Yonder and Beyond Group Limited (ASX: YNB) has today announced the appointment of a new Executive Director, Mr Michael Hynes, together with the closing of a Placement that raised $560,000.
Mr Hynes has joined the company as executive director and Chief Operations Officer, effective immediately. He is a finance and business executive with more than 30 years’ experience in Capital markets, including being Head of Australian Equity Sales at both Citigroup and previously Credit Suisse in Singapore focussing on regional account leadership responsibilities.
Mr Hynes is recognised as a leader in Investment Banking, Venture Capital, Private Equity and Corporate Finance across APAC and has built trusted, long standing partnerships. He achieves this through a commitment to delivering authentic, best practice advisory and consulting services to help his clients grow their businesses. In addition to being the Executive Director of Red Hill Capital Partners (RHCP) Mr Hynes has held previous public company positions.
According to a statement issued by the company, he has been appointed to assist the Yonder and Beyond subsidiaries in their transition out of start-up phase. Focus will be on, in particular, Boppl and Gophr as they close out funding rounds and aggressively grow their business, and Beyond Media as it deploys services across multiple geographies. Mr Hynes has significant experience in business growth and capital markets.
Concurrent with the appointment of Mr Hynes Yonder and Beyond has also completed a share placement of 13,975,200 shares at $0.04 per share to raise $560,000 in accordance with Company’s capacity under Listing Rule 7.1 and 7.1A.
The Placement was made to sophisticated investors, pursuant to Section 708A of the Corporations Act 2001. The Company is pleased with the strong interest and subsequent full subscription of the capital raising and has advised that funds raised will be used primarily for working capital and business development of the Company.
The board has also advised that it will be will be conducting an immediate strategic review of the Yonder and Beyond business.
Yonder and Beyond is a portfolio of synergistic technology assets with a focus on mobile businesses. Its strategy is to identify and develop disruptive applications with high commercialisation and scalability potential. Yonder and Beyond equip start-ups with vital capabilities beyond capital.
Its stated philosophy is to invest in people, as well as invest in their business, so they can both grow and succeed.
