Executive Chairman Dr Clifford Gross joined London South East on the day the latest set of Half Year Results were released, and told us he was 'very happy with them' as he summarised progress. 'The most important KPI for Tekcapital (TEK) is Net Assets and Net Asset growth, and #TEK did not too badly in that respect, with Net Assets increasing 13% to $76.9M, with no debt, and that's a solid achievement for the company.' he said. 'Our NAV per share is up 6% to a record 51 cents per share, which today is 43 pence. That's book value for the company and it's a result of the portfolio companies punching above their weight.'
We talked at length, and amongst the the highlights were Clifford reminding us that the Tekcapital stake in portable oxygen concentrator business Belluscura had been worth $2 million pre-listing and was now worth around $20M, 'so what's not to like about that'.
Clifford described capital markets in both the US and the UK as 'choppy', although he was keen to point out that 'they are navigable'. Tekcapital owns 81% of Innovative Eyewear, the Lucyd operating business in the United States which #Tek are seeking to list on NASDAQ 'and we will list it as soon as practicable. We have very capable bankers who are anxious to get the deal done, and they are waiting for the right opportunity. Fingers crossed that should be in the near term.'
Later in the interview Cliff referenced Salarius and said that he also 'hoped to get that business listed within 12 months' and that he thought it was more suited to the UK market.
The growth in the low sodium salt business is 'ineffable' he said, 'there's no other way to say it, that company is on fire' with exponential growth as the SaltMe! product is rolled out in Krogers stores throughout the States, with many other Fortune 500 companies in 'late stage talks' with Salarius about taking the product.
TekCapital (TEK)