REFFIND Limited (ASX:RFN) has provided an update on the Consortium’s participation in Loyyal’s ongoing US Chapter 7 bankruptcy process.
RFN has been formally authorised by the ASX to participate in the Consortium for up to 25% in the equity of the Consortium and the Company now looks forward to the results of the Chapter 7 Bankruptcy procedure, which is nearing completion.
Subject to being successful and to funding from Barclay Pearce of US$1,000,000 on a US$20,000,000 valuation, RFN and the Consortium would continue to operate the business of Loyyal post-bankruptcy. This shall be in order to put Loyyal on a path to an IPO when trading conditions for the business further improve.
RFN along with the Consortium strongly believes that there is significant latent value in the assets of Loyyal’s operations in a post COVID-19 environment. Expecting a successful outcome in the bid process, a team of people expertly placed to assist with the Loyyal business has been assembled.