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Penny stock Rewardle Holdings Limited (ASX:RXH) surged up 50% on the announcement of new Non-Executive Director joining the Board. The stock last traded at $0.006 on 3 January 2019.
But who will be seen in the role of new Rewardleâs Director?
Itâs Mr. Rodney House. In todayâs market release, social media company Rewardle Holdings Limited announced the appointment of veteran media figure Mr. Rodney House to the role of Non-Executive Director of the company.
The joining of Mr. Rodney House comes as the replacement of Peter Pawlowitsch who steps down from the role of Non-Executive Director after over 18 months. This restructuring outlines the companyâs focus on operational efficiency and commercialization while retaining the cost and agility benefits of small-sized Board comprising of just three members.
Most recently, Mr. House held the position of Commercial Director at Australia Community Media (ACM), a unit of Fairfax Media company. In that role, he was entrusted with the direct and agency sales along with overseeing the call center partnerships for print and digital media. Mr. House also headed the Marketing Services segment of Fairfax Media, delivering a full suite of digital marketing services to regional clients.
Rewardle founder and Executive Chair, Ruwan Weerasooriya thanked the departing Director for its contribution and welcomed Mr. Rodney House to the Rewardleâs Board.
Mr. House has already been in touch with Rewardle by informally advising its management team on building more constructive and diligent approaches to achieve higher sales performance. His current appointment to the Board channelizes his ongoing contribution in the formal structure.
Letâs take a recap of the financial performance of the company.
For the year ended 30 June 2018, Rewardle Holdings revenue from rendering of services to $1.60 million compared to FY17âs revenue of $1.21 million. As a result, the loss after income tax of the company came down to $2.53 million from the previous corresponding periodâs loss of $3.78 million.
As at 30 June 2018, the company had cash and cash equivalents of $62,365, reflecting net cash outflows from operating activities of $2,213,456.
Rewardle Holdings Limited is a social media company that provides a social platform to connect and engage the local small and medium-sized enterprise (SME) merchants around Australia. Over the past 12 months, Rewardle stock has plunged 66.67% including a dip of 33.33% witnessed in the past three months.
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