New Risk • May 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (AU$10.7m market cap, or US$7.72m). Board Change • May 01
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Chairman of the Board Grant Carman is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Dec 31
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Chairman of the Board Grant Carman is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Oct 17
Close the Loop Ltd, Annual General Meeting, Nov 20, 2025 Close the Loop Ltd, Annual General Meeting, Nov 20, 2025. Location: nexia australia, level 35, 600 bourke street, melbourne, victoria Australia Announcement • Sep 01
Joe Foster Will Step Down as Global Chief Operations Officer and Transition to a Non-Executive Director Position on 1 September 2025 Whilst Entering into a Consulting Role with Close the Loop Ltd. on 1 September 2025 Close the Loop Limited announced that Joe Foster will step down as Global Chief Operations Officer and transition to a Non-Executive Director position on 1 September 2025 whilst entering into a consulting role with the Company on 1 September 2025. Buy Or Sell Opportunity • Aug 28
Now 22% overvalued Over the last 90 days, the stock has fallen 61% to AU$0.03. The fair value is estimated to be AU$0.025, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 10.0% in a year. Earnings are forecast to grow by 72% in the next year. Reported Earnings • Aug 26
Full year 2025 earnings released: AU$0.031 loss per share (vs AU$0.021 profit in FY 2024) Full year 2025 results: AU$0.031 loss per share (down from AU$0.021 profit in FY 2024). Revenue: AU$195.1m (down 6.6% from FY 2024). Net loss: AU$16.7m (down 249% from profit in FY 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Commercial Services industry in Australia. Board Change • Aug 18
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Chairman of the Board Grant Carman is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Jan 30
Adamantem Capital Management Pty Ltd cancelled the acquisition of Close the Loop Ltd (ASX:CLG). Adamantem Capital Management Pty Ltd entered into a process deed to acquire Close the Loop Ltd (ASX:CLG) on November 19, 2024. Under the terms of the transaction, Adamantem will acquire 100% of the shares of Close the Loop, by way of a scheme of arrangement, for AUD 0.27 per share. The transaction is subject to consummation of due diligence investigation. The indicative proposal offers shareholders the opportunity to receive consideration for their shares either in cash, or scrip in the Adamantem acquisition entity, or a combination of both. The scrip election will be subject to an aggregate minimum take-up level amongst all shareholders, with the total level of scrip consideration to be scaled back if elections exceed a maximum scrip roll of 45% of all shares outstanding. Moelis Australia Securities Pty Ltd. acted as financial advisor for Close the Loop Ltd. Thomson Geer acted as legal advisor for Close the Loop Ltd. As of December 19, 2024, Close the Loop Ltd has decided to extend the Exclusivity Period to January 20, 2025, to allow for finalization of due diligence.
Adamantem Capital Management Pty Ltd cancelled the acquisition of Close the Loop Ltd (ASX:CLG) on January 29, 2025. Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Grant Carman was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
Close the Loop Ltd, Annual General Meeting, Nov 21, 2024 Close the Loop Ltd, Annual General Meeting, Nov 21, 2024. Location: nexia australia, level 35, 600 bourke street, melbourne Australia Reported Earnings • Aug 27
Full year 2024 earnings released: EPS: AU$0.021 (vs AU$0.032 in FY 2023) Full year 2024 results: EPS: AU$0.021 (down from AU$0.032 in FY 2023). Revenue: AU$213.0m (up 57% from FY 2023). Net income: AU$11.0m (down 9.6% from FY 2023). Profit margin: 5.1% (down from 8.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Commercial Services industry in Australia. Buy Or Sell Opportunity • Aug 26
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to AU$0.23. The fair value is estimated to be AU$0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last year, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Announcement • Aug 21
Close the Loop Ltd to Report Fiscal Year 2024 Results on Aug 26, 2024 Close the Loop Ltd announced that they will report fiscal year 2024 results on Aug 26, 2024 New Risk • Apr 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$154.2m (US$99.1m) This is considered a minor 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: Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (AU$154.2m market cap, or US$99.1m). Reported Earnings • Feb 27
First half 2024 earnings released: EPS: AU$0.009 (vs AU$0.012 in 1H 2023) First half 2024 results: EPS: AU$0.009. Revenue: AU$103.1m (up 76% from 1H 2023). Net income: AU$4.93m (up 22% from 1H 2023). Profit margin: 4.8% (down from 6.9% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Commercial Services industry in Australia. Announcement • Feb 21
Close the Loop Ltd to Report First Half, 2024 Results on Feb 26, 2024 Close the Loop Ltd announced that they will report first half, 2024 results on Feb 26, 2024 Announcement • Nov 29
Close the Loop Ltd Appoints Sammy Saloum as Director Close the Loop Ltd. appointed Sammy Saloum as director. Date of appointment is 23 November 2023. New Risk • Oct 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$153.3m (US$96.6m) This is considered a minor 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 Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$153.3m market cap, or US$96.6m). Announcement • Oct 20
Close the Loop Ltd, Annual General Meeting, Nov 23, 2023 Close the Loop Ltd, Annual General Meeting, Nov 23, 2023, at 11:01 AUS Eastern Standard Time. Location: Nexia Australia, Level 35, 600 Bourke Street, Melbourne Victoria Australia Agenda: To receive the Annual Report of the Company for the financial year ended 30 June 2023, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider Adoption of the Remuneration Report; to consider Re-election of Director Greg Toll; to consider Election of Director Sammy Saloum; to consider Approval of participation in Performance Rights Plan by related party; to consider Approval of participation in Performance Rights Plan by related party; to consider Approval of participation in Performance Rights Plan by related party; and to consider other issues. Reported Earnings • Aug 30
Full year 2023 earnings released: EPS: AU$0.032 (vs AU$0.024 in FY 2022) Full year 2023 results: EPS: AU$0.032 (up from AU$0.024 in FY 2022). Revenue: AU$135.9m (up 94% from FY 2022). Net income: AU$12.1m (up 163% from FY 2022). Profit margin: 8.9% (up from 6.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Commercial Services industry in Australia. Announcement • Aug 28
Close the Loop Ltd Provides Earnings Guidance for the Year 2024 Close the Loop Ltd. announced that the Company expects revenue to be at least $200 million in 2024. New Risk • Aug 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Announcement • Aug 09
Close the Loop Ltd to Report Fiscal Year 2023 Results on Aug 28, 2023 Close the Loop Ltd announced that they will report fiscal year 2023 results on Aug 28, 2023 Announcement • Jul 04
Close the Loop Limited Announces Resignation of Darren Brits as an Executive Director Close the Loop Limited advised that Darren Brits has tendered his resignation as an Executive Director of the Board, effective as of 30 June 2023. The Board would like to thank Darren for his contribution to Close the Loop, having been an integral part of the business as a Co-Founder of O F Packaging. Announcement • May 19
Close the Loop Ltd. Provides Revenue Guidance for the Fiscal Year 2024 Close the Loop Ltd. provided revenue guidance for the fiscal year 2024. The company expects revenue to be at least $200 million in Fiscal year 2024. Board Change • Mar 31
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Chairman Greg Toll is the most experienced director on the board, commencing their role in 2017. Independent Non-Executive Director Grant Carman was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
