Annual Report 2014

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Latitude Consolidated Limited

PUBLIC OFFER PROSPECTUS

On 1 July 2015, the Company lodged a Prospectus with ASIC to raise a minimum of $6 million pursuant to the acquisition of Yatango.

To view a copy of the Prospectus please click here.

 

ACQUISITION OF YATANGO

On 24 March 2015, Latitude Consolidated Limited announced that it signed an agreement to acquire Yatango Pty Ltd, an international consumer services technology company.

Yatango is a customer focused, cloud based software, services and analytics platform that puts the consumer in control of their everyday spending and consumption needs across a range of everyday lifestyle services. Yatango has developed an integrated platform that harnesses the power of loyalty rewards, community, big data and machine learning.

Yatango has to date launched two product groups:

-          Yatango Mobile is a mobile network provider that puts members in control by allowing them to build their own mobile plan and pay for what they need on a no contract basis; and

-          Yatango Shopping is an e-commerce marketplace that partners with a wide range of sellers to deliver customers better pricing and choice on a wide range of lifestyle products, engineered as a social shopping experience.

 

Click Here for the full ASX announcement.

 

Michael Malone, Tom Alexander and John Mackay to join Yatango upon completion

Latitude Consolidated Limited is pleased to announce three new appointments to the Board, pending shareholder approval and completion of the transaction to acquire 100% of Yatango; Mr Michael Malone and Mr Tom Alexander as Non-Executive Directors, and Mr John Mackay as the Non-Executive Chairman.

Mr Mackay will join the Board as Non-Executive Chairman. John brings with him extensive experience as a Chairman and CEO of large publically listed companies as well as an intrinsic understanding of business, finance and general management experience.  Mr Mackay was founder, Chairman and CEO of ActewAGL, the first Australian company to bundle telecommunications with multi-utility products and services (electricity and natural gas). In addition, Mr Mackay serves on a number of boards for listed and unlisted companies including Non-Executive Chairman of SpeedCast Ltd. and ASX-listed property developer CIC Australia.

Mr Malone is an Australian telecommunications industry veteran. He brings considerable industry expertise, having founded iiNet and successfully led the company to list on the Australian Stock Exchange in 1999 and grow to a market capitalisation of $1.6bn today. In 2005, Mr Malone was awarded the lifetime achievement award by the Western Australian Information Technology and Telecommunications awards. 

Also joining the Yatango Board as Non-Executive Director is Mr Tom Alexander who founded and led Virgin Mobile in the United Kingdom (UK), the largest telecommunications company in the country. Mr Alexander is highly regarded in the industry and brings un-paralleled global mobile telco market experience with him. Mr Alexander has held CEO positions across three of the most powerful consumer brands in the sector; Everything Everywhere, prior to that Orange and Virgin.

Mr Alexander successfully listed Virgin Mobile in 2004 on the London Stock Exchange and spearheaded the merger of Orange UK with T-Mobile to form Everything Everywhere (EE) in 2010. Tom was also responsible for developing the world’s first SIM banking venture – a partnership between BT Cellnet and Barclaycard.  He is a non-executive director of Ebiquity Plc and has a network of contacts from private equity, major banks and sovereign wealth funds.  

For further information wtihin the full ASX release, click here.

 

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The Company is focused on exploring and developing high grade copper deposits in Zambia to generate value for shareholders.

Latitude is actively exploring its Kalengwa South Project and plans to grow its portfolio of quality exploration projects to become a major copper explorer and developer in Zambia.

Map of Kalengwa South Project Showing Prospect Areas and Historic Exploration Results

 

The Company also holds the Lyndon Base Metals project located in Western Australia.

Proactive Investors

Immuron Limited accelerating recruitment for liver disease trial

Immuron Limited (ASX:IMC) is progressing recruitment for the clinical trial of its fatty liver disease treatment.

Of the 19 sites initiated globally for the Phase 2 trial of IMM-124E, 13 are in the U.S. and six are in Australia.

Three additional site, two in Israel and one in the U.S., are in the process of being initiated, which will bring the total clinical sites to 21 over the coming months.

The study will enrol a total of 120 patients with liver biopsy confirmed Non Alcoholic Steatohepatitis (NASH), a progressive form of non-alcoholic fatty liver disease characterised by fat buildup in the liver and chronic inflammation.

NASH may progress to cirrhosis, liver failure and even cancer. Its prevalence is increasing globally, associated with rising obesity, dyslipidemia and type 2 diabetes.   

The primary objectives of the study are to evaluate the safety and preliminary efficacy of IMM-
124E. IMM-124E will be compared to placebo in its potential to reduce liver fat and serum liver enzymes.

Patients randomised into the study will be orally administered either 600mg or 1,200mg doses of the study drug IMM-124E or placebo 3 times daily for 6 months. To date 33 patients had been entered into the study with ten continuing on to randomisation and dosing.

Immuron is working closely with its principle investigators and key opinion leaders to develop initiatives to drive recruitment with the aim of having the trial fully recruited by the end of 2015.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Modun Resources raising $11M for cloud transition

Modun Resources (ASX:MOU) is raising $11 million through a fully underwritten capital raising as part of its acquisition of LiveTiles Holdings Pty Ltd.

The offer of 73,333,333 shares priced at $0.15 each is underwritten by Blue Ocean Equities.

Oversubscriptions of up to a further 6,666,667 shares to raise up to a further $1 million may be accepted. This is not underwritten.

Acquiring LiveTiles, which developed a proprietary software tool that operates together with Microsoft’s cloud collaboration platforms, represents the company’s transition to the cloud sector.

This tool enables g businesses to rapidly build and deploy modern business solutions including intranets and extranets to their operations.

Upon completion of the acquisition and re-listing on ASX, the company will have a market capitalisation at the offer issue price of $55.3 million (assuming that no oversubscriptions are accepted).

The company’s main objectives will then be:

- Pursue LiveTiles sales and marketing strategy which is focused on increasing penetration with existing customers and pursuing new customers;
- Grow the LiveTiles direct sales and partner sales team in the short term;
- Fund the development of LiveTiles’ products and potential other products, services and investments or other third party ventures as determined by the directors from time to time;
- Investigate the development of potential strategic partnerships with third parties;
- Meet the ongoing costs of the company and its subsidiaries; and
- Pay the costs of the matters proposed in the acquisition and the offer.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Pharmaxis Limited substantial shareholder acquires further shares

Pharmaxis Limited (ASX:PXS) substantial shareholder BVF Partners has further increased its stake in the company up to 11.98% from 9.54%.

Signalling their continued interest in the company, BVF acquired more than 7.7 million shares through on market purchases from 18th June to 29th June.

BVF has gradually increased its interest in the company since acquiring an initial substantial shareholding on 1st June 2015.

The company had a proforma cash position at 31 March 15 of A$62 million, comprising cash in bank of A$23 million plus the Boehringer initial payment of A$39 million - which was received in May.

In May, Pharmaxis closed an agreement for Boehringer Ingelheim, one of the world's 20 leading pharmaceutical companies, to acquire its phase 1 anti-inflammatory drug candidate for 27.5 million euros (A$39 million).

This could be worth up to A$750 million in tiered and milestone payments, recognising the company’s global drug discovery strengths.

Pharmaxis key product is Bronchitol, a drug designed to reduce the amount of mucus build-up in the lungs of patients suffering from chronic respiratory conditions.

It was developed primarily for the treatment of cystic fibrosis.

In the U.S., there is US$25 million in total milestones payable to the company on launch and on achievement of sales milestones.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Clinuvel Pharmaceuticals to offer treatment for light-induced disorder

Clinuvel Pharmaceuticals (ASX:CUV, ADR:CLVLY) could significantly improve the quality of life for patients with a genetic disorder that causes severe skin burns from exposure to light.

Combined analyses of pivotal Phase III studies of its SCENESSE® treatment show an increase in the duration of patient sun exposure without phototoxicity.

The findings were published in the New England Journal of Medicine, which has the highest impact factor of all medical periodicals.

The pivotal studies also led to the December 2014 European marketing authorisation .

SCENESSE® treats erythropoietic protoporphyria (EPP), a complex orphan genetic disorder where severe dermal burns can result from any exposure to light, resulting in prolonged distress and incapacitation.

Patients experience intense fear of incurring phototoxicity due to light exposure.

As previously reported by Clinuvel, the majority of patients who received SCENESSE® have expressed that the drug provided them a freedom to lead a life they had not had before, enabling them to participate in outdoor activities without fear of severe incapacitating symptoms. 



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Legend Mining to reveal material acquisition

Legend Mining (ASX:LEG) is preparing to reveal details of a material acquisition, with the ASX granting the company a trading halt to prepare.

Currently the company has some interests in the Fraser Range of Western Australia.

The halt will remain in place until the opening of trade on Monday 6th July 2015, ore earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

PLD Corporation to update on zinc acquisition

PLD Corporation (ASX:PLD) (to be re-named Metalicity ASX:MCT) has been granted a trading halt by the ASX, with its shares placed in pre-open.

PLD requested the halt pending an details from its general meeting, which will seek shareholder approval for the proposed acquisition of the Admiral Bay Zinc Project in Western Australia.

The meeting will also cover its associated change to its nature and scale of activities.

The halt will remain in place until the opening of trade on Monday 6th July 2015, ore earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Appen sets stage for revenue growth with Microsoft contracts

Speech and search technology services company Appen Limited (ASX:APX) has received a number of material contracts from Microsoft (NASDAQ:MSFT), one of its major customers.

It also confirmed its forecast FY2015 revenue of between $63 million and $68 million as well as EBITDA in the range of $7.5 million to $8.2 million.

This reflects strong order intake in the first five months of the year while investment in new market sectors is providing strong revenue growth with engagements from global leaders in social media and ecommerce.

Appen often sees revenue spikes when global customers launch new technology or expand to global markets. FY2015 forecasts include several new multimillion dollar engagements.

The contracts from Microsoft are in the form of Purchase Orders for the financial year 2015-16 and cover a range of Appen products and services.   



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

West Texas Intermediate climbs within sight of US$60 a barrel

U.S. crude oil futures settled higher again overnight following an extension of the deadline for an agreement over Iran's nuclear program and as traders continued to watch developments in Greece's debt negotiations.

August crude added 2% to settle at US$59.47 a barrel on the New York Mercantile Exchange.

Tracking the most-active contracts, prices gained 11.6% year to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

INT Corporation raising up to $19.9M

INT Corporation (ASX:INT) is raising up to $19.9 million through a fully underwritten issue of shares to fulfil one of the conditions required for the merger with AHAlife.

The company has the right to take oversubscriptions of a further $1.5 million, lifting the total amount that can be raised to $21.4 million.

In May, the company executed a conditional Merger Agreement to acquire New York based luxury digital marketplace platform AHAlife Holdings via an issue of 2,114,285,715 INT shares and options (pre-Consolidation).

AHAlife is a New York-based technology business that operates a global curated luxury marketplace. The business connects discerning consumers with more than 2,500 independent premium brands from over 65 countries from around the world.

Founded in 2010, AHAlife generates revenue streams from transactions without physically owning stock or having a costly logistics chain – a ‘digital marketplace drop-ship model’.   

Its backers include former CEO of Saks Fifth Avenue, current CEO’s of Rakuten, Net-a-Porter, William Morris Endeavour and VIP Shop, Former Chairman of LVMH North America and US based venture capital firms DCM and FirstMark Capital.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.