Security company adds to backdoor listings

Perth security company Threat Protect Australia marked its listing on the ASX today with news it has completed due diligence on one of two planned acquisitions.

Threat Protect has agreed to pay $2.52 million for Monitoring Excellence, which it said has 10,000 clients and annual revenue of $1.8 million.

That will provide a significant boost to Threat Protect’s current revenue of $5 million per year.

Threat Protect also confirmed it is undertaking due diligence on a second acquisition.

The news helped to lift the company’s shares, which will trade under the name East Africa Resources and ticker EAF until next week.

The company’s share price kicked up to close at 2.3 cents, above the 2.0 cents at which the company raised $5.5 million through broking firm Argonaut.

Managing director Demetrios Pynes said the acquisition highlighted the potential to leverage its fixed-cost infrastructure, notably its security control room.

Threat Protect was the second backdoor listing on the ASX this week.

Whole New Home listed on Tuesday, after completing a reverse takeover of Magnolia Resources.

Whole New Home is a North America-based e-commerce platform that links interior decorators directly with home owners.

The company’s listing was preceded by a $7 million capital raising at 20 cents per share, through broking firms Alto Capital and CPS Capital Group.

The stock closed today at 19 cents.

At least two more companies are set to commence trading on the ASX this month after completing backdoor listings.

BrainChip Holdings (formerly Aziana) has completed a $3.1 million capital raising, backed by gold miner Metals X, and is completing final regulatory steps before relisting.

Rubianna Resources, to be renamed ZipMoney, is due to relist shortly after raising $5 million.

Yet another deal moving forward is the backdoor listing of Perth-based Velpic through International Coal.

The company has lodged a prospectus to raise up to $5 million, through lead manager Bailleau Holst.

Velpic consists of two related entities: a cloud-based video learning platform, and branding agency Dash Digital.