Future First Technologies Limited (ASX:FFT) is building a portfolio of digital assets that seek to make life simpler and safer. The company owns two key businesses, farmbuy.com and Asset Vision, which it respectively acquired in April and November 2020, and an 8.8% stake in fintech start up 1derful.com.au. The company has announced a one-for-three, non-renounceable entitlements offer at $0.045/share to raise $6.4m to fund the integration of Asset Vision and EagleSoft ($2m), invest in sales and marketing ($1.5m) and working capital ($2.6m) and to fund the offer ($0.3m). The offer has been priced at a 15.1% discount to FFT’s last traded share price on September 24. We have assumed that the full entitlement offer is taken up, delivering $6.4m in additional funds and increasing the number of shares on issue by 142m. This has resulted in our base case valuation increasing to $155m (previously $149m) which equates to $0.24/share fully diluted for the EagleSoft earnouts. On the post rights issue share count, this equates to $0.27/share.
30 Sep 2021
Adjusting for additional shares from rights issue
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Adjusting for additional shares from rights issue
Asset Vision Co Ltd (ASV:ASX) | 0 0 5.7% | Mkt Cap: 22.7m
- Published:
30 Sep 2021 -
Author:
Finola Burke -
Pages:
5
Future First Technologies Limited (ASX:FFT) is building a portfolio of digital assets that seek to make life simpler and safer. The company owns two key businesses, farmbuy.com and Asset Vision, which it respectively acquired in April and November 2020, and an 8.8% stake in fintech start up 1derful.com.au. The company has announced a one-for-three, non-renounceable entitlements offer at $0.045/share to raise $6.4m to fund the integration of Asset Vision and EagleSoft ($2m), invest in sales and marketing ($1.5m) and working capital ($2.6m) and to fund the offer ($0.3m). The offer has been priced at a 15.1% discount to FFT’s last traded share price on September 24. We have assumed that the full entitlement offer is taken up, delivering $6.4m in additional funds and increasing the number of shares on issue by 142m. This has resulted in our base case valuation increasing to $155m (previously $149m) which equates to $0.24/share fully diluted for the EagleSoft earnouts. On the post rights issue share count, this equates to $0.27/share.