Basically it's the remaining shell of the former Aurora Funds Management (AFM) business. The AFM operation got sold off early last year to Keybridge (ASX:KBC) who have in turn announced today that they are selling it (at a massive loss). The funds mgt business was a dog, none of their funds were worth having IMO and they were losing funds under management (FUM) fast. That means profitability was going down the tube and key people were starting to leave.
The residual business (which moved from the ticker AFV to SAM) was supposed to be setting up and operating SIV funds. But the individuals behind it have basically zero credibility in the industry and limited capacity to run operations.
But back to the question, 'how does a company operate with an $800k market cap'? The requirements to listed on the ASX are as follows (note, NSX requirements are lower than those listed here):
So I guess they are still technically fitting the bill. But would I touch it in its current form? No way. These guys have basically kept lurching from bad to worse.
SAM Price at posting:
5.0¢ Sentiment: None Disclosure: Not Held
