Growth, Unaudited
A third voted against the pay report. The board abolished the committee. Problem solved.
The half-year accounts disclosed a material uncertainty as to going concern. The announcement the same morning told the market there was $16 million of available funding and did not mention it. By June the board had abolished the audit and risk committee altogether, for reasons of scale.
At Swoop Holdings' annual general meeting in November 2025, more than a third of votes cast went against the remuneration report. A first strike. Shareholders also declined to give the board additional placement capacity.
Twelve days later two non-executive directors resigned on the same day. The seats were not filled.
In February the half-year accounts disclosed a material uncertainty as to the company's ability to continue as a going concern.
The announcement the company sent to the market the same morning was headlined Swoop Delivers Strong Organic Growth. It told shareholders there was $16 million of available funding.
It did not mention the uncertainty.
In June the board disbanded its audit and risk committee altogether and took over the job itself.
In September the auditor recorded the same uncertainty again. The audited accounts showed a loss of $29.9 million, a $20 million goodwill impairment, and a banking covenant the company had not met.