AI assistant
ONE CLICK GROUP LIMITED — Capital/Financing Update 2023
Sep 7, 2023
64250_rns_2023-09-07_51743a1f-8550-45c0-a6dc-98d740c96353.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX RELEASE 8 September 2023
==> picture [143 x 72] intentionally omitted <==
Restricted Securities to be Released from Escrow & Confirmation Regarding Performance Rights Milestone
Fast growing life admin technology platform One Click Group Limited (ASX:1CG) (“Company”) advises in accordance with ASX Listing Rule 3.10A, that the following securities will be released from ASX imposed escrow on Friday, 15 September 2023. The securities were issued as part of the consideration paid by the Company to the vendors of Mobile Business Devices Pty Ltd (“MBD”).
| Security | Number | Escrowed Until |
|---|---|---|
| FullyPaid OrdinaryShares | 217,767 | 15 September 2023 |
| Options($0.025, expiry15/09/25) | 10,700,000 | 15 September 2023 |
| Class A Performance Rights | 8,700,000 | 15 September 2023 |
| Class B Performance Rights | 8,700,000 | 15 September 2023 |
Following expiry of the escrow restrictions noted above, the following securities remain subject to escrow:
| Security | Number | Escrowed Until |
|---|---|---|
| FullyPaid OrdinaryShares | 71,614,655 | 27 September 2024 |
| Options($0.025, expiry15/09/25) | 1,800,000 | 27 September 2024 |
| Options($0.03, expiry23/09/25) | 25,000,000 | 27 September 2024 |
| Class A Performance Rights | 21,300,000 | 27 September 2024 |
| Class B Performance Rights | 21,300,000 | 27 September 2024 |
Class A Performance Rights Milestone
Further to the above, the Company notes that the Class A Performance Rights on issue in the Company vest where revenues of MBD are equal to or greater than $3,000,000 in the financial year ending 30 June 2023 (“Milestone”). The Company notes that this Milestone was negotiated in the leadup to completion of the Company’s acquisition of MBD, when the expectation was that the Company would have recommenced trading (and MBD would therefore have access to the funding raised during the process) prior to 1 July 2022. Being in its growth phase, and with its predominant revenue source being its tax product, MBD’s revenues are currently heavily dependent on marketing spend during the tax season (July to October each year). As such, the unexpected delay to the Company recommencing trading until late September 2022, and the resultant lack of funding for marketing during the 2022 peak tax period significantly impacted the Company’s ability to meet the Milestone. As such, despite the Company’s significant recent financial results, noting that unaudited rolling 12 month revenue was over $3.3 million as at 31 July 2023 (within 12 months from listing), the Milestone was unable to be met. The terms and conditions of the Class A Performance Rights provide that the Performance Rights will now
One Click Group Limited | ACN 616 062 072 | Suite 5 CPC, 145 Stirling Highway, Nedlands, WA 6009
automatically lapse on 15 September 2027, however the Company anticipates it will agree with holders to cancel these Performance Rights in the near term.
This ASX Announcement has been authorised for release by Managing Director, Mark Waller.
For further information please contact:
One Click Group Limited T: + 61 8 9389 3160 E: [email protected] W: www.oneclickgroup.com.au www.oneclicklife.com.au
About One Click Group
One Click Life is a fast-growing Australian based financial technology platform positioned to disrupt and capitalise on the increasing market demand for online self-directed financial and life admin services.
==> picture [144 x 46] intentionally omitted <==
The Company’s primary product and revenue stream at the moment is online tax. The One Click Life platform currently contains a number of other products for users, with online wills and private health insurance already available and a number of new products to come in the future. The One Click Life platform aims to be the one stop shop for everyday Australians who want to manage their financial life admin across, tax, wills, insurance, mortgages, investing and more.
One Click Verify is a digital identity verification platform allowing businesses to digitally identity their customers as part of an onboarding or transaction process.
==> picture [138 x 23] intentionally omitted <==
One Click Group Limited | ACN 616 062 072 | Suite 5 CPC, 145 Stirling Highway, Nedlands, WA 6009