Underlying EBITDA (before impact of FX) was ($15.7) million, compared to $9.6 million in 1H FY22. This is due to reduced revenue and gross margin, and a proportionally higher cost base coming out of FY22.
APX well it's not a investment grade stock. Lets have look.
Previous: 12,070,052 7.62% / Present 10,188,473 6.45%
From 604: State street.
How deep the price go? . Deeper than coal mine..lol
"Deeper than the deepest ocean ..wider than the sky" ...you know the song!!!
Form 604: basically J.P. MORGAN SECURITIES PLC
Nature of Changes: (some headings of note below)
1/ Purchase and sales of securities in its capacity as Principal/Proprietary,
2/ Holder of securities subject to an obligation to return under a securities lending agreement
3/ Purchase and sales of securities in its capacity as Principal/Proprietary
4/ Holder of securities subject to an obligation to return under a securities lending agreement
Previous notice 'Present Notice'
Person’s votes Voting power (5) Person’s votes Voting power
Ordinary 9,994,515 8.04% 9,504,804 6.07%
Five Directors 3Y - Stuart Davis, Vanessa Liu, Stewart Hasker, Robin Low, Robert Freudenstein.
3Y for Robert Davis below: Trading for Directors at $1.85 during their allowable trade.
Entitlement Offer Record Date (7.00pm Sydney time) Thursday, 18 May
The strategy refresh will address four key focus areas:
1. Customer diversification – generative AI expected to create material demand beyond large tech customers
2. Margin improvement – greater reliance on technology to improve gross margins
3. Revenue visibility – new products to have a greater proportion of recurring revenue
4. Strong ROI – generative AI investments will leverage existing technology investments Further detail on Appen’s strategy refresh will be provided at the Appen Investor Technology Day which will take place after the AGM on 26 May 2023.
Equity Raising The Equity Raising will consist of an offer of fully paid ordinary shares (“New Shares”) through: • A 1 for 6 pro rata accelerated non-renounceable entitlement offer (“Entitlement Offer”) to existing eligible shareholders to raise ~A$38 million; and
• An institutional placement (“Placement”) to raise ~A$21 million. The Equity Raising price of A$1.85 per share represents a: • 16.2% discount to the theoretical ex-rights price of A$2.21 (“TERP”)5
• 19.6% discount to Appen’s last closing price of A$2.30 on 15 May 2023. Approximately 32.2 million New Shares will be issued under the Equity Raising, representing ~26% of Appen’s existing shares on issue.
