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K2fly in trading halt ahead of announcement on proposed acquisition

The company is continuing to progress a new Tailings Management and Governance Solution with its partner SAP and Decipher, part of Wesfarmers Group.

K2fly Ltd -
K2fly delivers governance and compliance, stakeholder engagement and permits and obligations services for clients

K2fly Ltd (ASX:K2F) has an announcement pending in relation to a proposed acquisition and has been granted a trading halt by the ASX.

The trading halt will be in place until the beginning of trade on Wednesday, October 28, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 35.5 cents and have risen from 19 cents at the market close on July 2.

Q1 FY21 invoices increase 15%

During the September quarter, the company raised invoices totalling $1.64 million in the first quarter of FY21, marking a 15% improvement over the equivalent quarter of the previous financial year.

As of September 30, the cash available was $3.1 million and in addition, there was $880,000 in receivables from tier-1 clients.

These numbers reflect that during Q1 FY21, K2F’s current operations achieved net positive cashflows of around $370,000, which flows on from being cash flow positive in the previous quarter by $700,000.

Also, based on a comparison of the corresponding first quarter in FY19, in which K2F had negative operating cash flows of ($565,000), this is an increase of 167%.

Quick facts: K2fly Ltd

Price: 0.335 AUD

ASX:K2F
Market: ASX
Market Cap: $33.76 m
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