- Nuheara notes sale of 23.3 million shares of former director Michael Ottaviano to Farjoy.
- Farjoy becomes Nuheara’s largest shareholder with 70.4 million shares equating to 7.9% of company.
- Nuheara prepared from a capital and operational perspective to continue sales growth in 2019FY.
28 August 2018 – Perth, Australia
Nuheara Limited (ASX: NUH) (“Company” or “Nuheara”), transforming the way people hear by creating game-changing hearing solutions that are accessible and affordable, today notes the sale of 23.3 million shares by interests associated with former Director, Michael Ottaviano.
The purchaser, Farjoy Pty Ltd (“Farjoy”), becomes Nuheara’s largest shareholder with a total of 70,407,585 shares which, following the completion of the acquisition, equates to a 7.9% shareholding in Nuheara.
Commenting on the transaction Nuheara CEO, Justin Miller said, “On behalf of the Board of Nuheara, I offer our gratitude and appreciation for Farjoy’s ongoing commitment to our company. In particular, we respect Farjoy’s longer term approach to investment and value creation, with significant investments in other ASX listed companies such as WH Soul Pattinson, TPG, Australian Pharmaceutical Industries, New Hope, Brickworks and Battery Minerals.”
“With solid end of 2018 financial year (2018FY) results that saw an 80% increase in our year on year revenue, we are now prepared, both from a capital perspective and operationally, to continue our sales growth into the 2019FY. Importantly, while there was an increase in our year on year loss position from the previous financial year (2017FY), this needs to be calibrated with the investment undertaken during the 2018FY to successfully develop a world first global retail sales channel in hearing healthcare, which previously did not exist in the retail market; the development and implementation of new product marketing initiatives and most critically, we expensed the majority of our development costs in our second and third product offerings which have just commenced revenue contribution.
“We believe we are primed and ready to unlock this business investment in an exciting 2019FY,” said Mr Miller.
The sale also marks a watermark for Nuheara, being the last major shareholding remaining from the Reverse Take-Over transaction of Wild Acres Metals in March 2016.
APP Securities acted as financial adviser on the sale.
CONTACTS
Australia
Justin Miller
CEO and Managing Director
+61 8 6555 9999
[email protected]
Media
Ranya Alkadamani
+61 434 664 589
[email protected]
About Nuheara
Nuheara is a global leader in Intelligent Hearing: smart personal hearing devices that enhance and amplify human experiences. Nuheara has developed proprietary and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable free connection to smart devices. Nuheara is based in Perth, Australia and has offices in San Francisco and New York, USA. Nuheara was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbuds™, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. IQbuds™ are now sold in major consumer electronics retailers and professional hearing clinics around the world. The Company’s mission is to improve people’s lives by allowing them to seamlessly listen, communicate, and connect to their physical and digital worlds.
Learn more about Nuheara: www.nuheara.com
