Frontier Digital Ventures Limited

ASX:FDV

Frontier Digital Ventures Limited

ASX:FDV
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$0.320 (+1.6%)
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#139
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12
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Forum Topics FDV FDV Management

Pinned straw:
thunderhead
Added one year ago


3 June 2025

CEO Resignation and Chairman Appointment

Frontier Digital Ventures Limited (ASX: FDV) (“FDV” or “the Company”) advises that Mr. Shaun Di

Gregorio has tendered his resignation as Chief Executive Officer and Managing Director of the

Company, effective 30 November 2025. The Board extends its sincere appreciation to Mr. Di Gregorio

for his leadership and contribution since the Company’s inception.

As founder and CEO of FDV, Mr. Di Gregorio has built FDV’s global portfolio of online marketplaces

and guided the Company through multiple stages of growth. He has taken the business from an idea

to a digital marketplace group operating across 17 countries, with positive free cashflows and a

powerful platform for growth.

The Board will immediately commence a process to identify a new Chief Executive Officer.

Separately, the Company advises that Mr. Anthony Klok will step down as Chairman of the Board, and

Mr. Patrick Grove has been appointed as the new Chairman, effective immediately.

Mr. Grove is a co-founder of FDV and was appointed as a Non-Executive Director on 10 April 2025. He

brings extensive experience in building and scaling digital businesses across emerging markets and will

provide strategic leadership as the Company enters its next phase of growth.

In accordance with the announcement made by the Company on 10 April 2025 in relation to Board

renewal, Mr. Klok will remain a Non-Executive Director until such time as a new independent director

is appointed.

The Board thanks Mr. Klok for his leadership as Chairman.

The Company will provide further updates to the market as appropriate.

Authorised for release by the Board of Directors of Frontier Digital Ventures Limited.
Bushmanpat
Added a month ago

There's been a bit of change on the register in the last couple of months or so at FDV.

Firstly, both Cove View Investment Partners LLC and David Cohen as Trustee for the Ezrah Charitable Trust have been buying up to get between 9 & 10% each. According to ChatGPT, David Cohen was a VP at Goldman Sachs before starting Simcah Partners and the becoming a trustee of the trust.

Cove View Investments is the manager for the RAM Fund which appears to be an investment vehicle for Virginia Commonwealth University.

But closer to home is the movements of Patrick Grove and Luke Elliott (and Catcha Group, their investment company). They have proposed an equity incentive scheme to be voted on at the AGM in a couple of weeks where they will get performance rights in three trances subject to performance hurdles. Tranche 1 is ~15M, Tranche 2 ~15.5M and Tranche 3 ~16M shares. The strike price is $1.00 for tranche 1, $1.50 for tranche 2 and $2.00 for tranche 3 with an expiry of 5 years.

In addition, they have been buying up on market. On 9th April, Patrick Grove bought ~$420k worth on market @$0.3455/share, then on 21st April, Shaun Di Gregorio sold 10M shares (keeping 27M), of which Catcha Group bought nearly half (4.5M @$0.405). So that's over $2.2M bought during April, which is reasonable skin in the game.

This one has been a bit of dog for me over the years, but I think if they can get even close to having those performance shares vest, it'll be worth another nibble at the current price.

11
Goldfish
Added a month ago

Thanks for the heads up. This is yet another one that I got badly wrong

The story all sounded good, but in a nutshell it turns out that it is much harder to make money from classifieds in third world countries. Much, much harder

Just had a look at the FY25 result. The change in focus is very clearly presented. Basically they are now going to focus on profitability rather than growth. The problem that I see is that revenue is so low and growth so slow, that I can't see how they create any meaningful value

Market cap is $161 million, on around $70 million of revenue ($55 million statutory, plus around $15 million equity accounted from Zameen and Pakwheels)

Even to hit the first performance hurdle (share price of $1) would require the market cap to increase to $430 million. The market would need to value a slow-growing, high risk business, operating in the third world, with a history of major governance failures, at seven times revenue (OK maybe 5 or 6 in a couple of years if they can get a bit of growth).

I sold most of my shares a while ago. Better opportunities elsewhere IMO

10
thunderhead
Added one year ago

In my view, it was high time for Shaun to go. He has had enough time at the helm to turn this sinking ship around, and failed to do so.

14