# GSW - GetSwift Limited



## System (15 November 2016)

Using its Software as a Service (SaaS) platform, GetSwift provides an easy and affordable way for businesses to optimise dispatch, routing, visibility and tracking of their deliveries to end customers. It enables businesses to generate greater efficiencies, cost savings and consistency in deliveries and enhance the quality and scalability of their businesses. 

It is anticipated that GSW will list on the ASX during November 2016.

http://www.getswift.co


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## PinguPingu (3 October 2017)

Argh, I was looking at this a few weeks ago when it was dipping below $2 on a gap fill and really liking the tech, thought about a small position, forgot about it and next its hitting 2.80!!


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## JTLP (22 January 2018)

Might be lucky not to have gotten in. Seems that the lack of substance on announcements coupled with failing to update on material changes will come back and bite them.


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## satanoperca (25 January 2018)

Suspended on the ASX, just read.

Market cap of $550M and revenues of $340K, how does it get this market evaluation.


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## Cam019 (19 February 2018)

GSW to recommence trading this morning. It's going to be a bloodbath.


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## Cam019 (19 February 2018)

GSW gapping down over 66% on this mornings open.


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## greggles (19 February 2018)

Cam019 said:


> GSW gapping down over 66% on this mornings open.



It's bounced back from 98c to $1.44. An almost 50% return in 10 minutes isn't bad. Some brave traders making good money out there this morning no doubt.


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## galumay (19 February 2018)

Its like an out of control train with a dead driver at the wheel and no deadmans switch! Dont stand on the tracks, folks!!


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## satanoperca (21 February 2018)

galumay said:


> Its like an out of control train with a dead driver at the wheel and no deadmans switch! Dont stand on the tracks, folks!!




Down 40% today to $0.56, going to under $0.15 within weeks. The damage is done, don't lie to the markets.


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## greggles (21 February 2018)

satanoperca said:


> Down 40% today to $0.56, going to under $0.15 within weeks. The damage is done, don't lie to the markets.




$4.38 to 51c in just two and a half months is scandalous. I can smell a class action over this. Holders must be absolutely furious.


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## galumay (21 February 2018)

greggles said:


> Holders must be absolutely furious.




Most hodlers have only themselves to blame. This was never an investible business IMO.


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## JTLP (21 February 2018)

greggles said:


> $4.38 to 51c in just two and a half months is scandalous. I can smell a class action over this. Holders must be absolutely furious.
> 
> View attachment 86348




Not just 1 class action, if you read the papers it could be up to 3!

Shame on institutional investors backing this at $4 in the placement and not doing the due diligence on the numbers.


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## greggles (22 February 2019)

*ASIC commences civil penalty proceedings against GetSwift Limited and its directors Bane Hunter and Joel Macdonald*

https://asic.gov.au/about-asic/news...its-directors-bane-hunter-and-joel-macdonald/



> ASIC’s case relates to a series of ASX announcements made by GetSwift (ASX code: GSW) between February and December 2017 relating to agreements with clients for the use of the company’s software-as-a-service (or SaaS) platform.
> 
> ASIC alleges that GetSwift made representations in a series of ASX announcements relating to client agreements, between February 2017 and December 2017 that were misleading and that it failed to notify the ASX of material information in relation to these client agreements.
> 
> Further, ASIC contends that Mr Hunter and Mr Macdonald were either involved in the failure of GetSwift to meet its obligations and failed to discharge their duties to GetSwift with the requisite degree of care and diligence that a reasonable person in their respective positions would exercise.


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## bigdog (29 July 2019)

Motley Fool reports
https://au.finance.yahoo.com/news/getswift-shares-stuck-rut-legal-053544687.html

*GetSwift shares stuck in a rut on legal headaches*
Tom Richardson
Motley Fool 29 July 2019

Getswift Ltd (ASX: GSW) saw its share price rise 2% or 0.5 cent to 24 cents after it posted its financial results for the quarter ending June 30, 2019.&nbsp;" data-reactid="18">This morning controversial software company *Getswift Ltd* (ASX: GSW) saw its share price rise 2% or 0.5 cent to 24 cents after it posted its financial results for the quarter ending June 30, 2019.

For the quarter Getswift posted sales from customers of $889,000 which translated into an operating loss of $6.3 million as staff costs at $1.9 million and administration or corporate costs at $3.77 million continue to drag the company deep into the red.

Over the quarter research and development costs only came in at $921,000 which is small compared to others costs, although it’s hard to know whether this should be taken as a positive or negative. 

Amazon partnership, etc) and continuous disclosure obligations.&nbsp;" data-reactid="21">The whopping $3.77 million in corporate costs is probably the result of the firm racking up huge legal bills as it’s forced to defend civil proceedings in the Federal court issued by ASIC against the company and three of its directors, alongside class action lawsuits launched over its allegedly misleading announcements (the infamous *Amazon* partnership, etc) and continuous disclosure obligations.

Ironically the company is using some of the $75 million it raised at the end of 2017 at $4 per share to defend itself from law suits alleging it misled in the market in getting its shares pumped up to this price in the first place.

As we can see then this is a company with a bizarre track record, but on the bright side it appears sales from customers are now moving higher even it still at a meagre $889,000 over the quarter.

It also reports that it is pleased with the penetration of its software through small to large size enterprises and that it continues to invest in improving the software product.

It also still has $68.9 million cash sitting on its balance sheet thanks to the aforementioned capital raising, with its market cap of $45.2 million actually less than its cash on hand.

This unusual situation reflects another irony in that the company may end up having to use its capital raising proceeds to compensate class action members suing it for the kind of allegedly misleading behaviour that saw it raise the money in the first place.

If any action is successful much of the funds will also be taken by litigation funders and courtroom lawyers for their work in securing the compensation on top of the bills GetSwift racks up in defending the action.

As you can probably guess I would not suggest buying Getswift shares and in fairness I repeatedly warned investors against it through 2017 and 2018.






754


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## System (18 January 2021)

On January 15th, 2021, GetSwift Limited (GSW) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between GSW and its shareholders in connection with the acquisition of all the issued capital in GSW by GetSwift Technologies Limited.


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## Dona Ferentes (18 January 2021)

" Look on my works, ye Mighty, and despair!'
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away "


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