view9 Spokes International Ltd

9 Spokes substantial shareholder Alium Alpha Fund boosts holding to 6.46%

The Sydney-based investor has acquired a further 12,765,240 shares and now holds in excess of 78.465 million.

9 Spokes International Ltd - 9 Spokes substantial shareholder Alium Alpha Fund boosts holding to 6.46%
The company is well-placed to aid the recovery of SMEs post COVID-19

9 Spokes International Ltd (ASX:9SP) substantial shareholder Alium Alpha Fund has increased its holding to 6.46% from 5.4% through the acquisition of a further 12,765,240 shares.

This change was made on May 19 and Sydney-based Alium Alpha, whose registered holder is Dempsey Capital Pty Ltd, now holds more than 78.465 million shares.

9SP’s shares last traded at 1.7 cents and are up from 0.9 cents at close on March 23.

Focus maintained

Despite COVID-19, the company has maintained its focus on supporting customers and growing the business while operational platforms and management have not been affected.

During the March quarter net cash burn was just NZ$200,000 against the projected net cash burn of NZ$800,000.

The primary reasons were a reduction in business expenditure as a result of international borders closing and the receipt of the New Zealand government COVID-19 wage subsidy.

Cloud-native company

As 9 Spokes is a cloud-native company, all employees operate remotely and prior to the country lockdown procedures, ‘work from home’ drills were undertaken to ensure no technical or operational issues presented.

As a result, the company is well-placed to aid the recovery of SMEs post-COVID-19.

Plans this quarter

This quarter the company is focusing on completing the build of a progressive web app (PWA) which will enable it to provide installable mobile apps from a single code base.

9 Spokes is also working on launching a monetised marketplace via the current app connection marketplace.

Additionally, the company plans to launch its first open banking service via 9Spokes.com in the UK market where SMEs will be able to make banking connections to all CMA9 banks operating in the market and users will be able to see all bank accounts in one place.

Quick facts: 9 Spokes International Ltd

Price: 0.021 AUD

Market: ASX
Market Cap: $31.36 m

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