First Growth Funds (ASX: FGF) had made an announcement regarding the share subscription agreement with the help of the press release. First Growth Funds happens to be a listed investment company. As per the press release dated December 24, 2018, the agreement has been entered with Zyber Holdings Limited with respect to the investment amounting to $300,000 at $0.008 per share. However, another point worth noting is that the shareholders of Zyber need to approve placement at the General Meeting. As per the press release, Zyber has managed to build up the file-sharing application which has been made by keeping the small businesses in mind so that they can transact as well as share the documents and files with the help of mobile as well as the web platform.
Zyber Holdings Limited is carrying out the work related to the end-to-end encryption so that it can shift its platform’s part to the blockchain technology. Additionally, the press release depicted that term sheet has also been signed by Zyber Holdings which relates to the acquisition of Equal Network Pty Limited. Equal Network has managed to build up the complementary solution which includes the “browser” solution so that sharing, viewing, and transacting with the applications can be facilitated. The platform of Equal consists of decentralized wallet thus, facilitating the users to initiate the payments with the applications and other users. The Equal Network would not be having access when it comes to confidential financial information.
First Growth Funds would also be supporting Zyber Holdings’ products in terms of their commercialization. Another factor which could support Zyber Holdings is that the First Growth Funds happens to have robust partnerships when it comes to the blockchain sector.
Not so long ago, First Growth Funds has made an announcement in which it stated that it had launched First Growth Advisory Pty Limited which could support it in terms of the generation of fees as well as in the deal pipeline. In the same press release, First Growth Funds informed about some of the changes in Board. The company stated that Mr. Anoosh Manzoori has been placed as Executive Chairman which would support it in tapping the growth prospects. Mr. Manzoori happens to possess a significant amount of experience when it comes to equity capital markets, capital raising corporate advisory, mergers, and acquisition as well as private equity. The press release also stated that Mr. Geoff Barnes would be acting as Non-Executive Director and would be inclined towards listed equities strategy as well as capital markets.
Let us now see how First Growth Funds has performed in the past few months. The market capitalization of First Growth Funds stood at $12.09 million. In the time span of previous six months, the stock has delivered the return of -5.88% while in the previous three months, the returns were -50%. However, in the previous one month, First Growth Funds delivered the return of -27.27%.