Ordinary ShareholderS; action requested
IFRS Waiver request
Again Again is completing our FY2024 accounts.
As you are an ordinary (voting) shareholder in Again Again, I am reaching out to get your approval for a shareholder resolution that the board would like to pass in reference to our EOY accounts, and that needs your input.
Please review and sign digitally to authorise the proposed resolutions below. Again Again's constitution supports digital signatures.
WHY ARE WE MAKING THIS PROPOSAL?
Following our successful equity crowdfunding campaign in December 2020, we have greater than 10 ordinary (voting) shareholders and this has legislative implications for the tax compliance requirements for the company. We are however a 'non-large company' (assets under $60M), and there is the facility to avoid this if we collectively opt-out. Companies can opt-out of one or both of these requirements if at least 95% of voting shareholders agree to do so.
IFRS reporting is most commonly used for large companies (Exceeds $60M in assets) with more complex accounts, and the facility to opt-out is widely used for smaller and seed companies like Again Again.
The audit and IFRS complience will cost the company about $15,000 and reviews the handling of monies, and not the risk profile of the business. The board believes that we are transparent about our business dealing, and have the wrap around support of an advisory panel, such that we can give some assurance to shareholders that we are engaging in robust and transparent practices. Finances are certainly lean as we trade primarily on government funding, and this is indicative of the stage we are at. The board feels that Again Again poses a low risk and that auditing and further accounting compliance will add significant expense with little extra value.
As such, I ask that you agree to waive the requirement for IFRS reporting.
If you do not support this opt-out or would like to talk it through, please don't hesitate to email or call Nada Piatek, Co-founder and Managing Director, on 021731274.