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- Catcha Group has sold almost 46,000,000 Frontier Digital Ventures (FDV) shares via an off-market block trade
- The transaction reduces Catcha’s shareholding in Frontier from 26.5 per cent to 13.1 per cent
- Catcha Group has been a shareholder in Frontier since 2014 and has supported the company in multiple capital raisings
- However, the company stated that it does not currently have any intention to sell further shares in Frontier within the next 12 months
- Frontier’s founder and CEO did not participate in the sell down and maintains his 10.9 per cent shareholding in the company
- Frontier Digital Ventures shares are down 14.4 per cent, trading at $1.49
Catcha Group has sold almost 46,000,000 Frontier Digital Ventures (FDV) shares via an off-market block trade.
Frontier Digital Ventures is an owner and operator of online marketplace businesses, with 15 companies in its portfolio across 20 markets in Asia, Latin America and Africa.
The transaction, involving 45,924,551 shares, reduces Catcha’s shareholding in Frontier from 26.5 per cent to 13.1 per cent, which corresponds to a sell-down of approximately 50 per cent.
Catcha Group has been a shareholder in Frontier since 2014 and has supported the company in multiple capital raisings, with this morning marking the first time it has sold its shares.
Catcha Group stated it does not currently have any intention to sell further shares in Frontier in the next 12 months.
The transaction received strong support from institutional investors, with the introduction of multiple new domestic and international shareholders.
Additionally, the transaction should result in a significant increase in Frontier’s free float and trading liquidity, which are key eligibility factors leading to the company’s inclusion in the ASX 300 index. This index is rebalanced semi-annually in March and September, with a market capitalisation criterion based upon the daily average market capitalisation over the last six months.
Frontier’s founder and CEO, Shaun Di Gregorio, did not participate in the sell-down and maintains his 10.9 per cent shareholding in the company.
The company will provide a business update to the market next week as part of its quarterly activity report for the December quarter, which will include an update on the performance of recent acquisitions.
Frontier says it wants to unlock further monetisation opportunities to grow the equity value of its operating companies and realise their full potential.
Frontier Digital Ventures shares are down 14.4 per cent, trading at $1.49 at 2:50 pm AEDT.
