New Risk • Mar 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.2m (US$9.98m) 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 3.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Market cap is less than US$10m (AU$14.2m market cap, or US$9.98m). Announcement • Sep 17
Butn Limited, Annual General Meeting, Nov 20, 2025 Butn Limited, Annual General Meeting, Nov 20, 2025. New Risk • Aug 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$7.5m revenue, or US$4.9m). Market cap is less than US$100m (AU$32.6m market cap, or US$21.3m). New Risk • Jul 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$7.5m revenue, or US$4.9m). Market cap is less than US$100m (AU$40.2m market cap, or US$26.3m). Announcement • Jun 16
Butn Limited has completed a Follow-on Equity Offering in the amount of AUD 6.983614 million. Butn Limited has completed a Follow-on Equity Offering in the amount of AUD 6.983614 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 41,901,685
Price\Range: AUD 0.1
Discount Per Security: AUD 0.005
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,934,457
Price\Range: AUD 0.1
Discount Per Security: AUD 0.005
Transaction Features: Subsequent Direct Listing New Risk • Jan 17
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 Risks Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$7.0m revenue, or US$4.4m). Market cap is less than US$100m (AU$19.8m market cap, or US$12.3m). Announcement • Sep 12
Butn Limited, Annual General Meeting, Nov 14, 2024 Butn Limited, Annual General Meeting, Nov 14, 2024. New Risk • May 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Market cap is less than US$10m (AU$14.2m market cap, or US$9.54m). Minor Risk Revenue is less than US$5m (AU$5.8m revenue, or US$3.9m). Announcement • Apr 16
Butn Limited has filed a Follow-on Equity Offering in the amount of AUD 5.00893 million. Butn Limited has filed a Follow-on Equity Offering in the amount of AUD 5.00893 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 96,325,578
Price\Range: AUD 0.052
Discount Per Security: AUD 0.0026
Transaction Features: Rights Offering Announcement • Feb 28
Butn Limited Appoints Cameron Petricevic as Independent Non-Executive Director and Chairman Butn Limited announced the appointment of Cameron Petricevic as independent Non-Executive Director and Chairman of the Board of Butn. Cameron has spent over 20 years in the financial industry, an experienced Board member of both private and public companies. He has extensive investment banking experience, including mergers & acquisitions, valuations, initial public offerings and portfolio management coupled with growing early stage companies. Cameron is a qualified Actuary (AIAA), holds a Bachelor of Commerce (Actuarial) and a Bachelor of Engineering (Electrical) from the University of Melbourne, with First Class Honours. He is also a Graduate of the Australian Institute of Company Directors (GAICD) and founder/treasurer of Brimbank ToRCH, a Royal Children's Hospital auxiliary charity. He has held previous roles at AXA Asia Pacific (acquired by AMP), Acorn Capital and as a Partner at Kentgrove Capital. Cameron is currently a Director/Founder at Lucrum Ventures Pty Ltd. and a Non-Executive Director and Company Secretary of RocketBoots Ltd. (ASX-ROC). New Risk • Feb 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.9m free cash flow). Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (AU$14.8m market cap, or US$9.70m). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (AU$5.7m revenue, or US$3.7m). Announcement • Feb 12
Butn Limited Advises Celesti Harmse Resigns as Non-Executive Director Butn Limited advised that Celesti Harmse, MYOB Australia's (MYOB) appointee, has resigned as Non-Executive Director of the Company, effective 9 February 2024. Announcement • Feb 01
Butn Limited Announces Resignation of Suzanne Ewart as Non- Executive Director Butn Limited announced that Suzanne Ewart, Chair of Butn, has resigned as Non- Executive Director of the Company, effective 1 February 2024. The Company would like to thank Suzanne for her valuable contribution, commitment and service tothe company over the past three years. Suzanne has provided valuable insight and guidance to the company during her time as Chair, which included the ASX listing in July 2021 and the subsequent record growth since. Rael Ross, Co-CEO of Butn will assume the role of interim Chair. Board Change • Dec 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Mike Hirst was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 24
Georg Johann Chmiel Resigns as Non-Executive Director of Butn Limited Butn Limited announces that Georg Johann Chmiel has resigned as Non-Executive Director of the Company, effective 22 November 2023. Announcement • Nov 15
Butn Limited Announces Appointment of Celesti Harmse to the Board Butn Limited announced the appointment of Celesti Harmse to the Board of Butn as MYOB Australia's (MYOB) appointee. Celesti is the General Counsel and Company Secretary of MYOB, with 20+ years of experience in law, governance and risk across a range of industries including technology, retail and distribution. Celesti started her career at one of Australia's premier law firms and has extensive experience in M&A, data, privacy, intellectual property, disputes and corporate governance. She holds a Bachelor of Laws (Hons) and a Bachelor of Commerce from the University of Tasmania. New Risk • Nov 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.6m (US$9.95m) 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 48% per year over the past 5 years. Market cap is less than US$10m (AU$15.6m market cap, or US$9.95m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (AU$5.4m revenue, or US$3.5m). Announcement • Sep 12
Butn Limited, Annual General Meeting, Nov 15, 2023 Butn Limited, Annual General Meeting, Nov 15, 2023, at 16:00 E. Australia Standard Time. Announcement • Aug 05
Butn Limited Announces the Resignation of Helen Louise Lea as Non-Executive Director Butn Limited advised that Helen Louise Lea, MYOB Australia's (MYOB) appointee, has resigned as Non-Executive Director of the company, effective 3 August 2023, following her resignation as MYOB's Chief Employee Experience Officer. The company would like to thank Helen for her valued contribution to the company over the past two years. Announcement • Jul 31
Butn Limited Announces Change of Company Secretary Butn Limited advised that Dean Berelowitz, Butn's Group Financial Controller, has been appointed as Company Secretary and as the person nominated under Listing Rule 12.6 for communication with the ASX in relation to listing rule matters. Darryl Lasnitzki has resigned as Company Secretary of Butn effective 31 July 2023. Announcement • Jul 11
Butn Limited Announces Resignation of Darryl Lasnitzki as Chief Financial Officer Butn Limited advises that its Chief Financial Officer, Darryl Lasnitzki, given notice and will work with the Butn team to ensure an orderly transition. The Board and Management would like to thank Darryl for the significant contribution made since joining in August 2020. Announcement • May 17
Butn Limited, Annual General Meeting, Jun 21, 2023 Butn Limited, Annual General Meeting, Jun 21, 2023, at 12:30 E. Australia Standard Time. Location: 229 Balaclava Rd Caulfield North VIC 3161 Caulfield North Australia Agenda: To approve issue of Shares, under the debt for equity share subscription agreement, to an entity owned and controlled by Mr. Rael Ross and Mr. Walter Rapoport or its nominee(s); and to consider Ratification of prior issue of Placement Shares under ASX Listing Rule 7.1. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Co-Founder, Joint CEO & Executive Director Rael Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 15
Butn Limited, Annual General Meeting, Nov 10, 2022 Butn Limited, Annual General Meeting, Nov 10, 2022, at 16:00 AUS Eastern Standard Time. Announcement • Aug 29
Butn Limited Provides Revenue Guidance for the Fiscal Year 2023 Butn Limited provided revenue guidance for the fiscal year 2023. The company expects revenue growth in fiscal year 2023. Announcement • Aug 25
Butn Limited to Report Fiscal Year 2022 Results on Aug 29, 2022 Butn Limited announced that they will report fiscal year 2022 results on Aug 29, 2022 Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Co-Founder, Joint CEO & Executive Director Rael Ross is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Mar 22
Board Member recently bought AU$52k worth of stock On the 18th of March, Georg Chmiel bought around 200k shares on-market at roughly AU$0.26 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$121k more in shares than they have sold in the last 12 months. Breakeven Date Change • Mar 01
No longer forecast to breakeven The analyst covering Butn no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$300.0k in 2024. New forecast suggests the company will make a loss of AU$100.0k in 2024. Announcement • Feb 22
Butn Limited to Report First Half, 2022 Results on Feb 28, 2022 Butn Limited announced that they will report first half, 2022 results on Feb 28, 2022 Announcement • Jul 03
Butn Limited has completed an IPO in the amount of AUD 20 million. Butn Limited has completed an IPO in the amount of AUD 20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: AUD 0.5
Discount Per Security: AUD 0.03 