AssetOwl Limited (ASX) has released an important update on its financing activities and changes to its board of directors. The company has successfully raised $100,000 through a convertible note from sophisticated investors, with the funds already received. This capital will be utilized to support the company’s working capital needs as it continues to explore opportunities to generate value for its shareholders.
Key Terms of the Convertible Note:
- Principal Amount: $100,000
- Face Value: $1.00
- Maturity Date: 30 September 2025
- Interest Rate: 12% p.a.
- Conversion Price: Pro rata equivalent to 20% of the issued capital of the company
- Conversion Event: Subject to necessary approvals, on the earlier of meeting conditions to relist on the ASX and the maturity date
- Security: Unsecured
This funding provides a key step in supporting AssetOwl’s ongoing operations and sets the foundation for potential growth as the company continues to explore further opportunities in its business model.
Board Changes and New Appointments:
In addition to the financing news, AssetOwl has announced significant changes to its leadership team.
- Ms. Marene Ter has retired from the board. The company expressed gratitude for her leadership through challenging times and wished her the best in her future endeavors.
- Mr. Alastair Gillespie has been appointed as the new chairman. Mr. Gillespie brings over 26 years of experience in financial markets, including his role as Managing Director and Global Chief Investment Officer at BlackRock, where he co-founded a global listed Real Assets platform. His extensive background in finance, investments, and board leadership positions across regulated and not-for-profit sectors will be a valuable asset to AssetOwl’s board.
- Mr. Bevan Dooley has also joined the board. Mr. Dooley holds a degree in Mechanical Engineering and has over 25 years of experience in technology development and commercialization, particularly in the alternative energy sector. He is currently a director of Janus Electric Ltd and Solid Energy Technologies Pty Ltd, both focused on the energy transition. Mr. Dooley is expected to bring his extensive expertise to help drive innovation and shareholder value for AssetOwl
With the appointment of Mr. Gillespie as chairman, Mr. Trevisan will step down from his position but continue to serve as a director.
Review of Operations and Further Working Capital:
The board is currently reviewing AssetOwl’s assets and operational strategies to enhance shareholder value. In support of these efforts, Pacific Equity Investors Inc, associated with Mr. Bevan Dooley, has provided a loan facility of up to $300,000 for additional working capital. This loan will support the company until further capital can be raised.
Outlook and Future Updates:
The recent financing and board changes reflect AssetOwl’s commitment to positioning itself for future growth. As the board continues its review of company operations, investors can expect further updates on potential opportunities and strategies aimed at creating long-term value for shareholders.
