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GSW was recently mentioned in an AFR article titled - Five irrationally exuberant stocks

 

2. GetSwift

​Market cap: $284 million

2017 revenue: $336,356

Share price gain this year: 1100 per cent

Read more: http://www.afr.com/technology/five-irratio...y#ixzz52vIMNl8Y

 

Steve Johnson, Forager Funds, also mentioned - extract below...

 

Get wary of GetSwift

ASX-listed GetSwift is a logistics software startup with a fully-diluted market capitalisation of roughly half a billion dollars.

 

Despite generating less than $1 million of revenue last year, a flurry of ASX announcements has investors excited. Particularly the one stating that ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“GetSwift is pleased to announce that it has signed a global master services agreement with Amazon.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ

 

Even the bulls of yesteryear would have been sceptical. One can only assume this is the same Amazon that built the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s most sophisticated cloud computing service because it couldnÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t find an offering that met its requirements. The same Amazon that already offers same day delivery to more than 8,000 cities and towns. The same Amazon that spent US$21 billion on research and development in the past 12 months.

 

I will be very surprised if Amazon buys logistics software off anyone. Let alone an Australian minnow with less than $1m of revenue.

 

In the mania of late 2017, however, it is being lapped up. The GetSwift share price has rocketed from $0.25 at listing to $4.00 at the time of a recent capital raising. It was up 84% on the day of the Amazon announcement...

https://www.livewiremarkets.com/wires/livew...eping-your-head?

https://www.shortman.com.au/stock?q=gsw

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This stock may be in for another rough ride come Monday following this article appearing in AFR questioning some of the exclusive partnerships and commercial agreements it has signed since listing

 

GetSwift: too fast for its own good

Jan 19 2018 at 11:00 PM Updated Jan 19 2018 at 11:00 PM

Software market darling GetSwift twice failed to update the market about losing materially significant contracts, an investigation by AFR Weekend has revealed.

 

It also jumped the gun on revenue forecasts tied to a Commonwealth Bank of Australia partnership, raising questions about other deals done in 2017 when the company's share price rose ten-fold.

 

GetSwift is backed by high profile institutional funds including Fidelity, IFM Investors, Regal Funds Management and Thorney Investments. Its shares rose as high as $4.30 last year, although the share price has softened in recent weeks. It fell 5 per cent on Friday to $2.97.

 

Tim Hannon, chief investment officer at Newgate Capital Partners, is shorting the stock.

Read more: http://www.afr.com/business/banking-and-fi...t#ixzz54ilTAy82

https://www.shortman.com.au/stock?q=gsw

That gap might get filled?

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CHANTICLEER Jan 19 2018 at 11:00 PM Updated Jan 19 2018 at 11:00 PM

 

GetSwift's climb has echoes of dot com boom

 

One of Chanticleer's lasting regrets from the tech bubble of the late 1990s was a failure to show sufficient scepticism towards the outrageous promises made by several fast-growing companies.

 

In one case, a wily stockbroker deftly handed over an exclusive story about a tech company that he said would rule the world or, at the very least, rule the narrow software niche in which it specialised.

 

Of course, the broker used the share price spike from the positive story to dump all his stock. It was a smart move given the company later collapsed into a niche of its own making. Its software has long been forgotten.

 

Eighteen years later your Rooster has a strong sense of deja vu.

 

It feels eerily like we are in the midst of a repeat of the 1990s tech bubble. There is an apparent willingness in the media and among institutional investors to turn a blind eye to absolutely ridiculous valuations.

 

Another measure of excesses in the market is the heightened rambunctious commentary on the Hot Copper day trader's stockmarket forum.

 

Read more: http://www.afr.com/brand/chanticleer/getsw...8#ixzz54m4zqWoQ

 

From Forager Funds December 2017 Report

https://foragerfunds.com/wp-content/uploads...DEC17_FINAL.pdf

 

 

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Two day TH requested to comment on the AFR allegations has lapsed - GSW now in suspension. How long does it take to prepare an explanation? If you have signed contracts in place, as per market anns, you should be able to knock up a response in less than two days. Think a name change is in order - GoSlow more apt under the circumstances Let's hope investors don't GetShafted Not looking good, IMHO

 

It is the logistics company that catapulted its managing director, former Melbourne Football Club player Joel MacDonald, into the realms of the mega-rich with a wealth estimated at more than $120 million.

 

But now one-time market darling Getswift is facing serious scrutiny from the Australian Securities Exchange after it emerged the company had not informed the market that it had lost key contracts that underpinned its recent success.

 

GetswiftÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s shares were suspended from trade on Wednesday after spending the two prior days in a trading halt.

 

Getswift is a loss-making company which sports a market capitalisation of $550.3 million against a 2017 revenue base of $336,356, and last traded on Friday at $2.92 per share.

 

Its share price is expected to plummet when the logistics software company resumes trade according to retail investor trading platforms.

 

Getswift came under scrutiny from the ASX after it emerged the company had told the market it had signed deals with Fantastic Furniture and the Fruit Box but did not inform the market that both contracts were cancelled after a one-month pilot period.

 

The companyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s nascent deal with the Commonwealth Bank is also being questioned after it emerged it had announced the agreement while it was still in the pilot stage.

 

Mr McDonald is the company's biggest shareholder with a 22 per cent stake.

 

It is understood Getswift entered into the voluntary trading halt after the ASX refused to publish an announcement by the company on Monday regarding its contracts with various companies due to concerns over the level of disclosure in the original statement.

 

Getswift has also not told the market about the departure of its chief technology officer Keith Urquhart. He is believed to have left shortly after the company floated in December 2016.

 

Mr Urquhart was named as key management personell in the company's 2016 prospectus, which said: "The company is substantially dependent on the continued services of its managing director, executive chairman and chief technology officer".

 

read more - http://www.smh.com.au/business/tech-compan...124-p4yyu0.html

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ASX Suspends GetSwift Ltd Shares

https://www.raskmedia.com.au/2018/01/25/asx...ift-ltd-shares/

 

Interesting to note GSW's past Press Releases have noted Media enquiries Harrison Polites Media & Capital Partners. Today's ann probably written by a legal firm. M&C Partners have a connection to the Stockheads - "Stockhead is owned by AG Media Investments which has some common shareholders with Media & Capital Partners. StockheadÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s journalism is 100 per cent independent. Editorial content is published at the sole discretion of the editor and is not influenced by Media & Capital Partners or any other interest"

 

Harrison Polites

‏@HarrisonPolites

11 Apr 2017

 

Yo PR peeps and journos -- work with me! @M_CPartners is hiring. Here's the thin of it and a link to the ad: https://www.linkedin.com/jobs/view/294731669/ ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦

 

Yo peeps indeed! Mind you he hasn't tweeted anything sinceon this account https://twitter.com/harrisonpolites?lang=en

 

I note also that Stockhead doesn't appear to have run with any articles recently on the GSW issues, while most media outlets have

 

Back in December 2017 Steven Johnson from Forager described GSW announcements on soclal media as "very fishy" You would think ASIC would be monitoring what's taking place on social media in the promotion of certain stocks?

 

Critics, including Forager's chief investment officer Steve Johnson, who has described GetSwift's announcements on social media as "very fishy", point out the company has a market capitalisation of $600 million and revenues of just $336,356 in 2017 and that founders' stock remains in escrow for another 12 months.

 

But two of GetSwift's largest institutional investors, IFM Investors and Regal Funds Management, say they expect the company's valuation and revenues will continue to improve.

 

"Traditional investors won't be able to get their head around the valuation of this company. And that's fine. But we are looking forward three to five years, and we are forecasting the revenues we think that this company is going to produce. And looking three years forward, this company is very, very cheap," said IFM Investors' head of active equities, Neil Carter, adding the capital raise was an "exciting" signal that the company was moving to quickly monetise its contracts.

 

Read more: http://www.afr.com/technology/is-this-the-...d#ixzz559cUXVtT

 

Hopefully IFM can "get their head around" today's ann,

 

 

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How GetSwift got here: A timeline of the tech startupÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s troubles

STARTUPSMART / Monday, January 29, 2018

extract

The listing also attracted criticism from unnamed investors as its prospectus revealed revenue for the 2015-16 financial year was $107,554, with a $462,536 net loss.

 

However, MacDonald defended the listing so early in the startupÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s life.

 

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“WeÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ve got large enterprise clients doing heavy due diligence on us. The ASX listing gives us the opportunity to cut that down, because thereÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s a level of governance and transparency that goes along with it,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ he told Fairfax.

https://www.smartcompany.com.au/startupsmar...rtups-troubles/

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Slightly comical, or sad, it's come to this. I'm sure holders are looking forward to finally getting those more "comprehensive" market updates :rolleyes:

 

The Company has today engaged PricewaterhouseCoopers (PwC) to review the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s

continuous disclosure compliance. As part of that engagement, PwC will also assist the Company in

its preparation of a more comprehensive market update, which will address questions raised by ASX

in its correspondence with the Company as well as other commentary in the market.

 

" other commentary in the market[" might refer to twitter - https://twitter.com/joelmac_?lang=en

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Pathetic Appendix 4C. Receipts for the qtr - $160k for a company with a mkt cap $548.8M. Not going to be pretty when it starts trading, IMHO. The only thing it's got going for it is the $96 mil cash in kitty, IMHO Good luck to holders.

 

More disclosure issues with advising Director (incoming Nevash Pillay/outgoing Jamila Gordon) holdings

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Is this stock is shaping up to be another QIN.?

 

Looks like GSW is going to miss its deadline for submitting the flagged market update by the end of the week - although they still have a little more time before ASX stops releasing anns - perhaps its with ASX currently but they have not released yet?

 

Now there's talk of class action and some "rumour" from "a person familiar with GetSwift's situation" that it was set to launch a formal process to evaluate takeover approaches" posted in WSJ

 

The whole GSW drama has caused some other tech stocks headaches as well, with investors now questioning - BUD is mentioned in this AFR article - and I see YOJ much hyped investor has ceased being a substantial holder

 

Logistics software maker GetSwift may face a class action from global law firm Squire Patton Boggs, as the drama around the company built on Friday with its failure to release a promised answer to regulator queries before the close of trade.

 

The class action threat capped a dramatic day in which the Wall Street Journal was told by "a person familiar with GetSwift's situation" that it was set to launch a formal process to evaluate takeover approaches.

 

However no announcements had been made by GetSwift by late Friday, and the story was widely lampooned on social media as most likely a plant by an investor in the company.

 

Squire Patton Boggs said in a statement that it had obtained funding for a class action against GetSwift, and invited shareholders that had purchased shares between 24 February 2017 and 18 January 2018 to register their interest.

 

Read more: http://www.afr.com/business/getswift-flunk...p#ixzz55w8miWuf

 

 

 

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