Very positive announcmenet - The board are taking a hair cut (under 1 strike pressure) and reducing cash burn to provide runway for a further 18-24 months!!
New contracts announced. Looks like head count will also reduce through operational savings announced.
Mk should like this one!
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" In the first half of 2017, REFFIND will reduce monthly cash burn by 80%, from $400k per month to approximately $80k per month through the implementation of a series of cost-cutting measures and realignment of company resources. One of the cost-cutting measures will see the new board reduce their director fees from approximately $326,000 per year to $120,000 per year.
These changes will have an immediate positive impact on the company and are expected to provide operational runway for a further 18-24 months. Business development efforts continue to yield a number of new client wins across both ANZ and the United States. Recent wins include Munich RE (ANZ), News Corp (ANZ), Lumentum Holdings Inc (US) and WestCare Foundation (US).
Newly appointed Non-Executive Director, Anthony Dunlop said: “The new Board are confident in the growth prospects of REFFIND and its unique market position. Looking ahead, the company remains focused on driving growth both organically and through new partnerships. We will continue to review priorities and opportunities into the first quarter of 2017". "
Ann: REFFIND Business Activity Update, page-3
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