Latest On Two Stocks On ASX Reinstatement Post Suspension – BUD And AVQ

Latest On Two Stocks On ASX Reinstatement Post Suspension - BUD And AVQ

Buddy Platform Ltd (ASX: BUD)

On Wednesday, 6 February 2019, the securities of Buddy Platform Limited were reinstated to ASX quotation after the company announced the acquisition of leading global smart light company, LIFX.

In today’s market release, Buddy Platform announced that it has inked a binding agreement to acquire 100% of shares of the smart lighting technology company, Lifi Labs generally known as LIFX. The acquisition includes the cash consideration of US$26.5 million along with other considerations.   [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

However, the transaction is dependent on the satisfaction of certain conditions including the completion of acquisition financing and shareholder approvals.

The LIFX Acquisition will reportedly be affected by way of a merger under which Buddy’s newly incorporated wholly-owned subsidiary, Buddy Apollo, Inc. will merge with LIFX.

To partially fund support the acquisition, the company also announced about raising A$18.1 million via a strongly supported placement of 226,250,000 new Shares at a discounted issue price A$0.08 per share.

The company stated that beside funding partial cash consideration from placement proceeds, it intends to procure funds via a debt financing to take care of the remaining portion of the cash consideration, being approximately US$13 million.

The company believes that the acquisition will bring a globally deployed energy and sensing platform in LIFX’s lights to Buddy’s Ohm energy monitoring product while bringing Buddy Ohm’s energy monitoring platform to LIFX’s smart lighting products. Therefore, the takeover is regarded revenue and earnings’ accretive for both the companies.

On the news of private placement offer, BUD stock price plunged 5.263% to last trade at $0.090 on 6 February 2019. The stock price has dipped by 54.76% over the past 12 months.

Axiom Mining Ltd (ASX: AVQ)

Axiom Mining’s shares tumbled 5.357% on February 6, 2019, after the Solomon Islands’ Ministry of Mines Energy and Rural Electrification refused to review the company’s unsuccessful prospecting licence application over Kolosori tenement. The bear market took charge immediately after the suspension of trading on Axiom’s stock got lifted in early morning trade on Wednesday, 6 February 2019.

The company first disclosed that its prospective license application over Kolosori has been unsuccessful in December 2018. But due to the strong belief that application has not been processed justly, the company requested the ministry to review its decision.

As per the latest update on Kolosori tenement, the MMERE has refused to review Axiom’s unsuccessful application to date.

Since then, Axiom noted that one or possibly two prospecting licenses have been issued to other companies over Kolosori. The company is looking for further legal justification as it believes that licenses issued to other companies have not complied with the legislative requirements and are therefore are invalid.

Axiom CEO Ryan Mount stated, “While the company’s primary focus is the commercialisation of the San Jorge Nickel deposit, it will continue to vigorously defend its rights and prosecute all claims and entitlements due to Axiom under the law especially against what it believes to be a corrupt conduct. Axiom is confident of resolving this issue in favour of its shareholders.”

AVQ last traded, near its 52-week low level, at $0.053 on 6 February 2019. The stock price has declined by 62.67% over the past 12 months.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report