Announcement • Dec 04
Cirrus Networks Holdings Limited acquired Plan B Limited for NZD 24.5 million. Cirrus Networks Holdings Limited acquired Plan B Limited for NZD 24.5 million on December 2, 2024. A cash consideration of NZD 20 million will be paid by Cirrus Networks Holdings Limited. Cirrus Networks Holdings Limited will pay an earnout/contingent payment of NZD 4.5 million cash. As part of consideration, NZD 24.5 million is paid towards common equity of Plan B Limited.
The transaction is expected to be completed on or around December 2, 2024.
Cirrus Networks Holdings Limited completed the acquisition of Plan B Limited on December 2, 2024. Announcement • Nov 29
Atturra Limited (ASX:ATA) completed the acquisition of Cirrus Networks Holdings Limited (ASX:CNW) from Microequities Asset Management Pty Limited, H&G High Conviction Limited and others. Atturra Limited (ASX:ATA) entered into a binding scheme implementation deed to acquire Cirrus Networks Holdings Limited (ASX:CNW) from Microequities Asset Management Pty Limited, H&G High Conviction Limited and others for AUD 49.5 million on September 10, 2023. As per the transaction, Cirrus shareholders will receive consideration with a total value of AUD 0.053 per share.Atturra Limited entered into a revised binding scheme implementation deed to acquire Cirrus Networks Holdings Limited from Microequities Asset Management Pty Limited, H&G High Conviction Limited and others for AUD 58.2 million on September 15, 2023. As of September 15, 2023, Atturra revises offer by increasing the total value of Scheme consideration payable from AUD 0.053 per Cirrus share to AUD 0.063 per Cirrus share (Revised Scheme Consideration). The revised scheme consideration is subject to the maximum total cash consideration payable by Atturra not exceeding AUD 44.56 million (Maximum Cash Consideration) and the maximum total Atturra share consideration not exceeding 16.62 million Atturra shares (Maximum Share Consideration). The Revised Scheme remains unconditional on financing. Cash payment of the transaction will be financed from new debt facility of AUD 30 million.The transaction is approved by board of directors of Cirrus Networks Holdings Limited and is subject to shareholders approval of Cirrus Networks Holdings Limited, regulatory approvals, Net Cash is not less than AUD 10 million, on the second court date, not less than 75% of Cirrus Key Managers remain employed by the Cirrus and court approval. The Revised Scheme is unanimously recommended by the Cirrus Board of Directors. The transaction is expected to close on December 13, 2023. The acquisition of Cirrus under the Revised Scheme is still expected to be high single digit EPS accretive for Atturra shareholders in FY24. The transaction was approved by the shareholders of Cirrus and the Supreme Court of New South Wales. The implementation of the scheme is expected to occur on or about December 11, 2023.Moelis Australia Advisory Pty Ltd acted as financial advisor and HWL Ebsworth Lawyers Pty Ltd. acted as legal advisor to Atturra Limited. Latimer Partners Pty Ltd acted as financial advisor and Corrs Chambers Westgarth acted as legal advisor to Cirrus Networks Holdings Limited. Automic Pty Ltd. acted as registrar.Atturra Limited (ASX:ATA) completed the acquisition of Cirrus Networks Holdings Limited (ASX:CNW) from Microequities Asset Management Pty Limited, H&G High Conviction Limited and others on November 27, 2023. Announcement • Sep 13
Atturra Limited (ASX:ATA) entered into a binding scheme implementation deed to acquire Cirrus Networks Holdings Limited (ASX:CNW) for AUD . Atturra Limited (ASX:ATA) entered into a binding scheme implementation deed to acquire Cirrus Networks Holdings Limited (ASX:CNW) for AUD on September 11, 2023. As per the transaction, Cirrus shareholders will receive consideration with a total value of AUD 0.053 per share. Cash payment of the transaction will be financed from new debt facility of AUD 30 million. The transaction is approved by board of directors of Cirrus Networks Holdings Limited and is subject to shareholders approval of Cirrus Networks Holdings Limited and court approval. The transaction is expected to close in December 13, 2023. Moelis Australia Advisory Pty Ltd acted as financial advisor and HWL Ebsworth Lawyers Pty Ltd. acted as legal advisor to Atturra Limited. Latimer Partners Pty Ltd acted as financial advisor and Corrs Chambers Westgarth acted as legal advisor to Cirrus Networks Holdings Limited. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Risk Earnings have declined by 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$40.0m market cap, or US$26.3m). Reported Earnings • Aug 05
Full year 2023 earnings released: EPS: AU$0.002 (vs AU$0.001 in FY 2022) Full year 2023 results: EPS: AU$0.002 (up from AU$0.001 in FY 2022). Revenue: AU$112.3m (up 7.9% from FY 2022). Net income: AU$1.73m (up 266% from FY 2022). Profit margin: 1.5% (up from 0.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Aug 04
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: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (AU$40.0m market cap, or US$26.2m). Reported Earnings • Feb 03
First half 2023 earnings released: EPS: AU$0.001 (vs AU$0.002 loss in 1H 2022) First half 2023 results: EPS: AU$0.001 (up from AU$0.002 loss in 1H 2022). Revenue: AU$56.8m (up 28% from 1H 2022). Net income: AU$924.3k (up AU$3.13m from 1H 2022). Profit margin: 1.6% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the IT industry in Australia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jan 03
Cirrus Networks Holdings Limited Announces Executive Changes Cirrus Networks Holdings Limited announced the appointment of Ms. Kelly Moore and Ms. Michelle Kennedy as Joint Company Secretaries, effective 1 January 2023. Ms. Moore is a qualified Chartered Accountant and Company Secretary with extensive experience in providing accounting and secretarial advice to public companies. Ms. Moore holds a Bachelor of Commerce degree from the University of Western Australia, is a member of the Institute of Chartered Accountants, Australia and New Zealand, is a graduate of the Australian Institute of Company Directors and an associate member of the Governance Institute of Australia. Ms. Kennedy is a qualified Chartered Accountant with experience in providing financial reporting and corporate advisory services to public companies. Ms. Kennedy holds a Bachelor of Commerce degree from the University of Western Australia and is a member of the Institute of Chartered Accountants, Australia and New Zealand. The Company also announced the resignation of Ms. Catherine Anderson as Company Secretary, effective 1 January 2023. Price Target Changed • Nov 16
Price target decreased to AU$0.03 Down from AU$0.044, the current price target is provided by 1 analyst. New target price is 12% below last closing price of AU$0.034. Stock is up 6.3% over the past year. The company is forecast to post earnings per share of AU$0.004 for next year compared to AU$0.00051 last year. Board Change • Nov 16
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 Chairman of the Board Paul Everingham was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Cirrus Networks Holdings Limited, Annual General Meeting, Nov 29, 2022 Cirrus Networks Holdings Limited, Annual General Meeting, Nov 29, 2022, at 09:30 W. Australia Standard Time. Location: at the Palace Meeting Room, Ground Floor 108 St Georges Terrace Perth Western Australia Australia Agenda: To consider Annual Report; to consider Remuneration Report; to consider Election of New Director Adam Waterworth; to consider Re-Election of Director Paul Everingham; to consider Issue of Options to Adam Waterworth; to consider Increase of Director Remuneration Pool; to consider Adoption of New Constitution; to consider Approval of Additional 10% Placement Capacity; and to consider other matters. Reported Earnings • Aug 12
Full year 2022 earnings released: EPS: AU$0.001 (vs AU$0 in FY 2021) Full year 2022 results: EPS: AU$0.001 (up from AU$0 in FY 2021). Revenue: AU$104.1m (down 2.1% from FY 2021). Net income: AU$471.4k (up 6.9% from FY 2021). Profit margin: 0.5% (up from 0.4% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 20
Non-Executive Director recently bought AU$54k worth of stock On the 18th of May, Adam Waterworth bought around 2m shares on-market at roughly AU$0.028 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$64k. Insiders have collectively bought AU$224k more in shares than they have sold in the last 12 months. Board Change • Apr 27
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 Paul Everingham is the most experienced director on the board, commencing their role in 2018. 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. Recent Insider Transactions • Apr 09
Non-Executive Director recently bought AU$58k worth of stock On the 7th of April, Adam Waterworth bought around 2m shares on-market at roughly AU$0.032 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$105k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 06
First half 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2022 results: AU$0.002 loss per share (down from AU$0.001 profit in 1H 2021). Revenue: AU$44.5m (down 17% from 1H 2021). Net loss: AU$2.21m (down 319% from profit in 1H 2021). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Nov 02
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 Paul Everingham was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 23
Independent Non-Executive Chairman recently sold AU$198k worth of stock On the 21st of October, Andrew Milner sold around 7m shares on-market at roughly AU$0.029 per share. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months.