following is a Google translation from Swedish:
Abelco's current MC is AU$28.6M
https://www.bloomberg.com/quote/ABIG:SS
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Abelco CEO letter and update on the latest events in the portfolio companies, December 2021Before the Christmas weekend, which is now getting closer, I present together with management within Abelco a CEO letter and an update of the last six months within 2021. It is, of course, worked frantically into the latter, just as in the plot's workshop. But when we now look back on the last six months, we can state that it has been one very exciting and eventful period from an Abelco perspective, not least is shown by the number of significant events and press releases that communicated to the market around our portfolio companies. We now also have miracles the semester strengthened the internal organization through the employment of Oskar Hansson and several of our companies have taken great strides, including acquisitions and international expansion entered into to name some of the activities. We as a company now have an exciting one portfolio where we look forward to the new year where a lot will happen and we will deliver. But a little look back first.
During the year, we worked to strengthen the portfolio and worked closely with the companies we seen potential in. I think the result also came when the value of the portfolio rose from SEK 247.7 million on January 1 to now no later than November 30, when the value was SEK 393.8 million, this is an increase in value of as much as SEK 146.1 million in 11 months. Interest in Abelco as companies have also grown in terms of the number of shareholders, which has gone from about 5,100 the last September 2020 to about 9389 on the last September 2021.
I thought I would dedicate some space to give a summary of a select few portfolio companies and what happened during the half year.
iCandy
iCandy's last six months have been impressive with the acquisition of shares in Mighty Kingdom, a major acquisition of all shares in Lemon Sky Studios and the company initiated a repurchase program of its ordinary shares. The share price has also turned upwards then bottom during the summer. The game Claw Stars that iCandy released this summer has showed a good retention rate with revenues of about AUD 300,000 during the first 14 days, which exceeds the previous hit game Masketeers by AUD 35,000 during the same period. The game has also been well received by the market with over 50,000 4- and 5-star reviews on Google Play and the Appstore and won Google Play Best Game of 2021 in the Pick Up & Play category.
The big event for iCandy during the half year is the acquisition as well the capital raising that took place in connection with the company acquiring all of them shares of Lemon Sky Studios, which now forms the largest gaming company on ASX.
Lemon Sky is a well-established game studio that has worked with several major players in gaming and has been part of several major AAA games. Through the acquisition, iCandy stands out now well equipped for the future with a broad access to skills and experience and now has what it takes to build a global gaming company that makes AAA games and at the same time can operate within the NFT and Metaverse scene. iCandy is coming through the acquisition is estimated to have a turnover of approximately AUD 16M.
Fatberry
During the first half of the year, Abelco led a bridge financing to accelerate growth in ours insurtech company Fatberry. It's gratifying to see that it has given results when Fatberry now showed a high turnover which also continues to increase. Fatberry already reached below October its annual sales target of SEK 25M, and with it continued expansive growth, the company now rates annual sales of over SEK 40M, which would exceed the stated turnover target by as much as 60%. In step with the increasing sales, Fatberry has completed its first international expansion through the acquisition of the Thai company MooMoo. In December, Fatberry launched health insurance, which is because they currently have four insurance products available market online. Fatberry is a company where we have been involved from the start and it is an impressive journey the company has made so far, where we are waiting to see the results of the expansion to Thailand and the roll-out of additional insurance products in form of home and travel insurance.
RightBridge Ventures
As previously communicated, RightBridge is a company we have been involved in founding and which has gone from a valuation of SEK 0.5M to 178.4M in the most recent transaction.
RightBridge has had an eventful six months, with acquisitions and preparations for one potential future listing, which is a stated goal of the company's management and board. RightBridge has internally completed the process of registering the shares at Euroclear, elected Grant Thornton as auditor for the company and most recently also appointed Amudova as Certified Advisor.
The RightBridge portfolio company also continues to develop and take several steps forward and there the company increased its stake in Lilmix, which also had several players represented Sweden in the e-sports WC and salvaged a gold in the total. Under it over the past month, RightBridge has gained a strategic investor with solid experience in successful listings, gaming and e-sports, RightBridge also has acquired approximately 90% of the shares in the international e-sports organization and academy Team Singularity. RightBridge Ventures faces an interesting future with a potential listing which will continue to create value for our shareholders together with the increasing growth in the company that comes through various transactions and acquisitions.
Other companies
Green Ideas, QuickBit and Vopy are other companies we have been with from the start or in one early stage and there we follow developments closely to balance our opportunities, but where we have no transparency in the activities of the latter two. During the autumn has QuickBit continued the increase in the number of merchants and launched the QuickBit App during August. I think QuickBit as a company has made several strides when it comes to decided to recast the revenue and now showed the latest report that it did so with good results.
Green Ideas has continued operations with various tests and analyzes of the oil produced, where the tests showed that the oil has a high quality and that the pyrolysis process gives a good return. The company is in an industrial environment which takes time and you probably have to be patient and work methodically to establish one growth.
If we look ahead to 2022, QuickBit is planning the launch of QuickBit Card and Merchant and where Vopy through its own statement aims to be listed under year.
When we now sum up the year, we can state that it has been an eventful year where several of our portfolio companies taken big steps, we will continue to work on the wrapped the way of working hard together with our portfolio companies so we can create bigger increase in value for our shareholders. Next, I feel that there is a lot like bubbles and thinks that the start of the new year should be exciting.
Finally, we at Abelco wish you all a very Merry Christmas and a Happy New Year!
For more information, please contact:
Johan Rooth, VD Abelco Investment Group AB (publ)
Phone: +46 73 5367733"
(20min delay)
