Reffind Ltd.’s Securities Suspended from Official Quotation

  • Sep 26, 2018 AEST
  • Team Kalkine
Reffind Ltd.’s Securities Suspended from Official Quotation

Reffind Ltd (ASX: RFN) is involved in the business of developing cloud based software which helps companies to communicate with their employees. On 26 September 2018, the company announced that Mr. Anthony Dunlop has resigned as Non- executive Director. After that the company announced the suspension of RFN’s securities from quotation under the listing rule 17.3 of ASX, pending the company’s appointment of sufficient directors to act in accordance to with Section 201A (2) of the Corporation Act 2001. The company’s share last traded at $0.008 with the market capitalization of $4.12 million as on 26 September 2018 (AEST 3:30 PM). 

In August 2018, the Company announced that the current CEO Mr. Tim lea will be leaving the company in approximately one month. For the year end 30 June 2018, the revenues from the ordinary activities decreased by 62.1% to $211,180. The loss for the year attributable to the owner reduced by 53.2% to $1.2 million. The Net cash used in operating activities is $1.53 million which was $3.24 million in the previous year. The net tangible asset per ordinary share of the company was 0.88 cents which was 0.90 cents in the previous year. The company’s WooBoard platform is providing strong offering and presence in the market and for the current financial year the WooBoard is having clear objective of customer and revenue growth. In July 2018, the company announced that its major investment and shareholding Loyyal Corporation (“Loyyal”) has released a new version of its Industry- leading blockchain platform for incentive and loyalty programs. The Loyyal Product Suite is having various advantages for its users which includes remarkable improvement in transaction performance, scalability, security and network resiliency. Reffind Ltd invested total of $2.3 million in Loyyal. Loyyal is currently trying to strengthen its distribution channels in the Australian and New Zealand Market.

In the last six months, the company’s share prices decreased by 42.9% as on 25 September 2018.

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