- Investment business Thorney Technologies (TEK) has placed its shares in a trading halt as it gets ready to carry out an equity raise
- The company’s shares will remain in the halt until Tuesday, November 10, unless it announces the details of the raise early
- TEK ended FY20 with a 99 per cent drop in profit after tax as COVID-19 wreaked havoc on the stock market
- In terms of cash, the company still had $4.9 million in the bank at the end of the 2020 financial year
- Thorney also ended FY20 cashflow positive after bringing in $31.5 million from the proceeds of the sale of trading investments
- Shares in TEK has traded for 34 cents each on November 5
Thorney Technologies (TEK) has placed its shares in a trading halt as it geats ready to carry out an equity raise.
The investment company’s shares will remain in the halt until Tuesday, November 10, unless it announces the details of the raise early.
Looking at the company’s finances, TEK ended FY20 with a 99 per cent drop in profit after tax after COVID-19 wreaked havoc on the stock market.
Thorney, which is yet to release a September quarterly report, reported its profit for the year totalled $200,000 compared to $22.5 million in FY19.
In terms of cash in the bank though, Thorney ended July 30 with around $4.9 million in cash on hand.
In comparison, TEK had $6.4 million in the bank at the end of the 2019 financial year.
Additionally, the investment business ended FY20 cashflow positive with a balance of $2.7 million.
The result comes after Thorney racked up $31.5 million in proceeds of the sale of trading investments.
Before today’s trading halt, Thorney Technologies’ shares were trading for 34 cents each on November 5.