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Highlights

  • BirdDog revised its share buy-back price to $0.07, a 40% increase from the previously announced $0.05.

  • The revised offer represents a 126% premium to BirdDog's last traded price before the April announcement.

  • Three institutional shareholders holding 16.9% of shares support the delisting and full buy-back participation.

BirdDog Technology Limited (ASX:BDT) saw its share price climb 40% to 6.9 cents on 23 June 2025 following an announcement regarding an increase in the proposed off-market share buy-back price. The company has revised its buy-back offer to $0.07 per share—up from $0.05—alongside confirming the postponement of its Extraordinary General Meeting (EGM) to 22 July 2025.

Increased Buy-Back Price Ahead of ASX Delisting

The buy-back and delisting were initially announced on 7 April 2025. Following shareholder engagement, BirdDog increased the buy-back price by 40% to address concerns. The updated offer of $0.07 per share now represents a 126% premium to the company’s last trading price of $0.031 on 3 April 2025—prior to the delisting and buy-back announcement. It also reflects a 112% premium to the 15-day VWAP of $0.033 and a 100% premium to the 30-day VWAP of $0.035 up to that same date.

The revised offer will be detailed in an updated Notice of Meeting, Explanatory Memorandum, Independent Expert’s Report, and Proxy Form, which were released to shareholders on 23 June 2025. The documents incorporate the revised price and adjusted timetable for the EGM, delisting, and share buy-back.

Substantial Shareholder Support

The company has received voting intention statements from three substantial institutional shareholders who collectively hold 16.9% of BirdDog shares. These shareholders have confirmed they intend to vote in favour of both the delisting and the share buy-back resolutions at the EGM and to fully participate in the buy-back offer for all shares held at the relevant record date.

Voting Requirements and EGM Details

Shareholders are reminded that proxy forms submitted for the previously scheduled EGM dates are void. To vote on the resolutions in the updated meeting notice, shareholders must either submit a new proxy form by 9:00am (AEST) on 20 July 2025 or attend the EGM in person at 9:00am on 22 July 2025.

Updated Timeline for Delisting and Buy-Back

  • EGM to approve delisting and buy-back: 22 July 2025

  • Share buy-back record date: 29 July 2025

  • Buy-back offer period: 1–19 August 2025

  • Shares to be cancelled: by 26 August 2025

  • Suspension from ASX and fund distribution: following cancellation

Next Steps for Shareholders

BirdDog is encouraging shareholders to review the updated documents in full before making a decision on the buy-back and delisting resolutions. The company notes that further details regarding participation in the buy-back and shareholder entitlements will be outlined in the offer documentation distributed on 1 August 2025.