Love Group jumps 40pc after seducing ex-Richmond Football Club vice-president
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Love Group Global has seduced ex-Richmond Football Club vice president Terence Grigg to join its board.
Mr Grigg joins the three-man Love Group (ASX:LVE) board as chairman after long-term chair Anthony Harris broke up with the business.
ASX rules require listed companies to have two directors resident in Australia; chief Michael Ye is based out of the company headquarters in Hong Kong.
Mr Grigg is also a director of lighting and audiovisual business Stokes (ASX:SKS).
Love Group — which owns dating apps in Asia and London — soared 40 per cent to 12c on just seven trades worth a total of $6867.
Love Group runs dating app Lovestruck, a London brand they’ve expanded to Hong Kong and Singapore, matchmaker Noonswoon, which they bought last year, and the online dating “marketplace” DateTix.
It also plays matchmaker in Shenzhen, Bangkok and Delhi.
IBISWorld Data suggests matchmaking in Asia was a $1 billion business this year.
But the Love Group is yet to post a cashflow positive quarter, and stopped revealing active user numbers in 2016, when the last reported figure was 94,000 in September.
At the start of this year it was aiming to break even by this quarter, but has now pushed this back to the second quarter of 2018.
It’s expecting a jumping in matchmaking orders — its premium service — from 165 in the September quarter to 600 this quarter, and promises another jump up to 877 orders in the first quarter of 2018.