Valuing ResApp Health, page-142

There appears to be little doubt that the $35M block sold down on Wednesday was Freeman Road’s holding. Apart from Fidelity International’s 10% (through HSBC Nominees) there has been no other declared holding anywhere near that size since 2017.

Being less than a 5% holding no ASX notice would be required.



Freeman Road has been a foundation investor in ResApp since it’s managed listing in mid-2015. Chris Ntoumenopoulos also has been a ResApp director since then. Further, his Linkedin page shows him to have been a Freeman Road Strategic Advisor since mid-2016.



Assuming the sale was Freeman Road’s, it does raise some questions about the Ntoumenopoulos connection.

What does this imply about the ResApp Board’s thinking if a member advises the brokered sale at $0.110 rather than waiting for the $0.115 opportunity that the Board has arranged?

If Freeman Road has gone, are there any implications for Ntoumenopoulos’s remaining on the Board?