The Agency
ASX-listed The Agency has had a strong year, and has big plans. Source –
  • The Agency (ASX: AU1) was in suspension following a dispute over an alleged debt
  • The company has provided positive financial news which has satisfied the ASX
  • Shares in the company started trading again today

Having been suspended from the ASX on 19 January this year, The Agency (ASX: AU1) is back on the boards having satisfied stock exchange requirements as to its solvency.

The long-running financial dispute between the company and 16.7 per cent shareholder Magnolia Group continues.

Magnolia tried to move the company into voluntary administration following a disagreement over an alleged $385,000 debt. A final hearing set down for 4 March.

In order to prove solvency, the company put out a statement today, which included the following details:

  • An unaudited EBITDA of $1.6 million for the half-year 2020/21, including $883,000 for the December quarter;
  • Positive cash flow of $1.5 million for the half-year;
  • Combined Group revenue of $29 million, up 15% on half-year 2020;
  • Sales pipeline of 1,209 listings for December 2020 quarter;
  • Cash and cash equivalent holdings of $5.5 million as of 31 December 2020;
  • $5.5 million of convertible note investment from Peters Investments; and,
  • Extended $5 million facility with Macquarie Bank.

Shares in the company were up slightly to 5.5 cents on relisting, capitalising the company at just under $22 million.

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