Corporate activities
BP8 ended the quarter with cash of approximately $0.132 million ($0.257 million at 31 March 2024).
At the Company’s general meeting convened on 24 May 2024 (General Meeting), the Company obtained shareholder approval pursuant to ASX Listing Rule 7.1 to undertake a share placement to sophisticated and professional investors. The share placement authority is for the Company to raise up to $1,000,000. Further details regarding the progress with the proposed share placement will be released to the market in due course.
Also at the General Meeting, shareholders approved a consolidation of the Company’s share capital on the basis of one (1) security for every five (5) securities in the Company’s then unconsolidated share capital.
Total aggregate cash payments of $4,000 were made during the quarter to related parties and their associates as remuneration. Details of these payments are included in items 6.1 and 6.2 of the Appendix 4C.
120-day business development plan
On 20 March 2024 the Company announced that it was undertaking a new 120-day business development plan from March through June 2024. The announcement coincided with an extensive visit by the Company’s CEO Matthew Leonard and CFO Chow Yee Koh to Malaysia and China for a series of meetings over a 2–3-week period. The CEO and CFO were joined by China-based Company Director Michael Huang for those strategic meetings in Malaysia and China. The Company’s CEO and executive Director Frank Cannavo have subsequently visited South Asia and Hong Kong to further progress the business development plan objectives.
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