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News Update: Collection House Limited and Sovereign Gold

News Update: Collection House Limited and Sovereign Gold
Collection House Limited has appointed Mr. Anthony Rivas as its new Chief Executive Officer and Sovereign Gold Company Limited concludes its rights issue and has successfully raised $1.18 million
May 24, 2016 By Kaivalya Kandarpa Tags: CLH, SOC

Collection House Appoints a New Chief Executive Officer

Collection House Limited (ASX:CLH) announced that it has appointed Mr. Anthony Rivas as its new Chief Executive Officer, with effect from 6 July 2016.

Mr. Rivas has over 25 years of experience in the collections and receivables industry and was most recently the Managing Director of Australian Receivables Limited (ARL), a wholly owned subsidiary of global customer service provider EGS.

Collection House Group Chairman, Mr. David Liddy commented on the appointment: “Anthony’s depth of experience and track record of profitable growth within our industry made him a stand-out candidate of the CEO succession.

Mr. Liddy further added that “In his time at ARL, he successfully led and grew the company’s business operations in Australia and NZ, which included nine separate businesses covering collection services, debt repurchasing, three legal firms, BPO-related business services, process serving, and financial hardship.”

CLH has risen 1.3% since the announcement, and was last traded at $11.80 (As 11:55 am (AEST)).

Sovereign Gold Concludes the Oversubscribed Rights Issue

Sovereign Gold Company Limited (ASX:SOC) announced that it has concluded its rights issue and has successfully raised $1.18 million by issuing 393.61 million shares at $0.003 per share.

The company stated that the 2 for 5 non-renounceable rights offer was oversubscribed and allotment will commence on 25 May 2016.

Sovereign Gold will allot all applications under the Entitlement Offer, however no shares will be issued under the Placement Facility.

Sovereign Gold’s Managing Director, Mr. Rocco Tassone commented on the Rights issue: “On behalf of our board I thank shareholders for their support and participation in the current Rights Issue. We look forward to the journey ahead in unlocking the true potential of our Mt Adrah and Halls Peak assets, together with the potential option exercise of the Clayton Valley Lithium project.”

SOC has surged 10% since the announcement and was last quoted at $0.55 (as at 12:00 pm (AEST)).

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Kaivalya Kandarpa Author: Kaivalya Kandarpa May 24, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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