- 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.
