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Some background on BPG.
Was founded in 2012 by Nick Lissette who is still the CEO. Listed on the NZX in Dec 22, a difficult time for tech companies and they didn't raise any capital at listing. The plan being to establish a profile and then issue, which they have 2x. (I've attached the listing profile below). They had raised $6.2m just before the listing at a price equivalent to $1.25 a share and that was the price it listed at, before immediately collapsing! Some interesting investors in the raise, ACC and high net worth kiwi Owen Glenn (Glenn is also notable horse guy, the owner of Criterion, winner of the QE and Cox Plate and 3rd Melbourne Cup).
The purchase was coincident with the acquisition of New Old Stamp for $3.9m, $783k cash in cash and the balance in contingent consideration at $1.25 a share also. The thresholds were met and those shares have been issued now. (I think all, without looking back).
Listing was based on FY22 March accounts, pro forma for New Old Stamp, Revenue was $1.8m and EBITDA negative $4.4m. To fund the cash burn ahead of equity raisings, the Chairman, Tim Crown, lent them $2.4m of short dated money. Was a 1pc note but the fee was 2.4m warrants at 1c strike. So expensive funding on the face of it but the debt was later voluntarily converted to shares at 0.63c - a significant premium to market and a act of good faith and confidence from Tim Crown. Crown is the founder and CEO of Insight Enterprises, a $6b Nasdaq listed business. (There's quite a good interview of Crown on line that explains his connection to BPG - a very good listen, he's pretty much start up investment as a sport type guy. I've attached that as well, exhibit 2).
That's pretty much a lead up to the launch of the new product Blackpearl Diver in March last year. So this "post to the ghost" to be continued.......
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BPG/403444/384880.pdf
https://nzentrepreneur.co.nz/interview-tim-crown-blackpearl-group-and-insight-enterprises/
