To my fellow FGFL shareholders, the time has finally arrived. While the hold has been an arduous and at times, uncertain one, First Growth Funds Limited have now officially listed and commenced trading on the
Canadian Securities Exchange. This is a major milestone for the company and represents the sheer drive and determination by Anoosh and co. to deliver on their promise.
The Canadian Securities Exchange seems to have an emphasis on early innovative tech startups, the fast-growing medical marijuana market, but most relevant to FGFL is their welcoming stance on companies involved in the digital currencies and blockchain technology space. Say what you will about the size of the CSE, but I think it's important not to disregard the potential of FGFL to dual-list on larger exchanges such as the NASDAQ down the line. The narrative is now a very positive one.
@Sigas said it best in his comment above... the puzzle pieces are now falling into place and it's time for management to execute the plan.
- $3.2M has been allocated to new investments over the next 12 months, which includes investments in highly liquid cryptocurrencies and digital assetssuch as Bitcoin and Ethereum via the regulated and secure Gemini exchange.
- Commitment by the Anoosh seen thorough an off-market trade on 29/05/2020 and the Board entering a 3-year Escrow agreement.
- SQID continues to thrive as seen in it's recent performance update.
- The Helbiz fleet of eScooters continue to roll out across North America and Europe with the micromobility market set to explode.
- First Growth Advisory continues to generate revenue via fees from advisory services. Hopefully we hear more about the Horizon Globex deal in the coming months.
- Strong total asset holdings as per the recent figures released below:
Do not underestimate the ability of this company. It's still mind-boggling to me how they turned a $940 investment in LINCD that was subsequently sold to HT8 for $900,000 in shares, leading to the company then subsequently exiting with $1.4M in cash (
Reference).
Now, for those looking for some guidance on how to handle the transfer of shares, I have outlined the steps involved in the process I am currently following.
Please note that the company have changed its shareregistry from Automic to Odyssey.- The first step is to setup a Commsec International Trading Account. This is straightforward if you're already trading with Commsec and should only take you a few clicks and you're done. Commsec can take up to 5 business days to process your request. Once complete, you will receive a 'welcome email' confirming your International Trading Account has been setup.
- Commsec advised that it is recommended to complete W-8 Forms prior to buying or selling your international shares. Note - W-8 forms are Internal Revenue Service (IRS) forms that foreign individuals and businesses must file to verify their country of residence for tax purposes and certify that they qualify for a lower rate of tax withholding. Once your International Trading Account has been setup, contact Commsec and request the relevant W-8 Forms be emailed to you (For assistance, direct number for the Commsec International Trading Team is 1300 361 170). Processing of the W-8 Forms can take up to 10 business days.
- Once you have your Commsec International Trading Account setup, you will need to contact the Odyssey Share Registry to request an official holding statement. Shareholders wishing to switch from postal to email delivery oftheir holding statements, are encouraged to request online access to their account bysubmitting a request to [email protected] (Reference).
- Contact Commsec and request an Account Transfer Form be emailed to you. The Official Holding Statement you retrieved from Odyssey will need to be attached to the Account Transfer Form. Once you have completed and emailed the Account Transfer Form back to Commsec, Commsec will manage the rest of the process and liaise with Odyssey to transfer your FGFL shares across to your Commsec International Trading Account.
- FGFL share transfer process completed.
Things to consider:- Once your shares have been transferred from Odyssey to your Commsec International Trading account, they will only appear in your portfolio on the website. Your shares won't appear in the Commsec app.
- If you hold international shares for an entire calendar year without any transactions (either a buy or a sell), you will be charged a US $25 fee.
- Transaction fees fluctuate. Rates are listed on the Commsec International Trading website.
I hope this helps you guys out there. All the best to FGFL shareholders.
