REFFIND (ASX:RFN) Releases FY20 Report, Highlights Opportunities across Mobile and Remote Working Environments

  • November 02, 2020 05:14 PM AEDT
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REFFIND (ASX:RFN) Releases FY20 Report, Highlights Opportunities across Mobile and Remote Working Environments

Summary

  • REFFIND Limited has overseen a momentous period of activity across its core offering and investments during FY20 amid a wholesale transition towards mobile and remote working environments.
  • The Company is optimistic about the potential for WooBoard in capturing commercial opportunities among domestic as well as global small, medium and large businesses.
  • Despite challenges arising from the COVID-19 operational environment, RFN has been on track to recapitalise its investment in Loyyal and expand its WooBoard platform.
  • Subsequent to the financial year 2020, RFN also concluded a capital raise of $880,000 at $0.002 per share in two tranches.

REFFIND Limited (ASX:RFN) progressed to deliver on the growing pipeline of commercial opportunities for its flagship peer recognition and employee experience technology platform, WooBoard, during the financial year 2020. The company also broadened focus to meet the growing need for remote and mobile work solutions, particularly fuelled by COVID-19.

Moreover, the Company has been scanning new opportunities for investment and simultaneously recapitalising the business to deliver significant value for its shareholders.

Interesting Read: Creating Winning Environment for Employees in the Era of Digital Workplace Through ASX-Listed REFFIND’s (RFN) WooBoard

The operational environment for the Company’s target sectors has been significantly shaped over the past year, driven by an accelerating shift towards digital and remote work operations due to the pandemic and a challenging macroeconomic environment.

Let us take a look at the Company’s progress around the year ended 30 June 2020.

Expansion of WooBoard

During the year, RFN expanded WooBoard to focus on value-accretive commercial opportunities emerging because of the COVID-19 pandemic.

Interesting Read: 3 Reasons Why Recognition is Important at Workplace; A Look at REFFIND’s Recognition Tool WooBoard

Subsequent to the completion of the WooBoard Strategic Review, RFN emphasised on offering platform enhancements that assisted in positioning the platform as a suitable application in post-COVID-19 environment. The Company was optimistic that enhanced WooBoard would allow employees to collaborate seamlessly and securely while working from home or remotely.

With a significant uptick in employees working remotely across multiple sectors and industries, RFN believes that there is a substantial potential for WooBoard in translating commercial opportunities among domestic and international small, medium and large businesses.

Execution of the Company’s vision for the platform required to progress at various fronts with a firm framework of platform enhancements, including:

  • Boosting headcount in the technical development team
  • Expanding its sales as well as customer support team
  • Hiring a new marketing and social media manager to help brand development and increase WooBoard’s market share

Did you read: Overcoming Challenges in Employee Recognition with Modern Way, REFFIND’s WooBoard Platform

Presently, RFN remains completely focused on growing overall WooBoard subscriber base as well as paid user conversions. This is expected to boost customer retention as well as loyalty among an expanding pool of engaged users.

Progress Related to Loyyal

The success of Loyyal’s longstanding working relationship with Emirates Skywards at the beginning of the period looked quite promising to RFN. Emirates Skywards’ efficiency in onboarding new earn and redemption partners as well as catering to its 25 million members across the world, formed a key part of the RFN’s strategy to recapitalise Loyyal.

RFN, as part of a consortium, also seeks to take control of Loyyal’s operations, subject to the successful proposed bid of the consortium, and at the right time, help steer Loyyal on path to an IPO. RFN is optimistic that this strategy shall help in creating significant value for shareholders.

Did you Read: Looking to Stay Ahead of Increasingly Competitive Market for Talent? Check REFFINND's WooBoard

As the company opted not to convert the promissory note in Loyyal, it sought repayment of USD $845,315, which is principal and interest as of 30 April 2020. Due to unsuccessful negotiations on 24 June 2020, RFN filed a claim in the United States District Court in the amount of USD$883,969. It executed a sale agreement with Loyyal Holdings Pty Ltd for the sale of the convertible note in Loyyal Corporation, where RFN received proceeds on 29 October 2020.

Changes to the Leadership Team

Other than these overall efforts, RFN oversaw multiple changes to its board and management team to better place the Company and facilitate in maximising value from its present assets. These changes included the following:

  • Former BDO tax director Joshua Quinn has been roped in as a non-executive director. He adds significant experience in cross-border transactions, including mergers and acquisitions in the technology space.
  • Declan Jarrett has been appointed as company secretary.

Related: REFFIND’s WooBoard to Gain from Deployment as Essential Service in Fast-Growing Industries

Notwithstanding the challenges arising in the operational environment due to COVID-19, RFN has remained aligned with its commercialisation strategy firmly to expand its WooBoard platform and recapitalise its investment in Loyyal.

In response to the global pandemic, several organisations have undergone a digital transformation, and social cloud-based platforms have progressively emerged as a fast-growing commercial opportunity offering vast applications to many organisations across Australia.

Based on this, RFN is optimistic that its WooBoard platform is well-positioned in the current COVID-19 environment to deliver on commercial opportunities.

RFN believes that WooBoard shall enable both remote collaboration and substantial productivity outcomes for enterprises as the platform continues to grow.

Related: REFFIND Leveraging WooBoard Platform to Seize Opportunities Amid COVID-19

Event that took place subsequent to the year ended 30 June 2020, included:  

  • RFN concluded a capital raise of $880,000 at $0.002 per share, conducted in two tranches
  • First tranche for $440,000 was conducted using RFN’s existing placement capacity
  • Remaining $440,000 was raised via a convertible note, subject to shareholder approval
  • Funds are planned to be directed towards accelerating sales growth and funding product development, coupled with working capital and the offer costs.

Bottomline

All in all, RFN has witnessed a substantial period of activity across its key offering and investments. The company is adapting and seeking to take advantage of the growing trend that has seen a wholesale transition towards mobile and remote working environments.

RFN’s Board will keep a close watch on WooBoard’s performance through the lens of the enhancements made after the Strategic Review.

Related: Skimming Through Stance of REFFIND's Employee Engagement Platform in Remote Working Environment

On 02 November 2020, RFN share price quoted at $0.003.  

 

 


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