New Hong Kong investor could just kiss MyFiziq he likes them so much
A Hong Kong investor was so impressed by a demonstration of MyFiziq’s body measurement tech that it bought 10 million shares in the company.
MyFiziq (ASX:MYQ) makes technology that can accurately scan body measurements for a range of use cases from personal fitness to the insurance and retail sectors.
Dato Sri Liew, director of Asia Cornerstone Asset Management (ACAM), said a chat and demonstration with MyFiziq CEO Vlado Bosanac was all it took to convince him to invest $6 million in the Aussie small cap.
“I was very impressed with its capabilities and market opportunities. Like many technology companies that are outside of the main arena of the Valley or US in general it has been both underestimated and certainly undervalued,” he said.
“We feel the premium is a fair entry point for the stake we wanted to acquire in the company. We are very pleased to have consummated this position as we intend to assist MyFiziq grow globally across its many market verticals.”
ACAM bought shares at 60c a pop, which sent the MyFiziq share price rocketing 51 per cent to an intraday high of 43c.
That was a 110 per cent premium to the Wednesday closing price of 28.5c.
MyFiziq will get the money in five tranches over the course of this calendar year, and it will be used to fund the expansion and rollout of the company’s tech and increased staffing.
Mr Bosanac said his company had plenty of suitors when it was out trying to raise money.
“We have been courted over the past few months by a number of parties offering to inject capital into MyFiziq,” he said.
“Our main resistance has been finding the right partner with more than just capital but also significant investor and industry support. Dato Liew has an extensive background in the capital markets and brings a large following from his own investment community and business leaders.”
He added that ACAM “focuses only on companies that are deemed to command a high growth potential and have a strong management track record”.