First Global Funds Secures 15% in SQID Technologies & Announces 1HFY19 Results


First Global Funds Limited (ASX: FGF) today announced that it had secured 15 percent equity in SQID Technologies. SQID is an aggregator connecting to the banking system through Westpack bank. SQID also provides in-store terminals, e-commerce, and mobile payments services.

FGF, in its announcement, stated that SQID is operating in a highly profitable E-Commerce payment business, which is growing at 50% per annum backed by a strong management team. 

FGF signed an order with SQID. FGF will provide corporate advisory for SQID, listing and post listing. As part of the deal, FGF will receive $550,000 before listing, and that money will be held in trust and refunded if the listing does not proceed and the company will receive additional payments based on the performance of the business.

FGF has made an investment of $0.5 million. This invested capital would be kept in a trust, and the funds will be refunded to FGF if the listing does not materialize. The company will make further investments of $500,000 in SQID, upon successful listing of SQID.

The Australian Post 2018 eCommerce Industry Paper highlighted that Australians spent $21.3 billion buying goods online and growing at 18.7 percent. The FGF board believes that there is strong interest in the payment sector as demonstrated by the recent listing of Splitit and the success of Afterpay.

 It is to be noted that the FGF board recently appointed two new board members, Mr Jeff Pulver, who was an early stage investor in Twitter and Foursquare. Mr James Haft has venture capital pedigree.  

Today, the company also announced 1HFY19 results. The company reported a poor set of numbers with degrowth of revenue and a further increase in net loss. The company reported a dip in revenue by 268.41% to $558,214 in 31 December 2018 as compared to 31 December 2017. Net loss for the period was up by 857.19% at $1,603,018 as compared to 31 December 2017. The company did not propose a dividend.

FGF in the first half of FY2019 invested in three companies: CCP Technologies Limited (ASX: CT1), YPB Group Limited (ASX: YPB). FGF invested $495K as convertible note as part of a $1.5 million investment in YPB Group.

FGF acquired 100% of LINCD HQ Pty Ltd, a blockchain practicing company, though it managed to sell this company on 17 January 2019. FGF had entered into an agreement to sell 100% of LINCD HQ Pty Ltd to Harris Technology Group Ltd (ASX: HT8).

The results update also highlighted that on 13Th February 2019, FGF had secured an investment of US$250,000 in GlobexUS holding Corp, with this the company gets further access to the global token market.

Stock Information

The shares of FGF closed flat at A$0.007 on ASX on 01 Mar 19. The shares have appreciated by 16.67 percent over the past one month.

First Global Funds Limited’s (ASX: FGF) market capitalization stands at $10.58 million. The Stock has noted the 52-week low price of A$ 0.006 and the 52-week high price of A$0.023. The company has an EPS of -0.001 AUD.


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