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Sequoia Financial Group Limited (ASX:SEQ), an integrated financial services company which provides provision of financial advice and technology solutions to traders, investors, financial service providers, and corporations, announced the resignation of its Director Mr. Scott Beeton effective from 4 February 2019.
Garry Crole, who is the CEO of SEQ appreciates Mr. Scott Beeton for being influential in the foundation of this business. During the period, when he was in the position of CEO, he was successful in transitioning the business, based on the series of acquisitions and mergers. These small acquisitions during his leadership have helped the business to attain its existing position. The company expects that the companyâs revenue will reach $100 million in the current financial year.
The company will now get engaged with Scott in the corporate finance arena. Based on this, the company can maintain and engage the services of Scott as well as his new business which will provide a support to  Sequoia in the identification and sourcing of further acquisition opportunities. Based on this, the board and the management team of SEQ will be maintaining the mergers and acquisitions program which was started by Scott. Besides, the company will also divest those business units which are not under its core business.
The other update from SEQ was that it had asked ASX for the trading halt concerning its fully paid ordinary shares. The reason for the trading halt is in connection with the appointment of an additional director by Sequoia. The trading halt will be in place until the company comes up with an announcement regarding the appointment of an additional Director. The company expects that it will announce the appointment of an additional director before the trading on 6 February 2019.
Since the inception of SEQ on ASX, the stock has generated a negative performance of 82.30%. In last one year, the stock has generated a negative return of 4.84%. However, the stock has yielded  a YTD return of 18%.
As per the annual report of SEQ for FY2018, which ended on 30 June 2018, there was an increase in the revenues from the ordinary activities by 115.7% to $75,674,127. As a result, the net profit after tax attributable to the owners of Sequoia Financial Group Limited was up by 225.6% to $2,310,985. The balance sheet of the company shows that there was an increase in the net asset base of the company as compared to the previous fiscal year as a result of an increase in the total asset. The total shareholdersâ equity was $27,764,172.
By the end of FY2018 on 30 June, SEQ has net cash and cash equivalent of $19,031,987.
The shares of SEQ traded last on 01 February 2019, with the closing price of A$0.295 with the market capitalization of A$35.07 million and approximately 118.9 million outstanding shares.
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