2023 results: AU$0.062 loss per share (down from AU$0.043 profit in 1H 2022). Revenue: AU$45.4m (down 4.0% from 1H 2022). Net loss: AU$4.42m (down 235% from profit in 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Nov 18
Quickstep Holdings Limited Provides Revenue Guidance for the Financial Year 2022 Quickstep Holdings Limited provided revenue guidance for the financial year 2022. For the period, the company expects revenue to reach $100 million. Announcement • Sep 12
Quickstep Holdings Limited, Annual General Meeting, Nov 16, 2022 Quickstep Holdings Limited, Annual General Meeting, Nov 16, 2022. Announcement • Sep 10
Quickstep Holdings Limited Announces Change of Company Secretary Quickstep Holdings Limited announced that Ms. Jillian McGregor has resigned as Company Secretary of the Company and that the Board has appointed Mr. Craig Roelofsz as Company Secretary, effective September 9, 2022. Mr. Roelofsz will also replace Ms. McGregor as the person responsible for communication between the Company and ASX for the purposes of ASX Listing Rule 12.6. Reported Earnings • Aug 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: AU$0.011 (up from AU$0.004 loss in FY 2021). Revenue: AU$86.7m (up 1.9% from FY 2021). Net income: AU$786.0k (up AU$1.06m from FY 2021). Profit margin: 0.9% (up from net loss in FY 2021). Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) also missed analyst estimates by 77%. Over the next year, revenue is forecast to grow 21%, compared to a 22% growth forecast for the Aerospace & Defense industry in Australia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Jul 04
Quickstep Holdings Ltd Commences A Jointly Funded Project with Defence, Through the Defence Science and Technology Group in Collaboration with Dmtc Ltd Quickstep Holdings Ltd. announced that it has commenced a jointly funded project with Defence, through the Defence Science and Technology Group (DSTG) in collaboration with DMTC Ltd., to identify, analyse and test high temperature materials as a first step towards the development of future hypersonic aerostructures. Hypersonic aerostructures are components of an aircraft's airframe that are capable of withstanding extreme conditions experienced during hypersonic flight (>5 times the speed of sound), including high heat loads. The project, named Hype-X, will initially focus on the applicability of existing high-temperature materials for the manufacture of hypersonic aerostructures, then move on to develop novel materials and manufacturing processes to fill capability gaps. Under the project, Quickstep will obtain commercialisation rights to any newly developed intellectual property (IP), with the IP ownership retained beneficially for Australia's sovereign defence capability by DMTC Ltd. The project will also involve technical experts from the University of NSW (UNSW), specialising in the field of hypersonics. Price Target Changed • Apr 27
Price target decreased to AU$0.97 Down from AU$1.20, the current price target is provided by 1 analyst. New target price is 45% above last closing price of AU$0.67. Stock is up 12% over the past year. The company is forecast to post earnings per share of AU$0.048 next year compared to a net loss per share of AU$0.0038 last year. Announcement • Apr 22
Quickstep Holdings Ltd Provides Revenue Guidance for the Financial Year 2022 Quickstep Holdings Ltd. provided revenue guidance for the financial year 2022. For the year, the company expects that revenue will be higher than FY2021. Board Change • Mar 29
High number of new directors Independent Non-Executive Director Kym Osley was the last director to join the board, commencing their role in 2020. Reported Earnings • Feb 24
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.043 (up from AU$0.011 in 1H 2021). Revenue: AU$47.3m (up 14% from 1H 2021). Net income: AU$3.28m (up 302% from 1H 2021). Profit margin: 6.9% (up from 2.0% in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 7.1% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 21% per year. Board Change • Sep 14
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, MD & Director Mark Burgess is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 10
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, MD & Director Mark Burgess is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, MD & Director Mark Burgess is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 04
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, MD & Director Mark Burgess is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, MD & Director Mark Burgess is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
First half 2021 earnings released: EPS AU$0.001 (vs AU$0.002 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: AU$41.5m (up 7.9% from 1H 2020). Net income: AU$815.0k (down 44% from 1H 2020). Profit margin: 2.0% (down from 3.8% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 19
Quickstep Holdings Limited to Report First Half, 2021 Results on Feb 23, 2021 Quickstep Holdings Limited announced that they will report first half, 2021 results on Feb 23, 2021 Announcement • Jan 20
Volansi, Inc. and Quickstep Holdings Limited Announces the Signing of a Memorandum of Understanding Volansi, Inc. and Quickstep Holdings Limited announced the signing of a Memorandum of Understanding (MOU). Under this MOU, Volansi and Quickstep will engage with various regulatory, operational, and commercial stakeholders to promote Volansi drones to the commercial and defence services markets, most notably the Australian Department of Defence. Volansi and Quickstep will also continue discussions on the potential application of Quickstep's proprietary aerospace manufacturing process, `AeroQure', to manufacture Volansi drones. Reported Earnings • Oct 21
Full year earnings released - EPS AU$0.0055 Over the last 12 months the company has reported total profits of AU$3.89m, up 44% from the prior year. Total revenue was AU$82.3m over the last 12 months, up 12% from the prior year. Profit margins were 4.7%, which is higher than the 3.7% margin from last year. The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Oct 21
Annual earnings released: Earnings beat expectations Annual revenue of AU$82.3m was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.0% at AU$0.0054. Revenue is forecast to grow 9.1% over the next year, compared to a 21% growth forecast for the Aerospace & Defense industry in Australia. Announcement • Aug 26
Quickstep Holdings Limited to Report Fiscal Year 2020 Results on Aug 28, 2020 Quickstep Holdings Limited announced that they will report fiscal year 2020 results at 6:50 AM, GMT Standard Time on Aug 28, 2020