FFG Provides Slew Of Market Updates- Share Price Zoomed By 8.333%

Fatfish Blockchain Limited

Fatfish Blockchain Limited (ASX: FFG), an Australian tech venture investment firm from the diversified financial industry group announced its market update on its ongoing corporate exercises.

  1. Fatfish Global Ventures AB listing in Sweden updates:

On 11 September 2017, Fatfish Blockchain Limited announced the appointment of Swedish investment bank Remium Nordic AB which was responsible for providing advice regarding the potential IPO of Fatfish in Sweden. However, the contract got terminated as the Swedish Financial Services Authority cancelled the Remium licenses.

Fatfish Blockchain Limited, at present, is currently into a discussion with corporate finance firms for the appointment of reputable financial advisors who will be providing advice on the potential IPO exercise in Sweden. 

  1. Termination of the investment agreement with CryptoFoundry

On 22 December 2017, the company entered into a legally binding term sheet with a Singapore based start-up company, CryptoFoundry Pte Ltd to invest S$350,000 for providing consultancy and technology services to businesses in fields of technologies related to blockchain and cryptocurrency. On 19 January 2018, the company announced that it signed a definitive investment agreement to invest in the CryptoFoundry Pte Ltd.

However, after the extensive due diligence process and discussions with the CryptoFoundry’s management, FFG has decided that it will not continue with the investment agreement with CryptoFoundry. Further, FFG confirmed that it has not made any investment into Cryptofoundry or committed any material time or resources to the proposed transaction. Even though the agreement got terminated, FFG confirmed that there was no material impact on the financial position of FFG.

  1. Updates on the disposal of iFashion Group

On 4 May 2018, the company entered into an agreement to sell iFashion Group Pte Ltd (“iFashion Group”) to Mobile Credit Payment Pte Ltd (“MC Payment”), which is a Singapore-based fintech startup company. The sale of the iFashion Group to MC Payment remained a matter of satisfaction of a number of terms and conditions precedent. To complete the sale of iFashion Group, it was necessary for the completion of due diligence as well as the successful reverse takeover by MC Payment of Artivision Technologies Ltd.

Since the SGX Catalist market also remained conditional upon several conditions precedent which was required to get satisfied by 31 December 2018. As a result, MC Payment and Artivision mutually agreed to extend the period till 30 June 2019. However, now the management team of iFashion Group has decided not to extend the dateline for the conditions precedent to be met regarding the transaction with MC Payment as process delay is due to other factors beyond its control. Thus, the management of iFashion Group in mutual understanding in an amicable manner with MC Payment to terminate the proposed transaction.

  1. Updates on Minerium

On 10 January 2018, Fatfish Blockchain Limited entered into a legally binding investment contract to invest an amount worth US$1 million for 51% stake of Minerium Technology in conducting cryptocurrency mining. In this regard, there was multiple discussion with the management of the Minerium.

On 24 July 2018, FFG announced that Minerium proposed to list its ordinary shares on London Stock Exchange within a span of 6 to 9 months.

On 17 October 2018, another announcement from FFG was that Minerium was able to secure new industrial site at a satalite town to Ulan Bator situated in Mongolia.

Following the discussion with Minerium’s management, it was decided to keep in view the uncertain market sentiment in cryptocurrency, to postpone the LSE IPO until there is an improvement in the market conditions. Till that point of time, Minerium has also decided to put a hold to its Mongolian expansion. Other than this, Minerium is also looking for opportunities in the new technology trend in the blockchain sector.

  1. Updates on iCandy Interactive Ltd (ASX: ICI)

FFG’s investee company iCandy Interactive Limited entered into a binding term sheet with the UK based Xcademy Ltd on 5 March 2019 to acquire 20% stake in Xcademy. This investment worth US$300,000 represents the venture of iCandy into the video influencer marketing market.

On 14 January 2019, FFG executed the divestment of 12.5% stake in Altairian Capital.

By the end of the trading period on 12 March 2019, the closing price of the shares of FFG was A$0.013 up by 8.333% as compared to the previous trading day’s closing price. The company has a market capitalization of A$6.77 million with circa 564.27 million outstanding shares.


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