CCA’s Shares Tumbled By 1.695% On ASX As Ms. Clarke Turns To A Non-Executive Role

  • Jan 02, 2019 AEDT
  • Team Kalkine
CCA’s Shares Tumbled By 1.695% On ASX As Ms. Clarke Turns To A Non-Executive Role

On January 2, 2019, Change Financial Limited (ASX: CCA) has announced that Ms. Teresa Clarke will step down as an executive with effect from 31 December 2018, in line with the management contract previously announced. Ms. Clarke will continue to serve as the Non-Executive Chairman of the Board, having been re-elected as a Director at the Company’s AGM on 28 November 2018.

Change Financial Limited is a Fintech Solutions and Blockchain Investment Company. The company consists of three core business units: Consumer, Enterprise, and Blockchain.

As stated by Ms. Clarke, it is a privilege to serve in an executive capacity and to work closely with the Change Board over the last four months as we undertook a major restructuring of the company. Now re-structuring is fundamentally completed, culminating in the injection of new capital into the company, as announced on 12 December 2018.

On December 27, 2018, the company has announced indicative record date for a proposed rights issue. The indicative record date is now expected to be 9 January 2019.

Recently, the company has completed a review of its business. Some of the significant outcomes are as follows:

  • The company is focusing on completing the technology build of its enterprise banking platform. This platform will be targeting US banks, credit unions, and corporations which are looking for an innovated payments processing solution.
  • Looking for monetizing its non-core businesses:
  1. ChimpChange: The company has involved a US investment bank to explore the sale.
  2. Ivy: The company is reviewing several strategies to monetize its investment.
  • The company is now moving towards a capital restructure.
  • The company has secured a cornerstone investment from Altor Capital to support the build out of its core enterprise banking offering. This investment will be supported by an entitlement offer to existing shareholders.

Financial Performance: The revenue attributable to Change Financial Limited for the year was US $1,076,868, which represent upside of 79.12% over the US$601,192 recorded in the corresponding period in 2017. The Company’s net loss for the year stood at US$9,047,969 in 2018, (over the prior year which was -US$8,766,542). The diluted loss per share for the year stood at US12.4 cents per share.

On Balance Sheet front, Net Assets has decreased by 77.9% to US$2,296,690 in FY18 over the US $10,376,875 in the corresponding period in 2017. As at 30 June 2018, the company had cash and cash equivalent of US$1,665,967.

We will now look at today’s performance of CCA. On January 2, 2019, Change Financial Limited ended the session on the negative note as the stock price has settled at A$0.058 per share which implies the fall of A$0.001 per share or -1.695%. The market capitalization of the company stood at circa $5.05 Million. Let us now see how the stock has been performing from the past few months. In the time span of the previous six and three months, the stock delivered the returns of -90.92% and -41.0%, respectively. However, during the last one month, CCA delivered the return of -23.38%.


Disclaimer

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.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK