Steven Goh is looking at selling his digital media business migme and/or migrating it to a foreign stock exchange as part of an ongoing struggle to pay its creditors.
ASX-listed, Singapore-headquartered migme, which is led by former Perth entrepreneur Mr Goh, said its proposed refinancing and recapitalisation of the company may now include the sale of the underlying business and/or migrating it to an overseas exchange.
The loss-making company told the market in December that it was reviewing its board, management and capital strategy after revealing the terms of a $US7 million convertible note issue that would be used to pay back creditors.
About $US750,000 of the notes have been issued.
Today, migme said it was looking to finalise the convertible note transactions before Monday next week.
“It is intended that the funds raised will be utilised to pay existing creditors and maintain a level of operations to ultimately enable the achievement of cashflow positive operations in 2017,” it said.
“The company is committed to further reducing its operating cost profile and to delivering a substantially more focussed organisation.”
