Today, on 26th April 2019, AssetOwl Limited (ASX: AO1) released its quarterly reports and investor presentation. The group is partnering with a leading property inspection service provider, PCR & Inspection Services to help bring Inspector360 to market and become a reseller once the product development is completed. PCR & Inspection Services provide service to 160 Western Australian real estate agencies, with an estimated 7,000 properties under management and delivering an average of 65 property condition reports and 35 routine inspections per week.
AO1 offers real estate asset management services to the retail, residential and governmental properties. The group is continuing the development of Inspector360 with advanced features for PCR, and both the parties anticipate rolling out the software to the market in mid-2019. The leading real estate group, The Agency Group Australia (ASX: AU1) would trial AssetOwl’s Inspector360 platform, along with the Attree Real Estate.
The Agency has its headquarter in Perth and has grown strongly to now run an Australian mortgage book worth more than $1.2 billion, with more than 4,200 properties under management and nearly 1,400 properties listed for sale. Attree Real Estate is Perth’s leading selling agency in the southern suburbs with almost 700 properties under management. AssetOwl and Attree have agreed for a one-month trial, which is expected to commence next quarter. It will involve the use of Inspector360 with selected clients of Attree. On the successful roll-out, more clients will be offered the product, which will be charged on a per-use basis.
In an investor presentation, AssetOwl highlighted that there are around 2.6 million residential rental properties in Australia (as per ABS 2016), where 1.3 million properties are being professionally managed. It aims to commercialise its unique, cloud-based enterprise software platform (“Management Platform”) designed for the large-scale property owners, including the retail and government housing sectors targeting the likes of Bunnings / Coles / Woolworths / 7-Eleven / NSW Housing as customers. For this, AssetOwl will be seeking capital to position itself to create and deliver value for investors by gaining momentum in the private and government property sectors, which means positive cash flow.
It will be offering rights issue on a 2-for-1 basis, one being new fully paid ordinary share in the company for every one existing share held, at an issue price of 0.7 cents per new share. The group aims to raise equity capital of up to ~$1.25 million via an underwritten pro-rata renounceable rights issue to be managed and underwritten by Patersons Securities Limited. It will be offered to all those shareholders who have a registered address in Australia/New Zealand and who are on the company’s register on or before record date on May 2, 2019 (expected). The offer is expected to open for acceptance from May 3, 2019, to May 17, 2019.
The company reported changes in its Board, where Mr. Ian Murchison and Mr. Bruce McCracken have retired as directors in April. In another announcement, the company highlighted its director’s interest, where Mr. Murchison holds 1,310,804 shares and 79,818 options expiring on 30th June 2019. And Mr. McCracken holds 612,500 shares and 444,791 options exercisable at $0.375 on or before 30th June 2019.
At market close on 26th April 2019, the stock of AssetOwl was trading at $0.014, down 48.148% with a market capitalisation of $2.41 million. Today, it touched day’s high at $0.025 and day’s low at $0.012, with a daily volume of 6,255,752. Its 52 weeks high price stands at $0.070 and 52 weeks low price at $0.007, with an average volume of 84,261. Its absolute return for the past five years, one year, six months, and three months are -76.78%, -59.09%, 3.85% and 42.11%, respectively.
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