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BUDDY TECHNOLOGIES LTD(BUD)

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ASX, Legal & CGT Status

Former (or subsequent) names

 FROMTO
BUDDY TECHNOLOGIES LTD12/04/2019
BUDDY PLATFORM LTD29/12/201512/04/2019
POTASH MINERALS LIMITED24/11/201129/12/2015
TRANSIT HOLDINGS LIMITED24/11/2011

Shareholder links

COMPANY WEBSITE:

 

REGISTRY:

Link Market Services, Level 12 QV1 Building 250 St Georges Terrace Perth WA 6000

Tel : +61 8 9211 6670 or 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000BUD3
Address: Level 3, 12 Pirie Street Adelaide, SA 5000
Tel:  +61 1800-831-317 Fax: +61 8 8125 5931

Date first listed: 18/12/2006
Company Secretary: Vicky Allinson
Sector: Materials Industry Group: XMJ
Activities: Potash exploration in Utah USA

News & Events

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The suspension of trading in the securities of Buddy Technologies Ltd will be lifted immediately, following BUD providing a response to ASX's queries and the release by BUD of an announcement regarding an Equity Capital Raising and Debt Restructure.

16/07/2021

The company releases a notice of Proposed issue of securities - BUD.

16/07/2021

Equity capital raising bookbuild completed and firm commitments received from institutional, professional and sophisticated investors for a placement to raise A$6.5 million (before costs). Buddy to undertake entitlement offer to existing shareholders to raise up to an additional A$10 million (before costs). Buddy is undertaking a debt restructure whereby (amongst other matters): it has agreed with its primary manufacturer, Eastfield, to pay US$2.75 million in full and final settlement of amounts owing in respect to a line of credit facility and historical accounts payables (such amounts totalling ~US$5.77 million, being US$3.02 million of debt forgiveness) - payment will be funded via proceeds from the placement, entitlement offer and/or from PFG; PFG, Buddy's secured lender, has also agreed to (amongst other things) restructure its existing term debt facility and, if required, fund part of the payment to Eastfield.

16/07/2021

The company releases a Response to ASX Query.

16/07/2021

The company releases a response to ASX query.

21/06/2021

In relation to the critical component shortage and manufacturing, the Company's teams in Melbourne and China have evaluated and successfully located a replacement component from an alternative supplier; and alternative supply of the critical component was found in batches that permitted a partial resumption of some production runs to proceed. The Company continues to receive weekly shipments to our warehouses in Australia, Europe and North America. These shipments are from manufacturing orders placed in November 2020 and January 2021. Given the critical component shortage and associated delays, the Company now expects to be in receipt of the final deliveries from these orders by the end of July. LIFX Clean, the world's first germicidal, antibacterial smart light, has launched in 1-pack and 2-pack configurations at Amazon and Best Buy in the United States. Further, the new two-button LIFX Switch (North America version) has launched in pre-sales and is expected to ship to customers in late June/early July. The Company is progressing its funding arrangements as the business approaches what is traditionally the busier quarters of the year. The Company is in the process of evaluating its responses to various ASX queries and is endeavouring to address these as soon as possible.

07/06/2021

ASX has suspended the securities of Buddy Technologies Ltd from official quotation pursuant to Listing Rule 17.3, for failure to respond to an ASX query. The securities will remain suspended until the Company provides a satisfactory response to ASX's query dated 29 April 2021.

11/05/2021

The company requests an extension of its voluntary suspension pending a response to ASX queries. This is expected to last until the earlier of the company making an announcement or the commencement of trading on 10 May 2021..

06/05/2021

The company requests a further extension of the voluntary suspension of its securities pending a response to ASX queries. This is expectd to last until the earlier of the company making an announcement or the commencement of trading on 6 May 2021.

04/05/2021

The company requests an extension of the voluntary suspension of its securities pending the response to an ASX query letter. The voluntary suspension is expected to last until the earlier of the company making an announcement or the commencement of trading on 4 May 2021.

30/04/2021

A reporting error in respect to the Company's internal management reports and accounts for the Company's March sales was identified. This error meant that the Company's management accounts for March had incorrectly included intercompany accounts (internal transfers between subsidiaries) and, as a result, the revenue figures for the month of March that were reported to both the Audit & Risk Committee and the Board of Directors were inflated. The Company formally retracts statements in the March announcement, which were made on the basis of the incorrect management accounts. The Board of the Company has investigated how this error has occurred and considers this to be an isolated incident. Also, the Board has determined to withdraw all previous guidance in respect to the Company's H2 FY2021 revenue and earnings guidance and does not consider it appropriate, at this time, to provide an updated revenue and earnings guidance.

27/04/2021

The company lodges its Appendix 4C and Commentary - Q3 FY21.

27/04/2021

The securities of Buddy Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of BUD, pending the release of an announcement regarding an update to its March financial results.

23/04/2021

The suspension of trading in the securities of Buddy Technologies Ltd will be lifted immediately following the release by BUD of an announcement regarding legal proceedings concerning the equity financing agreement with CST Capital Pty Ltd ATF the CST Investments Fund.

06/11/2020

The company was recently forwarded copies of a writ of summons issued out of the District Court of Western Australia dated 7 August 2020 alleging a breach of the Agreement and claiming unspecified damages; and a default judgment entered in the District Court of Western Australia dated 3 September 2020, that the Company pay CST the value of damages yet to be assessed. Default judgment was granted in favour of CST in the absence of the company entering an appearance to defend the claim at the District Court in response to the writ. The company has expressed its disappointment that neither the company nor its legal counsel was afforded the professional courtesy of an email making it aware of the writ prior to CST applying for the defaul judgment being granted. The company's legal counsel has entered a conditional appearance with the District Court and the company has instructed its legal counsel to promptly apply to set aside the default judgment and defend the legal proceedings. The company can also confirm that its finance facilities remain unaffacted, and it is business as usual for team members working around the world.

06/11/2020

The company requests the voluntary suspension remain in place until the earlier of the release of an announcement in respect of legal proceedings concerning the equity financing agreement with CST Capital ATF the CST Investments Fund or the commencement of trading on 6 November 2020.

04/11/2020

Buddy has reached agreement with the lenders of debts associated with Buddy's acquisition of LIFX in 2019 to extend the final maturity date from 30 October 2020 to 31 December 2020. The extension provides time for the formalisation and execution of final documentation in respect to a US$20 million facility provided by San Francisco-based Partners for Growth. The parties remain on track to reach financial close within 45 business days of the execution of the binding term sheet announced on 21 October 2020.

04/11/2020

The company lodges its September Quarterly 4C Review (Q1FY21).

02/11/2020

The securities of Buddy Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of BUD, pending the release of an announcement regarding legal proceedings concerning an equity financing agreement.

30/10/2020

The suspension of trading in the securities of Buddy Technologies Ltd will be lifted immediately following the release by BUD of an announcement regarding an equity financing agreement.

05/05/2020

The company releases a notice of Proposed issue of Securities - BUD.

05/05/2020

Buddy has entered into a share purchase agreement to provide financing by way of a tranched equity-backed finance facility over a period of 24 months. The facility will provide the Company with A$12.5 million of working capital funding, and will sit alongside the Company's existing trade and inventory financing facilities, which will continue to be used to fund manufacturing and supply growth. The financing provides Buddy with the necessary capital to emerge from the Coronavirus pandemic in a strong position, while providing access to significant growth capital should the business have such a need during this period.

05/05/2020

The securities of Buddy Technologies Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of BUD, pending the release of an announcement regarding an equity financing agreement.

04/05/2020

name changed from Buddy Platform Ltd

12/04/2019
OFX Transferring Money Internationally to Free

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    14/08/2020John van Ruth-200,000$0.027$5,400
    12/06/2020David McLauchlan2,500,000$0.009$22,500
    16/04/2019Marc Alexander-600,000$0.080$47,700
    17/01/2018Richard Borenstein-4,000,000$0.213$851,651
    16/01/2018John van Ruth-200,000$0.215$43,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Travis GerberCOO19/08/2021
    Stephen GatesNon Exec Director19/08/2021
    Richard BorensteinDirector17/12/2015
    Paul W. RussellDirector08/06/2021
    David McLauchlanDirector17/12/2015
    Jim V. NelsonDirector08/06/2021
    Marc AlexanderDirector29/03/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Richard JacrouxCFO06/10/201601/10/2021
    Alan SparksNon Exec Director15/12/202004/06/2021
    Rosey BattNon Exec Director30/11/201804/06/2021
    John van RuthNon Exec Director12/02/201604/06/2021
    Alexander GounaresDirector17/12/201525/03/2019
    Ananda KathiraveluChairman10/08/200615/05/2018
    Ben BinningerNon Exec Director19/10/201117/12/2015
    Richard MontiNon Exec Director11/12/200617/12/2015
    Brian ThomasNon Exec Director09/06/201030/06/2014
    Sean MurrayNon Exec Director19/04/201130/06/2014
    John CecconNon Exec Director10/08/200602/06/2010
    Andrew Parker11/12/200620/03/2009
    Salvatore PigliardoNon Exec Director17/12/2006

    Date of first appointment, title may have changed.