New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Market cap is less than US$10m (AU$7.62m market cap, or US$4.74m). Minor Risk Revenue is less than US$5m (AU$5.3m revenue, or US$3.3m). Announcement • Nov 26
Rare Foods Australia Limited Announces Board Changes Rare Foods Australia Limited announced that Mr. Dimitri Bacopanos and Mr. Paul Italiano have been appointed as new independent Non-Executive Directors of the Company effective from 27 November 2024. Dimitri Bacopanos brings more than thirty years' experience in debt advisory, operational reviews, business restructuring, corporate finance and strategic business planning across a variety of sectors. Mr. Bacopanos ha served as Executive Director in the Transaction Advisory Services team at Ernst and Young, overseeing number of mergers and acquisitions. He also brings a significant level of product market entry expertise for primary industry products into new markets throughout the Asia Pacific region. Paul Italiano joins Rare Foods following a forty-year career across the Insurance, Corporate Finance and Energ sectors, culminating in CEO roles with both Transgrid and Western Power. Paul brings a unique blend government and private sector expertise, combined with both an operational and capital marke understanding. Ms Danielle Lee and Mr. Peter Harold will retire as directors at the Company's Annual General Meeting on Wednesday 27 November. The Board has elected Mr. Italiano as Chairman effective on the retirement of Mr. Harold. Ms Lee and Mr. Harold have served as Rare Foods' inaugural Non-Executive Directors from 2017, when the Company listed on the ASX, leading the organisation through its formative years as the business established its strategy, governance structures and also successfully navigated the impacts of the COVID-19 pandemic. Announcement • Oct 29
Rare Foods Australia Limited, Annual General Meeting, Nov 27, 2024 Rare Foods Australia Limited, Annual General Meeting, Nov 27, 2024. Location: bdo australia perth jarrah room, level 9, mia yellagonga tower 2, 5 spring street perth, western australia, 6000, Australia Reported Earnings • Aug 31
Full year 2024 earnings released: AU$0.019 loss per share (vs AU$0.007 loss in FY 2023) Full year 2024 results: AU$0.019 loss per share (further deteriorated from AU$0.007 loss in FY 2023). Revenue: AU$7.41m (up 32% from FY 2023). Net loss: AU$4.21m (loss widened 191% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. New Risk • Aug 12
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 Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (AU$5.17m market cap, or US$3.41m). Minor Risks Shareholders have been diluted in the past year (34% increase in shares outstanding). Revenue is less than US$5m (AU$5.5m revenue, or US$3.6m). New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (AU$6.80m market cap, or US$4.58m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Revenue is less than US$5m (AU$5.5m revenue, or US$3.7m). New Risk • Apr 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 35% 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 Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (AU$9.25m market cap, or US$5.95m). Minor Risks Shareholders have been diluted in the past year (35% increase in shares outstanding). Revenue is less than US$5m (AU$5.5m revenue, or US$3.5m). Announcement • Mar 06
Rare Foods Australia Limited has filed a Follow-on Equity Offering in the amount of AUD 3.07424 million. Rare Foods Australia Limited has filed a Follow-on Equity Offering in the amount of AUD 3.07424 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 69,141,333
Price\Range: AUD 0.03
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,333,333
Price\Range: AUD 0.03
Transaction Features: Rights Offering New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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$1.8m free cash flow). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (AU$9.22m market cap, or US$6.00m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (AU$102k sold). Revenue is less than US$5m (AU$5.3m revenue, or US$3.4m). Announcement • Oct 25
Rare Foods Australia Limited, Annual General Meeting, Nov 30, 2023 Rare Foods Australia Limited, Annual General Meeting, Nov 30, 2023, at 13:00 W. Australia Standard Time. Location: BDO Australia Perth Jarrah Room, Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors,the Director's report, the Remuneration Report and the auditor's report; to adopt the Remuneration Report; to consider re-election of Director - Ms Danielle Lee; to consider and approval of 7.1A mandate; and to consider other matters. Reported Earnings • Sep 01
Full year 2023 earnings released: AU$0.007 loss per share (vs AU$0.004 loss in FY 2022) Full year 2023 results: AU$0.007 loss per share (further deteriorated from AU$0.004 loss in FY 2022). Revenue: AU$7.51m (up 82% from FY 2022). Net loss: AU$1.44m (loss widened 69% from FY 2022). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 30
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 Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.6m free cash flow). Market cap is less than US$10m (AU$11.7m market cap, or US$7.62m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Revenue is less than US$5m (AU$5.1m revenue, or US$3.3m). New Risk • Jun 15
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 13% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$1.6m free cash flow). Market cap is less than US$10m (AU$13.8m market cap, or US$9.45m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (AU$5.1m revenue, or US$3.5m). Reported Earnings • Mar 03
First half 2023 earnings released: AU$0.022 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.022 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$3.05m (up 51% from 1H 2022). Net loss: AU$438.6k (loss widened AU$376.4k from 1H 2022). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
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. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Chairman Peter Harold was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Rare Foods Australia Limited, Annual General Meeting, Nov 25, 2022 Rare Foods Australia Limited, Annual General Meeting, Nov 25, 2022, at 10:00 W. Australia Standard Time. Location: Fremantle Sailing Club-Bridge Room, 151 Marine Terrace, Fremantle Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2022 together with the declaration of the directors, the directors' report, the remuneration report and the auditor's report; to consider re-election of directors; to consider approval of additional 10% capacity; to consider that the issue of up to 30,000,000 equity securities under the 'Employee Incentive Plan' for a period of 3 years from the Meeting is approved under and for the purposes of Listing Rule 7.2 Exception 13(b) and for all other purposes, on the terms set out in the Explanatory Statement; to consider that, the issue up to 1,780,296 Performance Rights to Bradley Adams or his nominees is approved under and for the purposes of Chapter 2E of the Corporations Act and Listing Rule10.14 and for all other purposes, on the terms set out in the Explanatory Statement; and to discuss other matters. Reported Earnings • Sep 01
Full year 2022 earnings released: AU$0.004 loss per share (vs AU$0.008 loss in FY 2021) Full year 2022 results: AU$0.004 loss per share (up from AU$0.008 loss in FY 2021). Revenue: AU$4.15m (up 23% from FY 2021). Net loss: AU$853.4k (loss narrowed 49% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Board Change • Apr 27
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. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Chairman Peter Harold was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0 (down from AU$0.001 in 1H 2021). Revenue: AU$2.01m (up 27% from 1H 2021). Net loss: AU$62.2k (down 142% from profit in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 02
Full year 2021 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: AU$5.09m (up 97% from FY 2020). Net loss: AU$1.68m (loss narrowed 63% from FY 2020). Announcement • Nov 30
Ocean Grown Abalone Limited Announces the Appointment of Mr. Ian Cunningham as Company Secretary Ocean Grown Abalone Ltd. announced the appointment of Mr. Ian Cunningham as Company Secretary. Mr. Cunningham is a Chartered Accountant and Chartered Secretary with over 15 years' listed company experience in executive and senior management roles.