Reffind Ltd

 
RFN Details
 
Successfully raised $1.6 million by placement of 161 million shares to fund the growth phase: Reffind Ltd (ASX: RFN), a mobile and web based technology company, witnessed a stock price surge of over 9% on September 11, 2017 after coming out of trading halt, as the company announced about successfully raising $1,610,302 in a placement to professional investors. Under this, Reffind will issue 161,030,201 ordinary shares at $0.01 per share, utilising its placement capacity available under appropriate ASX Listing Rules. RFN intends to use the funds for additional working capital. As per the company, the benefits flowing from funds being raised quickly in this placement outweighed the inability of shareholders to participate. 
 
Slight improvement in full year result: In the preliminary final results for the 2016/17 financial year, RFN reported for a slight drop in revenues from ordinary activities. There was a $6.2 million improvement in losses for the year (a loss of $2.67 million for the year) over 2016. RFN’s total cash holdings at 30 June 2017 were of the order of $2,524,084.

Result Overview (Source: Company Reports)
 
The group is progressing well with regards to its restructuring activities that commenced in December 2016 and helped the group in substantially reducing its operating cash burn. Mainly, the group lowered its headcount and realigned company resources to focus on key product development, for reducing its monthly cash burn. The group has appointed a new CEO under these efforts. RFN now aims to build its business and deliver on better strategic plans with support from a number of successful capital raisings.With regards to leveraging opportunities for growth, RFN has delivered a customized solution of its core product offering to be initially deployed for 3 months for an employee health and welfare solution for a major NSW government agency.
 
Stock Performance:The stock has been trading on volatility and has plunged about 71% in the last six months, but gained about 27.8% in last one month, as at September 08, 2017. The earlier slip was owing to weakness in financial performance, which has improved slightly in the recent time. However, the group might need to work a little more to demonstrate its potential for turning the tables and attaining growth in the future. We believe it will be important to keep a watch on this stock, and thus, give a “Hold” recommendation at the current price of $ 0.012
 

RFN Daily Chart (Source: Thomson Reuters)

Disclaimer
 
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated pages are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.