Ovanti Limited (ASX: OVT) is pleased to share the activities report for the quarter ended 30 September 2024.
Announcement Highlights
1. Operations Update:
- The Company notes the strong performance of the IDSB business during the quarter, which the Company maintains a 21% shareholding in. During the quarter, the monthly dividend the Company receives from IDSB increased by 57% to RM 369,000 per month (which converts to approximately AUD $128,000 per month paid to the Company).
- Subsequent to the end of the quarter, on 17 October 2024 the Company announced the hire of a new Chief Executive Officer Mr Simon Keast who was the former US CFO of Zip Co Limited (ASX:ZIP), Senior Director of Zip Co Limited and Managing Director of Zip Business Capital. Prior to those roles, he was Division Director and Head of Small Business Designs & Solutions at Macquarie Bank Limited (ASX:MQG).
2. Corporate Update:
- On 25 July 2024, the Company announced to the market firm commitments to raise $1,200,000 at $0.004 per share for working capital and further provision for costs associated with ongoing litigation and investigations. On 29 July 2024, the Company also announced a 1 for 3 rights issue, to raise up to an additional $2,030,000 at 0.004 per share. On 19 September 2024, the Company announced that 33,742,859 shares had been placed pursuant to the offer.
Read the full Ovanti Limited Company Update here.
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