ASF Group Raised $9 Million New Capital By The Placement Of 112.5 Million Shares

On 25 January 2019, ASF Group Limited (ASX: AFA) has announced that they have further raised new capital of $9 million by the placement of 112,500,000 fully paid ordinary shares of the company to professional investors at an issue price of $0.08 per share.

The issue price depicts a premium of approximately 10.8% above the volume weighted average price (VWAP) of the Company’s shares in the preceding five trading days of $0.0722.

The capital will be utilized for the repayment of convertible loans and general working capital needs.

On January 10, 2019, ASF had publicly announced their share purchase plan for shareholders so that they can apply for up to AUD 15,000 worth of additional shares in the company. ASF Group intended to raise A$ 5,000,000 (before expenses). The capital was supposed to be utilized for working capital to progress the company’s portfolio of assets and for repayment of debts. Shareholders would be able to buy additional shares at an issue price of $0.08 per share. The company stated that shareholders can participate from 14 January 2019 till 1 February 2019.The company further intends to enhance the value of its oil and gas and resource investments.

September Quarter Update: The company’s receipts from customers for the Q1 stood at A$ 569,000. The company’s Administration and corporate costs for Q1 amounted to A$(1,941,000). The company’s reported Interest and other costs of finance for the Q1 stood at A$(150,000). The company’s Advertising and marketing for Q1 amounted to A$(123,000). The company’s interest received for the Q1 stood at A$ 8,000. Cash flows from loans to other entities for the Q1 stood at A$ (660,000).

As at 30 September 2018, the Company’s cash balance was AUD 1,633,000.

FY18 Financial Performance: The Company’s revenue for the year stood at $1,493,000 in FY18, (over the prior year which was $877,000). The Company’s net loss for the year stood at $923,000 in FY18, (over the prior year which was $19,923,000). The diluted loss per share for the year stood at 0.09 cents per share in FY18, (over the prior year which was $ 3.23).

The Company’s commission and fee expenses were $ 514,000, representing an increase from the commission and fee expenses of $ 387,000 from the previous year. The consultancy expenses for the year stood at $ 1,664,000 in FY18, (over the prior year which was $1,296,000).

On Balance Sheet front, Net Assets for the year stood at $3,542,000 in FY18, (over the prior year which was $4,689,000).

As at 30 June 2018, the company had cash and cash equivalent of $4,585,000 (over the prior year which was $17,669,000).

Stock performance: The shares of ASF Group Ltd closed the day’s session at A$0.078 (25 January 2019). The company has 677.03 million outstanding shares with the market capitalization of circa $52.81 million. The stock has delivered the negative return of 48% over the past six months. During the last one month, AFA delivered the positive return of 27.87%.


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