Poynton buys into Frugl’s (ASX: FGL) comparative vision

Poynton buys into Frugl’s (ASX: FGL) comparative vision

November 23, 2023 Off By Rueben Hale

Well-known company director and philanthropist John Poynton has sunk $225,000 into Perth-based data analysis company Frugl as it looks to introduce artificial intelligence into its grocery price app in what boss Kenny Woo says will help consumers stretch their budgets further amid escalating prices.

The Australian Securities Exchange-listed company allows users to compare prices of more than 58,000 grocery products across 5266 retailers in Australia. It also provides retailers with behavioural shopping data.

Under the Placement, Frugl will issue 26,570,588 fully paid ordinary shares at $0.0085.

Frugl Managing Director Kenny Woo says the funds will support the commercialisation of the Frugl Market Analytics Retail Platform, expansion of the Frugl Market platform into Asia and general working capital.

“The Frugl Board is delighted to receive investment from Mr Poynton. Mr. Poyton’s many years of experience in global capital markets and dedication to community service aligns with Frugl’s strategic agenda and core values,” Mr Woo said.

“We are excited to continue our close working relationship with him as we look forward to a period of growth and success for our company.”

The placement comes from Mulloway Pty Ltd, controlled by Mr John Poyton.

About John Poynton

John Poynton is one of the Co-Founders and Chair of Poynton Stavrianou. He is a highly respected company director and philanthropist based in Perth.

He has over 40 years of experience in advisory and capital markets across equity, debt, infrastructure and property. Mr Poynton co-founded Azure Capital and served as its chair until 2016.

Mr Poynton has received multiple awards, including the Officer of the Order of Australia and the WA Citizen of the Year award in the industry and commerce category.

Alongside his career as an investment banker, Mr Poynton has also been an active non-executive director of ASX-listed companies, government and education bodies, and not-for-profit organisations.

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John Poynton

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