Global tech venture investment and development firm, Fatfish Blockchain Limited (ASX: FFG), formerly known as Fatfish Internet Group Limited made an announcement on 14 January 2019 stating that it has completed the divestment of its 12.5 percent stake in Altairian Capital for US$250,000 cash consideration.
This divestment will allow the company to focus more on the core areas of technology and its consumer internet businesses.
The initial announcement regarding this divestment was earlier announced on 18 December 2018 in which the company announced that the proceeds from this divestment could be used in reinvesting into building more shareholder value in the Company’s core focus technology sectors.
The company had acquired 12.5% of Altairian Capital for US$250,000 in February 2018, and it has now sold it at the same price.
The Group has been targeting emerging global technology trends due to which the company has done investments in various sectors of the blockchain, fintech and consumer internet technologies which includes Cryptocurrency Exchanges, Cryptocurrency Mining, Blockchain Fund Management, and Consumer Internet. Recently, the company started the trading operations of the non-security cryptocurrency exchange operations of its investee company Kryptos-X Pte. Ltd which is Singapore based marketplace and trading hub for digital assets and currencies. The company has interest in a large-scale cryptocurrency mining company, Minerium Technology Limited and a blockchain and cryptocurrency ‘fund-of-funds’ business company, Epsilon Capital. In the September quarter, the company executed a definitive Share Subscription Agreement with Epsilon Capital Management Ltd, whereby Fatfish would invest US$500k in return for additional 10 percent shareholding, giving Fatfish a total of 20 percent shareholding in Epsilon Capital.
In November 2018, the company secured a strategic funding commitment for up to AUD$10 million by entering into a definitive legally binding agreement with U.S. based Arena Investors, LP.
In November 2018, the company’s investee company iFashion Group organized and executed the inaugural Artbox Malaysia event which recorded a total of 349,000 visitors that spent an average of 3.5 hours at the Event.
In the September quarter, the company entered into a definitive Share Exchange Agreement with eSports.com in which Fatfish will exchange A$4.56M worth of its shareholding in iCandy, in the form of 45,656,105 ordinary iCandy shares, for 3 percent of the current issued share capital in eSports.com.
For the nine months ended 30 September 2018, the company had net cash used in operating activities of $1.22 million, net cash used in investing activities of $3.839 million and net cash from financing activities $2.12 million. As at 30 September 2018, the company had a Cash and cash equivalents $389k.
Meanwhile, in the past six months, the share price of Fatfish decreased by 46.15 percent as on 11 January 2019 and is trading at a PE multiple of 0.900x. FFG’s shares traded flat at $0.014 with a market capitalization of circa $7.9 million as on 14 January 2019 (AEST 4:00 PM).
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