On 20 December 2018, Tesserent Limited (ASX: TNT)
announced that Geoff Lord who is an Australian business leader and entrepreneur is ready to make an initial investment of $500,000 to support the company’s future growth. He will now join the board of directors of TNT as an advisor.
Mr. Geoff Lord currently holds a position of the chairman and CEO of the large venture capital firm Belgravia Group. Belgravia Group covers a wide range of business activities that include property development, financial services, health and leisure, technology and equity investment. At present, his current focus is towards the growth opportunities of the Belgravia Group by supporting its key businesses to expedite the success of its clients. Making an initial investment of $500,000 into TNT and becoming an advisor of TNT’s board is one such step towards the growth of Belgravia Group.
It’s a win-win situation for both the parties as Geoff Lord, becoming a top 10 shareholders of the TNT will have a positive impact on the shareholders of the company. On the other hand, through TNT’s unique approach of keeping critical business assets protected and secure, Geoff Lord would be protecting and securing the key Australian businesses of Belgravia.
The company also shares details related to the investment where Mr. Geoff Lord will be issued 10,000,000 ordinary fully paid shares at $0.05 which makes a total investment of $500,000. It will further include 10,000,000 call options with an exercise price $0.05 per option for two years.
The official listing date of TNT on ASX is 15 February 2018. Since then, the company has given a continuous negative performance. The last one-year performance of the company is -10.17%. However, the previous one month, the performance of the company is 3.92%.
For the financial year 2018 ending on 30 June 2018, the company has made a net loss of $3,095,670. The company holds a net asset worth $1,721,696 which implies that the company is in a state to meet its long-term obligations. The company owns a total current asset of $2,738,429 and a total current liability of $2,219,847 which indicates that the company might face challenges in meeting the working capital requirement and clear its short-term obligations. There is also an increase in the accumulated losses in FY2018 as compared to the previous fiscal year which might have a negative influence on the shareholders of the company. The total shareholder’s equity is worth $1,721,696.
By the end of FY2018, the net cash and cash equivalent available with the company was $1,717,221.
By the end of the trading on 20 December 2018, the closing price of the share was A$0.058 which is 0.005 points above the previous day’s closing price with the stock holding a market capitalization of A$7.07 million.
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